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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

——————————

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 1-8787

American International Group, Inc.

(Exact name of registrant as specified in its charter)


Delaware			13-2592361
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1271 Avenue of the Americas, New York, New York			10020
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (212) 770-7000

——————————

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, Par Value $2.50 Per Share	AIG	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑

Accelerated filer ☐

Non-accelerated filer ☐

Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of ~~October~~April 3024, ~~2025~~2026, there were ~~539~~530,~~576~~206,~~054~~221 shares outstanding of the registrant’s common stock.

AMERICAN INTERNATIONAL GROUP, INC.

QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED ~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

TABLE OF CONTENTS

FORM 10-Q

Item Number	Description		Page
Part I – Financial Information
ITEM 1	Financial Statements		2
	Note 1.	Basis of Presentation	98
	Note 2.	Summary of Significant Accounting Policies	9
	Note 3.	Segment Information	10
	Note 4.	~~Discontinued~~Fair ~~Operations~~Value ~~Presentation~~Measurements	1412
	Note 5.	~~Fair Value Measurements~~Investments	1620
	Note 6.	~~Investments~~Lending Activities	2725
	Note 7.	~~Lending Activities~~Reinsurance	3327
	Note 8.	~~Reinsurance~~Deferred Policy Acquisition Costs	3629
	Note 9.	~~Deferred~~Variable ~~Policy~~Interest ~~Acquisition Costs~~Entities	3829
	Note 10.	~~Variable~~Derivatives ~~Interest~~and ~~Entities~~Hedge Accounting	3930
	Note 11.	~~Derivatives~~Insurance ~~and Hedge Accounting~~Liabilities	3932
	Note 12.	~~Insurance~~Contingencies, ~~Liabilities~~Commitments and Guarantees	4234
	Note 13.	~~Contingencies, Commitments and Guarantees~~Equity	4536
	Note 14.	~~Equity~~Earnings Per Common Share (EPS)	4638
	Note 15.	~~Earnings~~Income ~~Per Common Share (EPS)~~Taxes	5038
	Note 16.	Income Taxes	51
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		40
	Note 17.	Subsequent Events	53
	•Cautionary Note on Forward-Looking Statements		40
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations		54
	•Executive Summary		43
	•Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results		54
	•Critical Accounting Estimates		44
	•Use of Non-GAAP Measures		57
	•Consolidated Results of Operations		44
	•Critical Accounting Estimates		59
	•Business Segment Operations		45
	•Executive Summary		59
	•Use of Non-GAAP Measures		50
	•Consolidated Results of Operations		61
	•Investments		53
	•Business Segment Operations		66
	•Insurance Reserves		59
	•Investments		75
	•Liquidity and Capital Resources		62
	•Insurance Reserves		82
	•Enterprise Risk Management		67
	•Liquidity and Capital Resources		86
	•Glossary		68
	•Enterprise Risk Management		91
	•Acronyms		70
	•Glossary		92
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk		70
	•Acronyms		94
ITEM 4	Controls and Procedures		70
ITEM 3	Quantitative and Qualitative Disclosures About Market Risk		94
ITEM 4	Controls and Procedures		94
Part II – Other Information
ITEM 1	Legal Proceedings		9571
ITEM 1A	Risk Factors		9571
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds		9571
ITEM 5	Other Information		9671
ITEM 6	Exhibits		9672
Signatures			9773

AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 1

TABLE OF CONTENTS

Part I – Financial Information

Item 1. | Financial Statements

American International Group, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in millions, except for share data)

~~September~~March 3031,~~2025~~2026

December 31,~~2024~~2025

Assets:

Investments:

Fixed maturity securities:

Bonds available for sale, at fair value, net of allowance for credit losses of $43 in 2025 and $38 in 2024 (amortized cost: 2025 - $72,008; 2024 - $66,195)

71,184

64,006

Bonds available for sale, at fair value, net of allowance for credit losses of $38 in 2026 and $37 in 2025 (amortized cost: 2026 - $71,936; 2025 - $71,772)

70,528

71,032

Other bond securities, at fair value

~~743~~677

~~745~~741

Equity securities, at fair value

~~829~~1,616

~~704~~502

Mortgage and other loans receivable, net of allowance for credit losses of $37,740 in 2025 and $37,800 in 2024

3,314

3,868

Mortgage and other loans receivable, net of allowance for credit losses of $37,713 in 2026 and $37,747 in 2025

2,813

2,887

Other invested assets (portion measured at fair value: 2025 - $6,469; 2024 - $7,384)

8,361

9,828

Other invested assets (portion measured at fair value: 2026 - $3,305; 2025 - $5,011)

7,015

6,696

Short-term investments, including restricted cash of $3 in 2025 and $55 in 2024 (portion measured at fair value: 2025 - $4,860; 2024 - $9,789)

9,417

14,462

Short-term investments, including restricted cash of $57 in 2026 and $55 in 2025 (portion measured at fair value: 2026 - $4,877; 2025 - $5,909)

8,196

11,141

Total investments

9390,~~848~~845

9392,~~613~~999

Cash

1,~~589~~454

1,~~302~~274

Accrued investment income

~~670~~680

~~599~~691

Premiums and other receivables, net of allowance for credit losses and disputes of $128 in 2025 and $127 in 2024

11,264

10,463

Premiums and other receivables, net of allowance for credit losses and disputes of $135 in 2026 and $131 in 2025

11,634

10,441

Reinsurance assets - Fortitude Re

3,~~170~~056

3,~~427~~167

Reinsurance assets - other, net of allowance for credit losses and disputes of $226 in 2025 and $220 in 2024

35,600

34,618

Reinsurance assets - other, net of allowance for credit losses and disputes of $246 in 2026 and $248 in 2025

35,843

34,829

Deferred income tax assets

45,~~567~~062

45,~~956~~096

Deferred policy acquisition costs

2,~~135~~128

2,~~065~~106

Goodwill

3,~~439~~418

3,~~373~~435

Deposit accounting assets, net of allowance for credit losses of $49 in 2025 and $49 in 2024

2,531

2,171

Deposit accounting assets, net of allowance for credit losses of $49 in 2026 and $49 in 2025

2,740

2,443

Other assets, including restricted cash of $2 in 2025 and $15 in 2024 (portion measured at fair value: 2025 - $131; 2024 - $179)

4,602

4,735

Other assets, including restricted cash of $17 in 2026 and $16 in 2025 (portion measured at fair value: 2026 - $0; 2025 - $135)

4,683

4,773

Total assets

~~163~~161,~~415~~543

161,~~322~~254

Liabilities:

Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2025 and $14 in 2024

69,882

69,168

Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2026 and $14 in 2025

69,963

70,666

Unearned premiums

1918,~~563~~921

17,~~232~~991

Future policy benefits

1,~~420~~289

1,~~317~~385

Other policyholder funds

~~381~~334

~~418~~352

Fortitude Re funds withheld payable (portion measured at fair value: 2025 - $(103); 2024 - $(128))

3,094

3,207

Fortitude Re funds withheld payable (portion measured at fair value: 2026 - $(85); 2025 - $(92))

2,960

3,038

Premiums and other related payables

6,~~209~~476

65,~~052~~448

Deposit accounting liabilities

3,~~332~~612

3,~~005~~295

Commissions and premium taxes payable

1,~~490~~494

1,~~522~~556

Current and deferred income tax liabilities

~~572~~652

~~426~~661

Other liabilities (portion measured at fair value: 2025 - $121; 2024 - $251)

7,112

7,503

Other liabilities (portion measured at fair value: 2026 - $181; 2025 - $162)

6,257

6,509

Long-term debt

9,~~087~~001

89,~~764~~035

Debt of consolidated investment entities

~~156~~155

~~158~~156

Total liabilities

~~122~~121,~~298~~114

~~118~~120,~~772~~092

Contingencies, commitments and guarantees (See Note 13)

Contingencies, commitments and guarantees (See Note 12)

AIG shareholders’ equity:

Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2025 - 1,906,671,492 and 2024 - 1,906,671,492

4,766

Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2026 - 1,906,671,492 and 2025 - 1,906,671,492

4,766

Treasury stock, at cost; 2025 - 1,362,180,100 shares; 2024 - 1,300,512,040 shares of common stock

(70,667)

(65,573)

Treasury stock, at cost; 2026 - 1,373,766,971 shares; 2025 - 1,368,489,324 shares of common stock

(71,647)

(71,199)

Additional paid-in capital

75,~~334~~297

75,~~348~~373

Retained earnings

3637,~~698~~704

3537,~~079~~186

Accumulated other comprehensive loss

(5,~~046~~715)

(74,~~099~~987)

Total AIG shareholders’ equity

4140,~~085~~405

4241,~~521~~139

Non-redeemable noncontrolling interests

3224

2923

Total equity

4140,~~117~~429

4241,~~550~~162

Total liabilities and equity

~~163~~161,~~415~~543

161,~~322~~254

See accompanying Notes to Condensed Consolidated Financial Statements.

2 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q

TABLE OF CONTENTS

American International Group, Inc.

Condensed Consolidated Statements of Income (Loss) (unaudited)

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
			Three Months Ended March 31,
(dollars in millions, except per common share data)		~~2025~~		~~2024~~		~~2025~~2026		~~2024~~2025
Revenues:
Premiums	$	~~6,073~~	$	~~5,945~~	$	176,~~720~~072	$	175,~~564~~770
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets		~~743~~		~~922~~		~~3,235~~689		21,~~819~~065
Net investment income - Fortitude Re funds withheld assets		29		51		~~108~~23		~~123~~40
Total net investment income		~~772~~		~~973~~		~~3,343~~712		21,~~942~~105
Net realized gains (losses):
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative		(431)		8		(683)		(238)
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative						(132)		(60)
Net realized losses on Fortitude Re funds withheld assets		~~(5)~~		~~(18)~~		(5913)		(382)
Net realized losses on Fortitude Re funds withheld embedded derivative		(54)		(157)		(109)		(158)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative						10		(41)
Total net realized losses		~~(490)~~		~~(167)~~		(~~851~~135)		(~~434~~103)
Other income (loss)		(4)		—		13		2
Other income						1		11
Total revenues		~~6,351~~		~~6,751~~		206,~~225~~650		206,~~074~~783
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred		~~3,391~~		~~3,773~~		103,~~678~~475		103,~~753~~794
Amortization of deferred policy acquisition costs		~~850~~		~~863~~		~~2,522~~824		~~2,543~~825
General operating and other expenses		~~1,297~~		~~1,346~~		31,~~574~~137		41,~~194~~115
Interest expense		99		~~112~~		~~291~~100		~~353~~92
(Gain) loss on extinguishment of debt		—		—		(5)		1
Net (gain) loss on divestitures and other						127		(3)
Net (gain) loss on divestitures and other		—		8		(53)		(94)
Total benefits, losses and expenses						5,663		5,823
Total benefits, losses and expenses		5,637		6,102		17,007		17,750
Income before income tax expense						987		960
Income from continuing operations before income tax expense		714		649		3,218		2,324
Income tax expense						224		262
Income tax expense		190		168		852		571
Net income						763		698
Income from continuing operations		524		481		2,366		1,753
Less: Net income (loss) attributable to noncontrolling interests						—		—
Loss from discontinued operations, net of income taxes		—		(24)		—		(3,580)
Net income attributable to AIG common shareholders					$	763	$	698
Net income (loss)		524		457		2,366		(1,827)
Net Income per common share attributable to AIG common shareholders:
Less: Net income (loss) attributable to noncontrolling interests		5		(2)		5		475
Basic					$	1.42	$	1.18
Net income (loss) attributable to AIG		519		459		2,361		(2,302)
Diluted					$	1.41	$	1.16
Less: Dividends on preferred stock and preferred stock redemption premiums		—		—		—		22
Net income (loss) attributable to AIG common shareholders	$	519	$	459	$	2,361	$	(2,324)
Income per common share attributable to AIG common shareholders:
Basic:
Income from continuing operations	$	0.94	$	0.75	$	4.12	$	2.62
Loss from discontinued operations	$	—	$	(0.03)	$	—	$	(6.13)
Net income (loss) attributable to AIG common shareholders	$	0.94	$	0.72	$	4.12	$	(3.51)
Diluted:
Income from continuing operations	$	0.93	$	0.74	$	4.08	$	2.59
Loss from discontinued operations	$	—	$	(0.03)	$	—	$	(6.07)
Net income (loss) attributable to AIG common shareholders	$	0.93	$	0.71	$	4.08	$	(3.48)
Weighted average shares outstanding:
Basic		~~553,308,504~~		~~641,621,768~~		~~573~~538,~~176~~053,~~050~~962		~~661~~593,~~691~~839,~~554~~665
Diluted		~~558,519,830~~		~~647,365,442~~		~~578~~542,~~421~~160,~~227~~956		~~667~~599,~~355~~240,~~069~~046

See accompanying Notes to Condensed Consolidated Financial Statements.

AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 3

TABLE OF CONTENTS

American International Group, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)

	~~Three Months Ended~~		Three Months Ended		~~Nine Months Ended~~
	September 30,				September 30,
			March 31,
(in millions)		~~2025~~		~~2024~~		~~2025~~2026		~~2024~~2025
Net income (loss)	$	524	$	457	$	2,366	$	(1,827)
Net income					$	763	$	698
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken		—		37		(21)		634
Change in unrealized appreciation (depreciation) of all other investments		~~547~~		~~1,349~~		~~1,464~~(616)		~~1,074~~425
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts		5		46		124		~~(44)~~6
Change in foreign currency translation adjustments		~~(56)~~		~~414~~		~~567~~(121)		~~104~~194
Change in retirement plan liabilities adjustment		6		1		136		187
Change in other comprehensive income (loss) related to discontinued operations		—		—		—		(945)
Other comprehensive income (loss)						(728)		636
Corebridge deconsolidation		—		—		—		7,214
Comprehensive income						35		1,334
Other comprehensive income		502		1,847		2,054		7,484
Less: Comprehensive income attributable to noncontrolling interests						—		1
Comprehensive income		1,026		2,304		4,420		5,657
Comprehensive income attributable to AIG					$	35	$	1,333
Less: Comprehensive income attributable to noncontrolling interests		5		2		6		181
Comprehensive income attributable to AIG	$	1,021	$	2,302	$	4,414	$	5,476

See accompanying Notes to Condensed Consolidated Financial Statements.

4 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q

TABLE OF CONTENTS

American International Group, Inc.

Condensed Consolidated Statements of Equity (unaudited)

(in millions, except per share data)	Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings	Accumulated Other Comprehensive Income (Loss)		~~TotalAIGShare-holders'Equity~~	TotalAIGShare-holders'Equity	Non- redeemable Non-controlling Interests			Total Equity
Three Months Ended September 30, 2025
Three Months Ended March 31, 2026
Balance, beginning of period	$	4,766	$	(69,430)	$	75,289	$	36,424	$	(5,548)	$	41,501	$	28	$	41,529
Balance, beginning of the year	$	4,766	$	(71,199)	$	75,373	$	37,186	$	(4,987)	$	41,139	$	23	$	41,162
Common stock issued under stock plans		—		976		(1149)		—		—		8(73)		—		8(73)
Purchase of common stock		—		(~~1,246~~524)		—		—		—		(~~1,246~~524)		—		(~~1,246~~524)
Net income attributable to AIG or noncontrolling interests		—		—		—		~~519~~763		—		~~519~~763		5—		~~524~~763
Dividends on common stock ($0.45 per share)		—		—		—		(~~246~~241)		—		(~~246~~241)		—		(~~246~~241)
Other comprehensive income		—		—		—		—		502		502		—		502
Other comprehensive loss		—		—		—		—		(728)		(728)		—		(728)
Other		—		—		4673		1(4)		—		4769		(1)		4670
Balance, end of period	$	4,766	$	(7071,~~667~~647)	$	75,~~334~~297	$	3637,~~698~~704	$	(5,~~046~~715)	$	4140,~~085~~405	$	3224	$	4140,~~117~~429
Three Months Ended September 30, 2024
Three Months Ended March 31, 2025
Balance, beginning of period	$	4,766	$	(62,255)	$	75,274	$	34,225	$	(7,565)	$	44,445	$	30	$	44,475
Balance, beginning of year	$	4,766	$	(65,573)	$	75,348	$	35,079	$	(7,099)	$	42,521	$	29	$	42,550
Common stock issued under stock plans		—		29		(4)		—		—		25		—		25
Cumulative effect of change in accounting principle, net of tax
Purchase of common stock		—		(1,518)		—		—		—		(1,518)		—		(1,518)
Common stock issued under stock plans		—		161		(168)		—		—		(7)		—		(7)
Net income (loss) attributable to AIG or noncontrolling interests		—		—		—		459		—		459		(2)		457
Purchase of common stock		—		(2,251)		—		—		—		(2,251)		—		(2,251)
Dividends on common stock ($0.40 per share)		—		—		—		(254)		—		(254)		—		(254)
Net income attributable to AIG or noncontrolling interests		—		—		—		698		—		698		—		698
Other comprehensive income		—		—		—		—		1,843		1,843		4		1,847
Dividends on common stock ($0.40 per share)		—		—		—		(234)		—		(234)		—		(234)
Net decrease due to divestitures and acquisitions		—		—		—		—		—		—		(6)		(6)
Other comprehensive income		—		—		—		—		635		635		1		636
Other		—		—		40		(1)		—		39		8		47
Distributions to noncontrolling interests		—		—		—		—		—		—		(1)		(1)
Balance, end of period	$	4,766	$	(63,744)	$	75,310	$	34,429	$	(5,722)	$	45,039	$	34	$	45,073
Other		—		1		71		(3)		—		69		(1)		68
Balance, end of period	$	4,766	$	(67,662)	$	75,251	$	35,540	$	(6,464)	$	41,431	$	28	$	41,459

AIG | Third Quarter 2025 Form 10-Q 5

TABLE OF CONTENTS

American International Group, Inc.

Condensed Consolidated Statements of Equity (unaudited)(continued)

(in millions, except per share data)	PreferredStock andAdditional Paid-inCapital			Common Stock		Treasury Stock		Additional Paid-in Capital		Retained Earnings	Accumulated Other Comprehensive Income (Loss)			TotalAIGShare-holders'Equity	Non- redeemable Non-controlling Interests			Total Equity
Nine Months Ended September 30, 2025
Balance, beginning of the year	$	—	$	4,766	$	(65,573)	$	75,348	$	35,079	$	(7,099)	$	42,521	$	29	$	42,550
Common stock issued under stock plans		—		—		208		(174)		—		—		34		—		34
Purchase of common stock		—		—		(5,302)		—		—		—		(5,302)		—		(5,302)
Net income attributable to AIG or noncontrolling interests		—		—		—		—		2,361		—		2,361		5		2,366
Dividends on common stock ($1.30 per share)		—		—		—		—		(734)		—		(734)		—		(734)
Other comprehensive income		—		—		—		—		—		2,053		2,053		1		2,054
Distributions to noncontrolling interests		—		—		—		—		—		—		—		(5)		(5)
Other		—		—		—		160		(8)		—		152		2		154
Balance, end of period	$	—	$	4,766	$	(70,667)	$	75,334	$	36,698	$	(5,046)	$	41,085	$	32	$	41,117
Nine Months Ended September 30, 2024
Balance, beginning of year	$	485	$	4,766	$	(59,189)	$	75,810	$	37,516	$	(14,037)	$	45,351	$	5,950	$	51,301
Common stock issued under stock plans		—		—		322		(314)		—		—		8		—		8
Redemption of preferred stock		(485)		—		—		—		—		—		(485)		—		(485)
Purchase of common stock		—		—		(4,877)		—		—		—		(4,877)		—		(4,877)
Net income (loss) attributable to AIG or noncontrolling interests		—		—		—		—		(2,302)		—		(2,302)		475		(1,827)
Dividends on preferred stock ($365.625 per share) and preferred stock redemption premiums		—		—		—		—		(22)		—		(22)		—		(22)
Dividends on common stock ($1.16 per share)		—		—		—		—		(758)		—		(758)		—		(758)
Other comprehensive income (loss)		—		—		—		—		—		7,778		7,778		(294)		7,484
Net decrease due to divestitures and acquisitions		—		—		—		(418)		—		537		119		(6,010)		(5,891)
Contributions from noncontrolling interests		—		—		—		—		—		—		—		28		28
Distributions to noncontrolling interests		—		—		—		—		—		—		—		(72)		(72)
Other		—		—		—		232		(5)		—		227		(43)		184
Balance, end of period	$	—	$	4,766	$	(63,744)	$	75,310	$	34,429	$	(5,722)	$	45,039	$	34	$	45,073

See accompanying Notes to Condensed Consolidated Financial Statements.

6 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 5

TABLE OF CONTENTS

American International Group, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

	Nine Months Ended September 30,
	Three Months Ended March 31,
(in millions)		~~2025~~2026		~~2024~~2025
Cash flows from operating activities:
Net income (loss)	$	2,366	$	(1,827)
Net income	$	763	$	698
Loss from discontinued operations		—		3,580
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income (loss):
Net losses on sales of securities available for sale and other assets		~~539~~121		~~132~~260
Net gain on divestitures and other		(53)		(94)
Net (gain) loss on divestitures and other		127		(3)
(Gain) loss on extinguishment of debt		(5)		1
Unrealized (gains) losses in earnings - net		249		(317)
Unrealized gains in earnings - net		(537)		(4)
Equity in income from equity method investments, net of dividends or distributions		—		(3)
Equity in income from equity method investments, net of dividends or distributions		(16)		(57)
Depreciation and other amortization		849		866
Depreciation and other amortization		2,580		2,607
Impairments of assets		4		—
Impairments of assets		286		24
Changes in operating assets and liabilities:
Insurance reserves		~~540~~553		~~1,864~~(319)
Premiums and other receivables and payables - net		(~~932~~282)		~~(539)~~392
Reinsurance assets, net		(~~272~~1,032)		(~~1,199~~537)
Capitalization of deferred policy acquisition costs		(~~2,576~~895)		(~~2,665~~761)
Current and deferred income taxes - net		~~717~~128		~~(5)~~165
Other, net		41(430)		~~1,434~~(497)
Total adjustments		~~312~~(608)		~~1,499~~(754)
Net cash provided by operating activities - continuing operations		2,678		3,252
Net cash provided by (used in) operating activities		155		(56)
Net cash used in operating activities - discontinued operations		—		(104)
Net cash provided by operating activities		2,678		3,148
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available for sale securities		93,~~866~~781		74,~~323~~762
Other securities		~~128~~115		~~192~~18
Other invested assets		21,~~371~~194		~~1,298~~316
Divestitures, net		—		6
Maturities of fixed maturity securities available for sale		2,881		2,060
Maturities of fixed maturity securities available for sale		6,368		6,887
Principal payments received on and sales of mortgage and other loans receivable		119		254
Principal payments received on and sales of mortgage and other loans receivable		880		483
Purchases of:
Available for sale securities		(197,~~887~~061)		(137,~~254~~951)
Other securities		(~~137~~674)		(~~224~~40)
Other invested assets		(~~656~~2,332)		(~~364~~256)
Mortgage and other loans receivable		(~~245~~70)		(~~294~~75)
Net change in short-term investments		52,~~150~~947		13,~~324~~877
Other, net		(~~579~~67)		(~~187~~214)
Net cash provided by investing activities - continuing operations		3,259		3,190
Net cash provided by investing activities		833		2,751
Net cash used in investing activities - discontinued operations		—		(4,171)
Net cash provided by (used in) investing activities		3,259		(981)
Cash flows from financing activities:
Proceeds from (payments for)
Issuance of long-term debt		1,241		1
Repayments of long-term debt		(7)		(247)
Repayments of long-term debt		(1,087)		(510)
Repayments of debt of consolidated investment entities		(1)		(1)
Repayments of debt of consolidated investment entities		(2)		(1)
Purchase of common stock		(508)		(2,229)
Purchase of common stock		(5,252)		(4,830)
Dividends on common stock		(241)		(234)
Redemption of preferred stock		—		(485)
Other, net		(42)		34
Dividends on preferred stock and preferred stock redemption premiums		—		(22)
Net cash used in financing activities		(799)		(2,677)
Dividends on common stock		(734)		(758)
Effect of exchange rate changes on cash and restricted cash		(6)		18
Other, net		90		666
Net increase in cash and restricted cash		183		36
Net cash used in financing activities - continuing operations		(5,744)		(5,939)
Cash and restricted cash at beginning of year		1,345		1,372
Net cash provided by financing activities - discontinued operations		—		3,880
Cash and restricted cash at end of period	$	1,528	$	1,408
Net cash used in financing activities		(5,744)		(2,059)
Effect of exchange rate changes on cash and restricted cash		29		(37)
Net increase in cash and restricted cash		222		71
Cash and restricted cash at beginning of year		1,372		1,573
Cash and restricted cash of held for sale assets		—		(85)
Cash and restricted cash at end of period	$	1,594	$	1,559

6 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 7

TABLE OF CONTENTS

American International Group, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)(continued)

Supplementary Disclosure of Condensed Consolidated Cash Flow Information

	Nine Months Ended September 30,
	Three Months Ended March 31,
(in millions)	~~2025~~2026		~~2024~~2025
Cash	$	1,~~589~~454	$	1,~~472~~393
Restricted cash included in Short-term investments*	357		722
Restricted cash included in Other assets*	217		1513
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	1,~~594~~528	$	1,~~559~~408
Cash paid during the period for:
Interest	$	~~268~~67	$	~~581~~72
Taxes	$	~~135~~96	$	~~811~~96
Non-cash investing activities:
Fixed maturity securities available for sale received in connection with pension risk transfer transactions attributed to discontinued operations	$	—	$	1,316
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions	$	—	$	(17)
Fixed maturity securities and other invested assets received in connection with reinsurance transactions	$	—	$	254
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions	$	(17)	$	(148)
Non-cash financing activities:
Interest credited to policyholder contract deposits included in financing activities	$	—	$	2,416
Fee income debited to policyholder contract deposits included in financing activities	$	—	$	(1,426)

*Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.

See accompanying Notes to Condensed Consolidated Financial Statements.

8 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 7

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation

1. Basis of Presentation

American International Group, Inc. is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. Unless the context indicates otherwise, the terms “AIG,” “we,” “us,” “our” or "the Company" mean American International Group, Inc. and its consolidated subsidiaries, and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries.

These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, ~~2024~~2025 (the ~~2024~~2025 Annual Report). The condensed consolidated financial information as of December 31, ~~2024~~2025 included herein has been derived from the audited Consolidated Financial Statements in the ~~2024~~2025 Annual Report.

In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Results of operations for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 are not necessarily indicative of the results that may be expected for the year ending December 31, ~~2025~~2026.

We evaluated the need to recognize or disclose events that occurred subsequent to ~~September~~March 3031, ~~2025~~2026 and prior to the issuance of these Condensed Consolidated Financial Statements. There were no significant subsequent events that required disclosure.

STRATEGIC INVESTMENTS

On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex Group Limited (Convex), a global specialty insurer, for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex Corporation (Onex), a global asset manager, for $642 million. AIG reflects its interest in Convex as an equity method investment in Other invested assets. The difference between the purchase price and the value of the underlying net assets acquired is primarily comprised of intangible assets and other basis differences of approximately $450 million and goodwill of approximately $550 million. AIG records its proportionate share of Convex’s net income less amortization of the basis differences described above as a component of Net investment income reported in General Insurance.

On December 23, 2025, AIG entered into a whole account quota share agreement with Convex to reinsure 7.5 percent, 10.0 percent and 12.5 percent of Convex’s underwriting portfolio beginning in 2026, 2027 and 2028, respectively. The quota share agreement became effective starting on January 1, 2026.

SALE OF ASSETS

Corebridge

On February 17, 2026, Corebridge Financial, Inc. (Corebridge) purchased 24.7 million shares of Corebridge common stock from AIG at a per share purchase price of $30.42 with aggregate proceeds to AIG Parent of $750 million. On March 23, 2026, in light of the reduction in AIG’s ownership interest in Corebridge, the two remaining AIG designees resigned from Corebridge's board of directors.

As of March 31, 2026, AIG held 5.6 percent of the outstanding common stock of Corebridge and we concluded that we no longer have the ability to exert significant influence over Corebridge. AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value on our Condensed Consolidated Balance Sheets. AIG continues to use Corebridge’s stock price as its fair value for reporting purposes. Dividends received from Corebridge and changes in its stock price continue to be recognized in Net investment income.


8			AIG \| First Quarter 2026 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation

USE OF ESTIMATES

The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:

•loss reserves;

•reinsurance assets~~, including the allowance for credit losses and disputes~~;

•allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;

•fair value measurements of certain financial assets and financial liabilities; and

•income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.

OUT OF PERIOD ADJUSTMENTS - THREE MONTHS ENDED MARCH 31, 2025

During the three months ended March 31, 2025, we recorded out of period adjustments relating to prior years that increased Net income attributable to AIG common shareholders by $51 million and increased Income before income tax expense by $140 million. The out of period adjustments were primarily related to the recognition of gains on intercompany investment transactions and the settlement of derivative and collateral transactions. We evaluated the aggregate impact of these out of period adjustments and concluded they were not material to any previously issued interim and annual Consolidated Financial Statements and that the adjustments were not material to AIG’s Consolidated Financial Statements for the year ended December 31, 2025. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Income before income tax expense for the year ended December 31, 2024 would have decreased by $79 million and would have increased for the years ended December 31, 2023 and 2022 by $34 million and $42 million (and all prior years by $143 million), respectively. Had these adjustments, which were determined not to be material, been recorded in their appropriate periods, Net income attributable to AIG common shareholders for the year ended December 31, 2024 would have decreased by $68 million and would have increased for the years ended December 31, 2023 and 2022 by $19 million and $23 million (and all prior years by $77 million), respectively.

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 company’s 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 AIG’s 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 standard.

AIG | Third Quarter 2025 Form 10-Q 9

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 2. Summary of Significant Accounting Policies

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 to modernize the accounting for software development costs. byUnder ~~aligning~~the itnew ~~with~~guidance, ~~how~~qualifying ~~software~~costs will be capitalized when management authorizes a project and it is ~~developed~~probable ~~today~~the project will be completed and used to perform the intended function, rather than when a project reaches the application development stage under existing guidance. The effective date for the standard is for annual periods beginning after December 15, 2027 and interim reporting periods within those fiscal years. Early adoption is permitted. The amendments can be applied either prospectively, retrospectively or utilizing a modified transition approach. We are assessing the impact of the standard.


AIG \| First Quarter 2026 Form 10-Q			9

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

3. Segment Information

InAIG ~~the~~has ~~fourth~~three ~~quarter~~reportable ofsegments: ~~2024,~~North ~~the~~America ~~Company~~Commercial, ~~realigned~~International ~~its~~Commercial ~~organizational structure~~ and ~~the~~Global ~~composition~~Personal. ofOur ~~its~~Chief ~~reportable~~Executive ~~segments~~Officer toand ~~reflect~~Chief ~~changes~~Financial inOfficer ~~how~~are ~~the~~our ~~Company manages its operations, specifically the level at which its~~ chief operating decision makers (CODMs) ~~regularly~~and ~~review~~use ~~operating~~Underwriting ~~results~~income ~~and~~(loss) ~~allocate~~to ~~resources.~~benchmark ~~Our~~and ~~CODMs~~assess ~~are~~AIG's ~~the~~performance ~~chief~~by ~~executive~~segment ~~officer (CEO)~~ and ~~chief~~establish ~~financial~~management’s ~~officer (CFO)~~compensation. ~~The~~Our ~~CODMs~~general ~~evaluate~~insurance ~~performance~~business of(General ~~the~~Insurance) ~~segments~~consists ~~based~~of onour ~~underwriting~~three ~~income~~segments ~~(loss).~~and ~~The~~the ~~CODMs~~Net ~~use~~investment ~~this~~income ~~measure~~and toAmortization ~~benchmark~~of ~~AIG’s~~intangible ~~performance,~~assets ~~assessing~~including ~~performance~~renewal ofrights ~~the~~related ~~segments~~to ~~and~~our ininsurance ~~establishing management’s compensation~~operations.

~~AIG~~In ~~has~~the ~~three~~first ~~reportable~~quarter ~~segments:~~of ~~North America Commercial~~2026, ~~International~~AIG ~~Commercial~~realigned and ~~Global~~began ~~Personal.~~reporting ~~Prior~~Amortization ~~year's~~of ~~presentations~~intangible ~~have~~assets ~~been~~in ~~recast to conform to the new reportable segments. Our~~ General Insurance ~~business~~from ~~(General~~Other ~~Insurance)~~Operations; ~~consists~~historical ofresults ~~our~~have ~~three~~been ~~segments~~recast ~~and the Net investment income related~~ to ~~our~~reflect ~~insurance~~these ~~operations~~changes.

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 inand ~~Japan,~~operations ~~the~~in ~~United Kingdom,~~ Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot ~~Underwriting~~Holdings Ltd. (Talbot) as well as AIG’s Global Specialty business.

GLOBAL PERSONAL

The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, ~~as well as~~ 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 Personal consists of Global Accident & Health and Personal Lines.

OTHER OPERATIONS

Other Operations predominantly consists of Net ~~Investment~~investment ~~Income~~income from our AIG Parent liquidity portfolio, Corebridge ~~Financial, Inc. (Corebridge)~~ dividend income, corporate General operating expenses, and Interest expense.

SEGMENT RESULTS

Management uses Underwriting income (loss) as the basis for the segment performance reviews. AIG calculates Underwriting income (loss) by subtracting Losses and loss adjustment expense incurred, Amortization of deferred policy acquisition costs (DAC), Other acquisition cost, and General operating expense from Net premiums earned. Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.

10 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

The following table presents AIG’s ~~continuing~~ operations by segment:

Three Months Ended September 30, 2025
Three Months Ended March 31, 2026
(in millions)	NetPremiumsWritten		NetPremiumsEarned		Lossesand LossAdjustmentExpensesIncurred(a)		Amortizationof DAC(a)		OtherAcquisitionExpenses(a)		GeneralOperatingExpenses(a)(b)		UnderwritingIncome(Loss)		NetInvestmentIncome		Reconciliationto ~~Income~~Pre-taxIncome (Loss) ~~fromContinuingOperationsBeforeIncome TaxExpense~~
North America Commercial	$	21,~~435~~605	$	2,~~198~~253	$	1,~~303~~421	$	~~221~~213	$	4468	$	~~246~~224	$	~~384~~327
International Commercial	2,~~115~~450		2,~~188~~187		1,~~167~~246		~~285~~278		9685		~~310~~300		~~330~~278
Global Personal	1,~~680~~544		1,~~654~~612		~~909~~842		~~345~~327		9780		~~224~~194		79169
Total General Insurance	$	6,230	$	6,040	$	3,379	$	851	$	237	$	780	$	793	$	945	$	1,738
Total General Insurance(c)	$	5,599	$	6,052	$	3,509	$	818	$	233	$	718	$	774	$	864	$	1,628
Interest expense															—		(100)
Other Operations															7752		(1825)
Elimination and consolidations															2(1)		2—
Total															~~1,024~~915		1,~~622~~503
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															(~~288~~237)		(~~288~~237)
Net investment income on Fortitude Re funds withheld assets															29		29
Other income (expense) - net															2		—
Net realized losses on Fortitude Re funds withheld assets															—		(5)
Net investment income on Fortitude Re funds withheld assets															23		23
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(54)
Net realized losses on Fortitude Re funds withheld assets															—		(13)
Net realized gains (losses)(c)															(2)		(433)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative															—		10
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		9
Net realized losses(d)															—		(136)
Net loss reserve discount benefit (charge)															—		2
Net gain (loss) on divestitures and other(e)															—		(127)
Net results of businesses in run-off(d)															9		1
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		8
Non-operating pension expenses															—		(6)
Net loss reserve discount benefit (charge)															—		48
Net results of businesses in run-off(f)															9		(5)
Non-operating pension expenses															—		1
Integration and transaction costs associated with acquiring or divesting businesses															—		(7)
Restructuring and other costs(e)															—		(153)
Restructuring and other costs															—		(76)
Non-recurring costs related to regulatory or accounting changes															—		(35)
Total AIG Consolidated															$	~~772~~712	$	~~714~~987

AIG | Third Quarter 2025 Form 10-Q 11


Three Months Ended March 31, 2025
(in millions)	Net Premiums Written		Net Premiums Earned		Losses and Loss Adjustment Expenses Incurred(a)		Amortization of DAC(a)		Other Acquisition Expenses(a)		General Operating Expenses(a)(b)		Underwriting Income (Loss)		Net Investment Income		Reconciliation to Pre-tax Income (Loss)

North America Commercial	$	1,174	$	2,124	$	1,526	$	227	$	47	$	195	$	129
International Commercial	2,027		2,051		1,178		245		94		294		240
Global Personal	1,325		1,594		1,062		353		91		214		(126)
Total General Insurance(c)	$	4,526	$	5,769	$	3,766	$	825	$	232	$	703	$	243	$	736	$	975

Interest expense															—		(91)
Other Operations															108		25
Elimination and consolidations															1		—
Total															845		909
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															217		217


Net investment income on Fortitude Re funds withheld assets															40		40
Net realized losses on Fortitude Re funds withheld assets															—		(2)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative															—		(41)
Net realized losses(d)															(2)		(66)
Net gain (loss) on divestitures and other															—		3
Non-operating litigation reserves and settlements															—		11
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(9)
Net loss reserve discount benefit (charge)															—		(17)
Net results of businesses in run-off(f)															5		5
Non-operating pension expenses															—		(5)
Integration and transaction costs associated with acquiring or divesting businesses															—		(5)
Restructuring and other costs															—		(76)
Non-recurring costs related to regulatory or accounting changes															—		(4)
Total AIG Consolidated															$	1,105	$	960


AIG \| First Quarter 2026 Form 10-Q			11

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

Three Months Ended September 30, 2024
(in millions)	NetPremiumsWritten		NetPremiumsEarned		Lossesand LossAdjustmentExpensesIncurred(a)		Amortizationof DAC(a)		OtherAcquisitionExpenses(a)		GeneralOperatingExpenses(a)(b)		UnderwritingIncome(Loss)		NetInvestmentIncome		Reconciliationto Income(Loss) fromContinuingOperationsBeforeIncome TaxExpense
North America Commercial	$	2,445	$	2,123	$	1,532	$	206	$	64	$	225	$	96
International Commercial	2,052		2,039		1,092		259		96		272		320
Global Personal	1,883		1,785		987		398		132		247		21
Total General Insurance	$	6,380	$	5,947	$	3,611	$	863	$	292	$	744	$	437	$	773	$	1,210
Interest expense															—		(110)
Other Operations															120		(28)
Elimination and consolidations															(1)		3
Total															892		1,075
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															25		25
Net investment income on Fortitude Re funds withheld assets															51		51
Net realized losses on Fortitude Re funds withheld assets															—		(18)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(157)
Net realized gains (losses)(c)															—		7
Net loss on divestitures and other															—		(8)
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(126)
Net loss reserve discount benefit (charge)															—		(29)
Net results of businesses in run-off(d)															5		(8)
Integration and transaction costs associated with acquiring or divesting businesses															—		(22)
Restructuring and other costs(e)															—		(137)
Non-recurring costs related to regulatory or accounting changes															—		(4)
Total AIG Consolidated															$	973	$	649

12 AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

Nine Months Ended September 30, 2025
(in millions)	NetPremiumsWritten		NetPremiumsEarned		Lossesand LossAdjustmentExpensesIncurred(a)		Amortizationof DAC(a)		OtherAcquisitionExpenses(a)		GeneralOperatingExpenses(a)(b)		UnderwritingIncome(Loss)		NetInvestmentIncome		Reconciliationto Income(Loss) fromContinuingOperationsBeforeIncome TaxExpense
North America Commercial	$	6,472	$	6,455	$	4,169	$	654	$	137	$	681	$	814
International Commercial	6,467		6,363		3,515		799		274		905		870
Global Personal	4,697		4,869		2,889		1,069		259		674		(22)
Total General Insurance	$	17,636	$	17,687	$	10,573	$	2,522	$	670	$	2,260	$	1,662	$	2,552	$	4,214
Interest expense															—		(292)
Other Operations															273		—
Elimination and consolidations															(1)		—
Total															2,824		3,922
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															393		393
Gain (loss) on extinguishment of debt															—		5
Net investment income on Fortitude Re funds withheld assets															108		108
Net realized losses on Fortitude Re funds withheld assets															—		(59)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(109)
Net realized gains (losses)(c)															(4)		(690)
Net gain on divestitures and other															—		53
Non-operating litigation reserves and settlements															—		13
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(53)
Net loss reserve discount charge															—		(27)
Net results of businesses in run-off(d)															22		8
Non-operating pension expenses															—		(16)
Integration and transaction costs associated with acquiring or divesting businesses															—		(13)
Restructuring and other costs(e)															—		(307)
Non-recurring costs related to regulatory or accounting changes															—		(10)
Total AIG Consolidated															$	3,343	$	3,218

AIG | Third Quarter 2025 Form 10-Q 13

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

Nine Months Ended September 30, 2024
(in millions)	NetPremiumsWritten		NetPremiumsEarned		Lossesand LossAdjustmentExpensesIncurred(a)		Amortizationof DAC(a)		OtherAcquisitionExpenses(a)		GeneralOperatingExpenses(a)(b)		UnderwritingIncome(Loss)		NetInvestmentIncome		Reconciliationto Income(Loss) fromContinuingOperationsBeforeIncome TaxExpense
North America Commercial	$	6,228	$	6,046	$	4,109	$	615	$	164	$	635	$	523
International Commercial	6,275		6,081		3,381		753		266		801		880
Global Personal	5,322		5,355		2,982		1,164		395		754		60
Total General Insurance	$	17,825	$	17,482	$	10,472	$	2,532	$	825	$	2,190	$	1,463	$	2,281	$	3,744
Interest expense															—		(336)
Other Operations															332		(164)
Elimination and consolidations															(1)		(3)
Total															2,612		3,241
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares															172		172
Other income (expense) - net															16		—
Gain (loss) on extinguishment of debt															—		(1)
Net investment income on Fortitude Re funds withheld assets															123		123
Net realized losses on Fortitude Re funds withheld assets															—		(38)
Net realized losses on Fortitude Re funds withheld embedded derivative															—		(158)
Net realized gains (losses)(c)															6		(234)
Net gain on divestitures and other															—		94
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements															—		(66)
Net loss reserve discount charge															—		(131)
Net results of businesses in run-off(d)															13		4
Integration and transaction costs associated with acquiring or divesting businesses															—		(37)
Restructuring and other costs(e)															—		(630)
Non-recurring costs related to regulatory or accounting changes															—		(15)
Total AIG Consolidated															$	2,942	$	2,324

(a)These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.

(b)General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.

(c)~~Includes~~Amortization ~~all~~of ~~Net~~intangible ~~realized~~assets ~~gains~~including ~~and~~renewal ~~losses~~rights ~~except~~was ~~earned~~$10 million ~~income (periodic settlements~~ and ~~changes~~$4 million ~~in settlement accruals) on derivative instruments used~~ for ~~non-qualifying~~the ~~(economic)~~three ~~hedging~~months orended ~~for~~March 31, ~~asset~~2026 ~~replication~~ and ~~net~~2025, ~~realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets)~~respectively.

(d)InIncludes ~~the~~all ~~fourth~~Net ~~quarter~~realized ofgains ~~2024, AIG realigned~~ and ~~began~~losses ~~excluding~~except ~~the~~earned ~~net~~income ~~results~~(periodic ofsettlements ~~run-off~~and ~~businesses~~changes ~~previously~~in ~~reported~~settlement inaccruals) ~~Other~~on ~~Operations~~derivative ~~from~~instruments ~~Adjusted~~used ~~pre~~for non-~~tax~~qualifying ~~income.~~(economic) ~~Historical~~hedging ~~results~~or ~~have~~for ~~been~~asset ~~recast~~replication toand ~~reflect~~net ~~these~~realized ~~changes.~~gains Inand ~~the~~losses ~~third~~on ~~quarter~~Fortitude ofRe ~~2025,~~funds ~~AIG~~withheld ~~began~~assets ~~excluding~~held ~~the~~by ~~net~~AIG ~~results~~in support of ~~run-off~~Fortitude ~~businesses~~Re’s ~~previously~~reinsurance ~~reported~~obligations into ~~General~~AIG ~~Insurance~~(Fortitude ~~from~~Re ~~Adjusted~~funds ~~pre-tax~~withheld ~~income~~assets).

(e)In the three ~~and nine~~ months ended ~~September~~March 31, 302026, ~~2025~~Net ~~and~~gain ~~2024,~~(loss) ~~Restructuring~~on divestitures and other ~~costs was~~ primarily ~~related~~relates to ~~employee-related~~a ~~costs,~~change ~~including~~in ~~severance,~~estimate ~~and,~~for inearn-out ~~the~~considerations ~~nine~~associated ~~months~~with ~~ended~~the ~~September~~dispositions ~~30,~~of ~~2024~~Validus Reinsurance, ~~real~~Ltd. ~~estate~~and ~~impairment~~global ~~charges~~personal travel and assistance business.

~~For~~(f)In the ~~three~~third ~~and~~quarter ~~nine months ended September 30, 2024, we recorded severance charges~~ of ~~$66 million and $351 million~~2025, ~~respectively,~~AIG ~~and~~began ~~asset~~excluding ~~impairment~~the ~~charges~~net results of ~~$53 million~~run-off ~~for~~businesses ~~the~~previously ~~nine~~reported ~~months~~in ~~ended~~General ~~September~~Insurance ~~30,~~from ~~2024,~~Adjusted aspre-tax ~~a result of restructuring activities~~income.

4. ~~Discontinued~~Fair ~~Operations~~Value ~~Presentation~~Measurements

DISCONTINUED OPERATIONS PRESENTATION

We present a business, or a component of an entity, as discontinued operations if a) it meets the held-for-sale criteria, or is disposed of by sale, or is disposed of other than by sale, and b) the disposal of the business, or component of an entity, represents a strategic shift that has (or will have) a major effect on AIG’s financial results.

Deconsolidation of Corebridge

On June 9, 2024, AIG held 48.4 percent of Corebridge common stock, waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024 (the Deconsolidation Date). As a result, AIG met the requirements for the deconsolidation of Corebridge.

14 AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Discontinued Operations Presentation

In the second quarter of 2024, AIG recognized a loss of $4.7 billion as a result of the deconsolidation, mainly due to the recognition of an accumulated comprehensive loss of $7.2 billion. The loss was recorded as a component of discontinued operations.

The historical financial results of Corebridge are reflected in these Condensed Consolidated Financial Statements as discontinued operations.

Post Deconsolidation of Corebridge

Subsequent to the Deconsolidation Date, AIG elected the fair value option and reflects its retained interest in Corebridge as an equity method investment in Other invested assets using Corebridge’s stock price as its fair value. Dividends received from Corebridge and changes in its stock price are recognized in Net investment income.

In August and September 2025, we sold an aggregate of approximately 31.2 million shares of Corebridge common stock at a public offering price of $33.65 per share, which included 30 million shares initially offered and the partial exercise by the underwriters of their option to purchase additional shares. The aggregate proceeds to AIG Parent were approximately $1.0 billion.

On November 4, 2025, AIG launched a secondary public offering to sell 32.6 million shares of Corebridge common stock at a public offering price of $31.10 per share, corresponding to approximately $1.0 billion of gross proceeds. Subject to the completion of the offering, Corebridge has announced that it intends to purchase approximately $500 million of common stock from the underwriter at the same per share price to be paid by the underwriter to AIG, net of underwriting discounts and commissions. The offering is expected to close on November 6, 2025.

Due to share repurchases by Corebridge and the sale of shares by AIG after the Deconsolidation Date, as of September 30, 2025, AIG held 15.5 percent of the outstanding common stock of Corebridge.

The following provides Corebridge's pre-tax income as well as our equity method income (representing the sum of dividends received and changes in its stock price).

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
(in millions)	2025		2024		2025		2024
Corebridge pre-tax income (loss)	$	(42)	$	(1,594)	$	(1,512)	$	(122)
Equity method income related to Corebridge (based on fair value)	$	(328)	$	11	$	394	$	2,094

The following table presents the amounts related to the operations of Corebridge that have been reflected in Net income from discontinued operations:

(in millions)	Three Months EndedSeptember 30, 2024		Nine Months EndedSeptember 30, 2024
Revenues:
Premiums	$	—	$	2,723
Policy fees	—		1,269
Net investment income	—		5,238
Net realized losses	—		(923)
Other income	—		372
Total revenues	—		8,679
Benefits, losses and expenses:
Policyholder benefits and losses incurred	—		3,618
Change in the fair value of market risk benefits, net	—		(350)
Interest credited to policyholder account balances	—		2,184
Amortization of deferred policy acquisition costs	—		465
General operating and other expenses	—		1,350
Interest expense	—		249
Net gain on divestitures and other	—		(191)
Total benefits, losses and expenses	—		7,325
Income from discontinued operations before income tax expense and loss on disposal of discontinued operations	—		1,354
Income tax expense	—		226
Income from discontinued operations, net of income taxes before loss on disposal of discontinued operations	—		1,128
Loss on disposition of operations, net of tax	(24)		(4,708)
Loss from discontinued operations, net of income taxes	(24)		(3,580)
Less: Net income from discontinued operations attributable to noncontrolling interests	(2)		475
Net loss from discontinued operations attributable to AIG	$	(22)	$	(4,055)

AIG | Third Quarter 2025 Form 10-Q 15

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

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. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

September 30, 2025		Level 1		Level 2		Level 3	CounterpartyNetting(a)		CashCollateral			Total
March 31, 2026		Level 1		Level 2		Level 3	CounterpartyNetting(a)		CashCollateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	~~177~~450	$	31,~~610~~866	$	—	$	—	$	—	$	32,~~787~~316
Obligations of states, municipalities and political subdivisions		—		2,~~886~~692		34		—		—		2,~~889~~696
Non-U.S. governments		52109		6,~~554~~175		7		—		—		6,~~613~~291
Corporate debt		—		3637,~~831~~717		~~120~~85		—		—		3637,~~951~~802
RMBS		—		89,~~677~~586		1,~~626~~486		—		—		1011,~~303~~072
CMBS		—		4,~~168~~611		2225		—		—		4,~~190~~636
CLO/ABS		—		4,~~965~~032		1,~~486~~683		—		—		65,~~451~~715
Total bonds available for sale		~~229~~559		6766,~~691~~679		3,~~264~~290		—		—		7170,~~184~~528
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		5150		—		—		—		5150
Non-U.S. governments		—		2221		—		—		—		2221
Corporate debt		—		~~257~~204		1—		—		—		~~258~~204
RMBS		—		4643		5350		—		—		9993
CMBS		—		42		—		—		—		42
CLO/ABS		—		~~139~~150		~~132~~117		—		—		~~271~~267
Total other bond securities		—		~~557~~510		~~186~~167		—		—		~~743~~677
Equity securities		767		1		61		—		—		829
Other invested assets(b)		2,651		223		93		—		—		2,967
Derivative assets(c)		—		356		32		(179)		(207)		2
Short-term investments		3,433		1,427		—		—		—		4,860
Other assets(c)		—		—		129		—		—		129
Total	$	7,080	$	70,255	$	3,765	$	(179)	$	(207)	$	80,714

1612 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 54. Fair Value Measurements

September 30, 2025		Level 1		Level 2		Level 3	CounterpartyNetting(a)		CashCollateral			Total
March 31, 2026		Level 1		Level 2		Level 3	CounterpartyNetting(a)		CashCollateral			Total
(in millions)
Equity securities(b)		1,559		3		54		—		—		1,616
Other invested assets(c)		—		137		93		—		—		230
Derivative assets(d)		—		314		25		(143)		(196)		—
Short-term investments		3,253		1,624		—		—		—		4,877
Total	$	5,371	$	69,267	$	3,629	$	(143)	$	(196)	$	77,928
Liabilities:
Derivative liabilities(c)	$	—	$	412	$	32	$	(179)	$	(216)	$	49
Derivative liabilities(d)	$	—	$	387	$	25	$	(143)	$	(175)	$	94
Fortitude Re funds withheld payable		—		—		(~~103~~85)		—		—		(~~103~~85)
Other liabilities		—		—		72		—		—		72
Other liabilities(d)		13		—		74		—		—		87
Total	$	—13	$	~~412~~387	$	114	$	(~~179~~143)	$	(~~216~~175)	$	1896

December 31, 2024		Level 1		Level 2		Level 3	CounterpartyNetting(a)		CashCollateral			Total
December 31, 2025		Level 1		Level 2		Level 3	CounterpartyNetting(a)		CashCollateral			Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities	$	36209	$	3,~~231~~089	$	—	$	—	$	—	$	3,~~267~~298
Obligations of states, municipalities and political subdivisions		—		32,~~140~~771		34		—		—		32,~~143~~775
Non-U.S. governments		~~161~~66		76,~~939~~427		723		—		—		86,~~107~~516
Corporate debt		—		3137,~~586~~122		~~240~~113		—		—		3137,~~826~~235
RMBS		—		68,~~710~~622		1,~~894~~546		—		—		810,~~604~~168
CMBS		—		34,~~900~~592		2624		—		—		34,~~926~~616
CLO/ABS		—		4,~~293~~683		~~840~~1,741		—		—		56,~~133~~424
Total bonds available for sale		~~197~~275		6067,~~799~~306		3,~~010~~451		—		—		6471,~~006~~032
Other bond securities:
Obligations of states, municipalities and political subdivisions		—		5051		—		—		—		5051
Non-U.S. governments		—		2423		—		—		—		2423
Corporate debt		—		~~281~~274		1—		—		—		~~282~~274
RMBS		—		5046		5051		—		—		~~100~~97
CMBS		—		4342		—		—		—		4342
CLO/ABS		—		~~133~~135		~~113~~119		—		—		~~246~~254
Total other bond securities		—		~~581~~571		~~164~~170		—		—		~~745~~741
Equity securities		689		—		15		—		—		704
Equity securities(b)		446		1		55		—		—		502
Other invested assets (b)		3,810		119		163		—		—		4,092
Other invested assets (c)		1,512		143		92		—		—		1,747
Derivative assets(c)		—		573		51		(270)		(304)		50
Derivative assets(d)		—		312		26		(164)		(169)		5
Short-term investments		74,~~942~~106		1,~~847~~803		—		—		—		95,~~789~~909
Other assets(c)		—		—		129		—		—		129
Other assets(d)		—		—		130		—		—		130
Total	$	126,~~638~~339	$	6370,~~919~~136	$	3,~~532~~924	$	(~~270~~164)	$	(~~304~~169)	$	7980,~~515~~066
Liabilities:
Derivative liabilities(c)	$	—	$	571	$	51	$	(270)	$	(201)	$	151
Derivative liabilities(d)	$	—	$	439	$	26	$	(164)	$	(212)	$	89
Fortitude Re funds withheld payable		—		—		(~~128~~92)		—		—		(~~128~~92)
Other liabilities		—		—		100		—		—		100
Other liabilities(d)		—		—		73		—		—		73
Total	$	—	$	~~571~~439	$	237	$	(~~270~~164)	$	(~~201~~212)	$	~~123~~70

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.5 billion and $3.3 billion as of September 30, 2025 and December 31, 2024, respectively. As of ~~September~~March ~~30, 2025 and December~~ 31, ~~2024~~2026, includes AIG's ownership ~~interest~~interests in Corebridge and Onex of $~~2.7~~607 ~~billion~~million and $~~3.8~~548 ~~billion~~million, respectively~~, on which AIG elected the fair value option~~.

(c)~~Presented~~Excludes asinvestments ~~part~~that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $3.1 billion and $3.3 billion as of ~~Other~~March ~~assets~~31, 2026 and ~~Other~~December ~~liabilities~~31, 2025, respectively. As of December 31, 2025, includes AIG's ownership interest in Corebridge of $1.5 billion on ~~the~~which ~~Condensed~~AIG ~~Consolidated~~elected ~~Balance~~the ~~Sheets~~fair value option.

~~AIG~~(d)Presented |as ~~Third~~part ~~Quarter~~of ~~2025~~Other ~~Form~~assets ~~10-Q~~and 17Other liabilities on the Condensed Consolidated Balance Sheets.


AIG \| First Quarter 2026 Form 10-Q			13

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 54. Fair Value Measurements

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025:

(in millions)	Fair ValueBeginning of ~~Period~~Year		Net RealizedandUnrealizedGains(Losses)Includedin Income		OtherComprehensiveIncome (Loss)		Purchases, Sales,IssuancesandSettlements,Net		GrossTransfersIn		GrossTransfersOut		Other		FairValueEnd ofPeriod		Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period		Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Three Months Ended September 30, 2025
Three Months Ended March 31, 2026
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	34	$	—	$	—	$	—	$	—	$	—	$	—	$	34	$	—	$	—
Non-U.S. governments	623		—1		—		—(3)		1—		—(14)		—		7		—		—
Corporate debt	~~147~~113		~~(2)~~—		(152)		(41)		—1		(626)		—		~~120~~85		—		~~(13)~~6
RMBS	1,~~633~~546		76		8(37)		(537)		—8		~~(17)~~—		—		1,~~626~~486		—		1517
CMBS	2624		~~(5)~~—		5—		(4)		—5		—		—		2225		—		5—
CLO/ABS	1,~~200~~741		1		9(1)		~~277~~(58)		—		~~(1)~~—		—		1,~~486~~683		—		10
Total bonds available for sale	3,~~015~~451		18		7(40)		~~264~~(103)		114		(2440)		—		3,~~264~~290		—		1733
Other bond securities:
Corporate Debt	1		—		—		—		—		—		—		1		—		—
RMBS	51		—		—		(1)		—		—		—		50		1		—
RMBS	50		—		—		3		—		—		—		53		—		—
CLO/ABS	119		—		—		(2)		—		—		—		117		3		—
CLO/ABS	123		1		—		10		—		(2)		—		132		4		—
Total other bond securities	170		—		—		(3)		—		—		—		167		4		—
Total other bond securities	174		1		—		13		—		(2)		—		186		4		—
Equity securities	55		(3)		—		2		—		—		—		54		—		—
Equity securities	46		2		—		5		8		—		—		61		—		—
Other invested assets	92		1		—		—		—		—		—		93		1		—
Other invested assets	93		(5)		—		5		—		—		—		93		(1)		—
Other assets	130		—		—		—		—		—		(130)		—		—		—
Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,898	$	6	$	(40)	$	(104)	$	14	$	(40)	$	(130)	$	3,604	$	5	$	33
Total	$	3,457	$	(1)	$	7	$	287	$	9	$	(26)	$	—	$	3,733	$	3	$	17

(in millions)	Fair ValueBeginning of ~~Period~~Year		NetRealizedandUnrealized(Gains)LossesIncludedin Income		OtherComprehensive(Income) Loss		Purchases, Sales,IssuancesandSettlements,Net		GrossTransfersIn		GrossTransfersOut		Other		FairValueEnd ofPeriod		Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period		Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Liabilities:
Fortitude Re funds withheld payable	$	(~~185~~92)	$	54(10)	$	—	$	2817	$	—	$	—	$	—	$	(~~103~~85)	$	~~(30)~~17	$	—
Other Liabilities	8173		~~(9)~~1		—		—		—		—		—		7274		—		—
Total	$	(~~104~~19)	$	45(9)	$	—	$	2817	$	—	$	—	$	—	$	(3111)	$	~~(30)~~17	$	—

(in millions)	Fair ValueBeginning of ~~Period~~Year		Net RealizedandUnrealizedGains(Losses)Includedin Income		OtherComprehensiveIncome (Loss)		Purchases, Sales,IssuancesandSettlements,Net		GrossTransfersIn		GrossTransfersOut		~~Other~~		FairValueEnd ofPeriod		Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period		Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Three Months Ended September 30, 2024
Three Months Ended March 31, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	43	$	—	$	—	$	—	$	—	$	—	$	—	$	43	$	—	$	—
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	~~359~~240		(39)		1810		4(125)		—		—(1)		7		~~385~~115		—		149
RMBS	21,~~016~~894		~~(1)~~7		~~110~~33		(2357)		—3		—(224)		~~(7)~~		21,~~095~~656		—		6317
CMBS	9426		~~(1)~~—		1—		(124)		—4		—		—		8226		—		—
CLO/ABS	~~1,275~~840		~~(11)~~1		331		~~(314)~~79		—		—(6)		—		~~983~~915		—		231
Total bonds available for sale	3,~~755~~010		(161)		~~162~~44		(~~345~~107)		—7		—(231)		—		32,~~556~~722		—		~~100~~27
Other bond securities:
Corporate debt	441		—		—		—		—		—		2		461		2—		—
RMBS	4950		31		—		(21)		—		—		5		5550		—1		—
CLO/ABS	~~145~~113		3		—		(14)		—31		—(23)		—		~~147~~120		3		—
Total other bond securities	~~238~~164		64		—		(35)		—31		—(23)		7		~~248~~171		54		—

1814 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 54. Fair Value Measurements

(in millions)	Fair ValueBeginning of ~~Period~~Year		Net RealizedandUnrealizedGains(Losses)Includedin Income		OtherComprehensiveIncome (Loss)		Purchases, Sales,IssuancesandSettlements,Net		GrossTransfersIn		GrossTransfersOut		~~Other~~		FairValueEnd ofPeriod		Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period		Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Equity securities	1315		1		—		210		—9		—		~~(3)~~		1335		—		—
Other invested assets	~~145~~163		~~(3)~~—		—		5(24)		—		—(63)		11		~~158~~76		—		—
Other assets	~~130~~129		—		—		~~(1)~~—		—		—		—		129		—		—
Total	$	43,~~281~~481	$	~~(12)~~4	$	~~162~~44	$	(~~342~~126)	$	—47	$	—(317)	$	15	$	43,~~104~~133	$	54	$	~~100~~27

(in millions)	Fair ValueBeginning of ~~Period~~Year		NetRealizedandUnrealized(Gains)LossesIncludedin Income		OtherComprehensive(Income) Loss		Purchases, Sales,IssuancesandSettlements,Net		GrossTransfersIn		GrossTransfersOut		~~Other~~		FairValueEnd ofPeriod		Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period		Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Liabilities:
Derivative liabilities, net(a)	$	(39)	$	1	$	—	$	2	$	—	$	—	$	37	$	1	$	2	$	—
Fortitude Re funds withheld payable	$	(128)	$	41	$	—	$	8	$	—	$	—			$	(79)	$	(2)	$	—
Fortitude Re funds withheld payable	(154)		157		—		(3)		—		—		—		—		(153)		—
Other liabilities	100		—		—		—		—		—				100		—		—
Other liabilities	99		—		—		—		—		—		—		99		—		—
Total	$	(28)	$	41	$	—	$	8	$	—	$	—			$	21	$	(2)	$	—
Total	$	(94)	$	158	$	—	$	(1)	$	—	$	—	$	37	$	100	$	(151)	$	—

(in millions)	Fair ValueBeginning of Year		Net RealizedandUnrealizedGains(Losses)Includedin Income		OtherComprehensiveIncome (Loss)		Purchases, Sales,IssuancesandSettlements,Net		GrossTransfersIn		GrossTransfersOut		Other		FairValueEnd ofPeriod		Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period		Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	—
Non-U.S. governments	7		—		—		(1)		1		—		—		7		—		—
Corporate debt	240		(10)		(4)		(155)		49		(38)		38		120		—		(13)
RMBS	1,894		22		50		(101)		3		(242)		—		1,626		—		30
CMBS	26		(4)		6		(9)		4		(1)		—		22		—		5
CLO/ABS	840		7		20		685		—		(7)		(59)		1,486		—		29
Total bonds available for sale	3,010		15		72		419		57		(288)		(21)		3,264		—		51
Other bond securities:
Corporate debt	1		—		—		—		—		—		—		1		—		—
RMBS	50		2		—		1		—		—		—		53		1		—
CLO/ABS	113		5		—		6		33		(25)		—		132		9		—
Total other bond securities	164		7		—		7		33		(25)		—		186		10		—
Equity securities	15		6		—		23		17		—		—		61		2		—
Other invested assets	163		(5)		—		(24)		1		(63)		21		93		(2)		—
Other assets	129		—		—		—		—		—		—		129		—		—
Total	$	3,481	$	23	$	72	$	425	$	108	$	(376)	$	—	$	3,733	$	10	$	51

(in millions)	Fair ValueBeginning of Year		NetRealizedandUnrealized(Gains)LossesIncludedin Income		OtherComprehensive(Income) Loss		Purchases, Sales,IssuancesandSettlements,Net		GrossTransfersIn		GrossTransfersOut		Other		FairValueEnd ofPeriod		Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period		Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Liabilities:
Fortitude Re funds withheld payable	$	(128)	$	109	$	—	$	(84)	$	—	$	—	$	—	$	(103)	$	(64)	$	—
Other Liabilities	100		(28)		—		—		—		—		—		72		—		—
Total	$	(28)	$	81	$	—	$	(84)	$	—	$	—	$	—	$	(31)	$	(64)	$	—

AIG | Third Quarter 2025 Form 10-Q 19

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions)	Fair ValueBeginning of Year		Net RealizedandUnrealizedGains(Losses)Includedin Income		OtherComprehensiveIncome (Loss)		Purchases, Sales,IssuancesandSettlements,Net		GrossTransfersIn		GrossTransfersOut		Other		FairValueEnd ofPeriod		Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period		Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	3	$	—	$	—	$	1	$	—	$	—	$	—	$	4	$	—	$	(5)
Non-U.S. governments	7		—		—		—		—		—		—		7		—		—
Corporate debt	323		(2)		16		(56)		134		(37)		7		385		—		9
RMBS	1,792		46		108		(173)		287		(2)		37		2,095		—		3
CMBS	25		(5)		7		(30)		85		—		—		82		—		—
CLO/ABS	1,289		(23)		65		(380)		44		(12)		—		983		—		49
Total bonds available for sale	3,439		16		196		(638)		550		(51)		44		3,556		—		56
Other bond securities:
Corporate debt	45		1		—		—		—		—		—		46		1		—
RMBS	51		3		—		(2)		—		(2)		5		55		2		—
CLO/ABS	138		3		—		4		2		—		—		147		1		—
Total other bond securities	234		7		—		2		2		(2)		5		248		4		—
Equity securities	14		1		—		2		—		(1)		(3)		13		1		—
Other invested assets	221		(16)		—		(34)		—		(13)		—		158		(12)		—
Other assets	243		—		—		(114)		—		—		—		129		—		—
Total	$	4,151	$	8	$	196	$	(782)	$	552	$	(67)	$	46	$	4,104	$	(7)	$	56

(in millions)	Fair ValueBeginning of Year		NetRealizedandUnrealized(Gains)LossesIncludedin Income		OtherComprehensive(Income) Loss		Purchases, Sales,IssuancesandSettlements,Net		GrossTransfersIn		GrossTransfersOut		Other		FairValueEnd ofPeriod		Changes inUnrealizedGains(Losses)Included inIncome onInstrumentsHeld at Endof Period		Changes inUnrealized Gains(Losses)Included in OtherComprehensiveIncome (Loss) forRecurring Level 3Instruments Heldat End of Period
Liabilities:
Derivative liabilities, net(a)	$	(453)	$	41	$	—	$	376	$	—	$	—	$	37	$	1	$	7	$	—
Fortitude Re funds withheld payable	(148)		158		—		(10)		—		—		—		—		(106)		—
Other liabilities	122		(2)		—		(21)		—		—		—		99		—		—
Total	$	(479)	$	197	$	—	$	345	$	—	$	—	$	37	$	100	$	(99)	$	—

(a)Total Level 3 derivative exposures have been netted in these tables for presentation purposes only.

Net realized and unrealized gains and losses included in income related to Level 3 assets and liabilities shown above are reported in the Condensed Consolidated Statements of Income (Loss) as follows:

(in millions)	NetInvestmentIncome		Net RealizedGains (Losses)		Total
Three Months Ended September 30, 2025
Three Months Ended March 31, 2026
Assets:
Bonds available for sale	$	87	$	~~(7)~~1	$	18
Other bond securities	1		—		1
Equity securities	(3)		—		(3)
Equity securities	2		—		2
Other invested assets	1		—		1
Other invested assets	(5)		—		(5)
Three Months Ended March 31, 2025
Three Months Ended September 30, 2024
Assets:
Bonds available for sale	$	258	$	(419)	$	(161)
Other bond securities	64		—		64
Equity securities	1		—		1
Other invested assets	(3)		—		(3)
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale	$	21	$	(6)	$	15
Other bond securities	7		—		7
Equity securities	6		—		6
Other invested assets	(5)		—		(5)

20 AIG | Third Quarter 2025 Form 10-Q


(in millions)	Net Investment Income		Net Realized (Gains) Losses		Total











Three Months Ended March 31, 2026
Liabilities:

Fortitude Re funds withheld payable	$	—	$	(10)	$	(10)
Other Liabilities	—		1		1
Three Months Ended March 31, 2025
Liabilities:

Fortitude Re funds withheld payable	$	—	$	41	$	41

The following table presents the gross components of purchases, sales, issuances and settlements, net, shown above, for the three months ended March 31, 2026 and 2025 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:


(in millions)	Purchases		Sales		Issuances and Settlements(a)		Purchases, Sales, Issuances and Settlements, Net(a)
Three Months Ended March 31, 2026
Assets:
Bonds available for sale:

Non-U.S. governments	$	3	$	(3)	$	(3)	$	(3)
Corporate debt	4		(5)		—		(1)
RMBS	9		—		(46)		(37)
CMBS	—		(2)		(2)		(4)


AIG \| First Quarter 2026 Form 10-Q			15

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 54. Fair Value Measurements

(in millions)	~~NetInvestmentIncome~~Purchases		~~Net RealizedGains (Losses)~~Sales		Issuancesand Settlements(a)		~~Total~~Purchases, Sales, Issuances andSettlements, Net(a)
Nine Months Ended September 30, 2024
CLO/ABS	127		(27)		(158)		(58)
Total bonds available for sale	143		(37)		(209)		(103)
Other bond securities:
RMBS	—		—		(1)		(1)
CLO/ABS	—		—		(2)		(2)
Total other bond securities	—		—		(3)		(3)
Equity securities	16		(14)		—		2
Other invested assets	1		—		(1)		—
Total	$	160	$	(51)	$	(213)	$	(104)
Liabilities:
Fortitude Re funds withheld payable	$	—	$	—	$	17	$	17
Total	$	—	$	—	$	17	$	17
Three Months Ended March 31, 2025
Assets:
Bonds available for sale	$	65	$	(49)			$	16
Bonds available for sale:
Other bond securities	7		—				7
Corporate Debt	$	3	$	(4)	$	(124)	$	(125)
Equity securities	1		—				1
RMBS	—		(3)		(54)		(57)
Other invested assets	(16)		—				(16)
CMBS	—		(4)		—		(4)
(in millions)	NetInvestmentIncome		Net Realized(Gains) Losses				Total
CLO/ABS	146		(37)		(30)		79
Three Months Ended September 30, 2025
Total bonds available for sale	149		(48)		(208)		(107)
Other bond securities:
RMBS	—		—		(1)		(1)
CLO/ABS	—		—		(4)		(4)
Total other bond securities	—		—		(5)		(5)
Equity securities	14		(4)		—		10
Other invested assets	—		—		(24)		(24)
Total	$	163	$	(52)	$	(237)	$	(126)
Liabilities:
Fortitude Re funds withheld payable	$	—	$	54—	$	8	$	548
Other Liabilities	—		(9)				(9)
Total	$	—	$	—	$	8	$	8
Three Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	1			$	1
Fortitude Re funds withheld payable	—		157				157
Nine Months Ended September 30, 2025
Liabilities:
Fortitude Re funds withheld payable	$	—	$	109			$	109
Other Liabilities	—		(28)				(28)
Nine Months Ended September 30, 2024
Liabilities:
Derivative liabilities, net	$	—	$	41			$	41
Fortitude Re funds withheld payable	—		158				158
Other Liabilities	—		(2)				(2)

~~The~~(a)There ~~following~~were ~~table~~no ~~presents the gross components of purchases, sales,~~ issuances ~~and~~during ~~settlements, net, shown above, for~~ the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024 related to Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets:~~2025.

(in millions)	Purchases		Sales		Issuancesand Settlements(a)		Purchases, Sales, Issuances andSettlements, Net(a)
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:
Corporate debt	$	—	$	(2)	$	(2)	$	(4)
RMBS	46		—		(51)		(5)
CMBS	—		—		(4)		(4)
CLO/ABS	437		(14)		(146)		277
Total bonds available for sale	483		(16)		(203)		264
Other bond securities:
RMBS	3		—		—		3
CLO/ABS	11		—		(1)		10
Total other bond securities	14		—		(1)		13
Equity securities	21		(16)		—		5
Other invested assets	6		—		(1)		5
Total	$	524	$	(32)	$	(205)	$	287
Liabilities:
Fortitude Re funds withheld payable	$	—	$	—	$	28	$	28
Total	$	—	$	—	$	28	$	28
Three Months Ended September 30, 2024
Assets:
Bonds available for sale:
Corporate debt	$	10	$	(4)	$	(2)	$	4
RMBS	87		(45)		(65)		(23)

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at March 31, 2026 and 2025 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

AIG | Third Quarter 2025 Form 10-Q 21

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions)	Purchases		Sales		Issuancesand Settlements(a)		Purchases, Sales, Issuances andSettlements, Net(a)
CMBS	—		(12)		—		(12)
CLO/ABS	270		(563)		(21)		(314)
Total bonds available for sale	367		(624)		(88)		(345)
Other bond securities:
RMBS	—		—		(2)		(2)
CLO/ABS	—		—		(1)		(1)
Total other bond securities	—		—		(3)		(3)
Equity securities	2		—		—		2
Other invested assets	17		—		(12)		5
Other assets	—		—		(1)		(1)
Total	$	386	$	(624)	$	(104)	$	(342)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	2	$	2
Fortitude Re funds withheld payable	—		—		(3)		(3)
Total	$	—	$	—	$	(1)	$	(1)

(in millions)	Purchases		Sales		Issuancesand Settlements(a)		Purchases, Sales, Issuances andSettlements, Net(a)
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:
Non-U.S. governments	$	—	$	—	$	(1)	$	(1)
Corporate debt	5		(8)		(152)		(155)
RMBS	54		(3)		(152)		(101)
CMBS	—		(4)		(5)		(9)
CLO/ABS	969		(84)		(200)		685
Total bonds available for sale	1,028		(99)		(510)		419
Other bond securities:
RMBS	3		—		(2)		1
CLO/ABS	12		—		(6)		6
Total other bond securities	15		—		(8)		7
Equity securities	56		(33)		—		23
Other invested assets	7		—		(31)		(24)
Total	$	1,106	$	(132)	$	(549)	$	425
Liabilities:
Fortitude Re funds withheld payable	$	—	$	—	$	(84)	$	(84)
Total	$	—	$	—	$	(84)	$	(84)
Nine Months Ended September 30, 2024
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions	$	1	$	—	$	—	$	1
Non-U.S. governments	4		—		(4)		—
Corporate Debt	21		(7)		(70)		(56)
RMBS	87		(46)		(214)		(173)
CMBS	—		(12)		(18)		(30)
CLO/ABS	336		(565)		(151)		(380)
Total bonds available for sale	449		(630)		(457)		(638)
Other bond securities:
RMBS	3		(1)		(4)		(2)
CLO/ABS	11		—		(7)		4
Total other bond securities	14		(1)		(11)		2
Equity securities	2		—		—		2
Other invested assets	18		—		(52)		(34)
Other assets	—		—		(114)		(114)
Total	$	483	$	(631)	$	(634)	$	(782)

22 AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

(in millions)	Purchases		Sales		Issuancesand Settlements(a)		Purchases, Sales, Issuances andSettlements, Net(a)
Liabilities:
Derivative liabilities, net	$	—	$	—	$	376	$	376
Fortitude Re funds withheld payable	—		—		(10)		(10)
Other liabilities	—		—		(21)		(21)
Total	$	—	$	—	$	345	$	345

(a)There were no issuances during the three and nine months ended September 30, 2025 and 2024.

Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at September 30, 2025 and 2024 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

The Net realized and unrealized gains (losses) included in income (loss) or Other comprehensive income (loss) (OCI) as shown in the table above excludes $0 million and $11 2 million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, respectively, and includes $0 1 million and $6 5 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, respectively.

The Net realized and unrealized gains (losses) included in income (loss) or OCI as shown in the table above excludes $0 million and $(27) million of net gains (losses) related to assets and liabilities transferred into Level 3 during the three and nine months ended September 30, 2024, respectively, and includes $0 million and $1 million of net gains (losses) related to assets and liabilities transferred out of Level 3 during the three and nine months ended September 30, 2024, respectively.

Transfers of Level 3 Assets

During the three months ended ~~September~~March 3031, ~~2025,~~2026 ~~there were no significant transfers into Level 3 assets. There were no transfers into Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30, 2025~~ and ~~2024~~2025, transfers into Level 3 assets included investments in private placement corporate debt, commercial mortgage-backed securities (CMBS), residential mortgage-backed securities (RMBS), collateralized loan obligations (CLO)/asset backed securities (ABS) and equity securities. Transfers of private placement corporate debt and certain ABS into Level 3 assets were primarily the result of limited market pricing information that required us to determine fair value for these securities based on inputs that are adjusted to better reflect our own assumptions regarding the characteristics of a specific security or associated market liquidity. The transfers of investments in CMBS, RMBS, CLO and certain ABS into Level 3 assets were due to diminished market transparency and liquidity for individual security types.

During the three months ended ~~September~~March 3031, ~~2025,~~2026 ~~transfers out of Level 3 assets included investments in private placement corporate debt~~ and ~~RMBS. There were no transfers out of Level 3 assets during the three months ended September 30, 2024. During the nine months ended September 30,~~ 2025 ~~and 2024~~, transfers out of Level 3 assets primarily included investments in private placement corporate debt, ~~CMBS,~~ RMBS, CLO/ABS and ~~equity~~other ~~securities~~invested assets. Transfers of private placement corporate debt out of Level 3 assets were based on consideration of market liquidity as well as related transparency of pricing and associated observable inputs for these investments. Transfers of certain investments in private placement corporate debt out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

~~Transfers~~16 ofAIG ~~Level~~| 3First ~~Liabilities~~Quarter 2026 Form 10-Q

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and nine months ended September 30, 2025 and 2024.

AIG | Third Quarter 2025 Form 10-Q 23

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 54. Fair Value Measurements

of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

Transfers of Level 3 Liabilities

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three months ended March 31, 2026 and 2025.

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

The table below presents information about the significant unobservable inputs used for recurring fair value measurements for certain Level 3 instruments, and includes only those instruments for which information about the inputs is reasonably available to us, such as data from independent third-party valuation service providers. Because input information from third- parties with respect to certain Level 3 instruments (primarily CLO/ABS) may not be reasonably available to us, balances shown below may not equal total amounts reported for such Level 3 assets and liabilities:

(in millions)

Fair Value ~~atSeptember~~atMarch 3031, ~~2025~~2026

Valuation Technique

Unobservable Input(b)

Range(Weighted Average)(c)

Assets:

Obligations of states, municipalities and political subdivisions

Discounted cash flow

Yield

5.2533% - 5.5833% (5.4133%)

Corporate debt

Discounted cash flow

Yield

8.60% - 16.76% (13.63%)

RMBS(a)

1,135

Discounted cash flow

Constant prepayment rate

3.95% - 7.19% (5.57%)

RMBS(a)

1,197

Discounted cash flow

Constant prepayment rate

4.05% - 7.51% (5.78%)

Loss severity

37.41% - 64.98% (51.19%)

Loss severity

39.50% - 79.31% (59.41%)

Constant default rate

0.49% - 1.87% (1.18%)

Constant default rate

0.54% - 1.96% (1.25%)

Yield

5.46% - 6.73% (6.10%)

Yield

5.20% - 5.94% (5.57%)

CLO/ABS(a)

1,197

Discounted cash flow

Yield

4.40% - 5.82% (5.11%)

CLO/ABS(a)

1,053

Discounted cash flow

Yield

2.39% - 9.54% (5.88%)

CMBS

Discounted cash flow

Yield

3.81% - 11.75% (6.16%)

CMBS

Discounted cash flow

Yield

5.56% - 13.35% (8.78%)

(in millions)

Fair Value atDecember 31, ~~2024~~2025

Valuation Technique

Unobservable Input(b)

Range(Weighted Average)(c)

Assets:

Obligations of states, municipalities and political subdivisions

Discounted cash flow

Yield

5.0927% - 5.5727% (5.3327%)

Corporate debt

177

Discounted cash flow

Yield

6.83% - 11.61% (9.22%)

RMBS(a)

1,165

Discounted cash flow

Constant prepayment rate

4.09% - 7.47% (5.78%)

RMBS(a)

1,321

Discounted cash flow

Constant prepayment rate

4.10% - 9.26% (6.68%)

Loss severity

39.29% - 79.56% (59.42%)

Loss severity

40.81% - 76.72% (58.76%)

Constant default rate

0.51% - 1.94% (1.22%)

Constant default rate

0.57% - 2.48% (1.52%)

Yield

5.25% - 6.30% (5.77%)

Yield

5.89% - 6.98% (6.44%)

CLO/ABS(a)

1,321

Discounted cash flow

Yield

0.07% - 13.26% (6.48%)

CLO/ABS(a)

760

Discounted cash flow

Yield

4.24% - 8.42% (6.33%)

CMBS

Discounted cash flow

Yield

4.95% - 4.95% (4.95%)

CMBS

Discounted cash flow

Yield

7.04% - 10.12% (8.70%)

(a)Information received from third-party valuation service providers. The ranges of the unobservable inputs for constant prepayment rate, loss severity and constant default rate relate to each of the individual underlying mortgage loans that comprise the entire portfolio of securities in the RMBS and CLO securitization vehicles and not necessarily to the securitization vehicle bonds (tranches) purchased by us. The ranges of these inputs do not directly correlate to changes in the fair values of the tranches purchased by us, because there are other factors relevant to the fair values of specific tranches owned by us including, but not limited to, purchase price, position in the waterfall, senior versus subordinated position and attachment points.

(b)Represents discount rates, estimates and assumptions that we believe would be used by market participants when valuing these assets and liabilities.

(c)The weighted averaging for fixed maturity securities is based on the estimated fair value of the securities.

The ranges of reported inputs for Obligations of states, municipalities and political subdivisions, Corporate debt, RMBS, CLO/ABS, and CMBS valued using a discounted cash flow technique consist of one standard deviation in either direction from the value‑weighted average. The preceding table does not give effect to our risk management practices that might offset risks inherent in these Level 3 assets and liabilities.

Interrelationships Between Unobservable Inputs

We consider unobservable inputs to be those for which market data is not available and that are developed using the best information available to us about the assumptions that market participants would use when pricing the asset or liability. Relevant inputs vary depending on the nature of the instrument being measured at fair value. The following paragraphs provide a general description of significant unobservable inputs along with interrelationships between and among the significant unobservable inputs and their impact on the fair value measurements. In practice, simultaneous changes in assumptions may not always have a linear effect on the inputs discussed below. Interrelationships may also exist between observable and unobservable inputs. Such relationships have not been included in the discussion below. For each of the individual relationships described below, the inverse relationship would also generally apply.


AIG \| First Quarter 2026 Form 10-Q			17

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements

Fixed Maturity Securities

The significant unobservable input used in the fair value measurement of fixed maturity securities is yield. The yield is affected by the market movements in credit spreads and U.S. Treasury yields. The yield may be affected by other factors including constant prepayment rates, loss severity, and constant default rates. In general, increases in the yield would decrease the fair value of investments, and conversely, decreases in the yield would increase the fair value of investments.

24 AIG | Third Quarter 2025 Form 10-Q

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Fair Value Measurements

Embedded Derivatives within Reinsurance Contracts

The fair value of embedded derivatives associated with funds withheld reinsurance contracts is determined based upon a total return swap technique with reference to the fair value of the investments held by AIG related to AIG’s funds withheld payable. The fair value of the underlying assets is generally based on market observable inputs using industry standard valuation techniques. The valuation also requires certain significant inputs, which are generally not observable, and accordingly, the valuation is considered Level 3 in the fair value hierarchy.

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

(in millions)

Investment Category Includes

Fair Value Using NAV Per Share (or its equivalent)

Unfunded Commitments

Fair Value Using NAV Per Share (or its equivalent)

Unfunded Commitments

Investment Category

Private equity funds:

Leveraged buyout

Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage

1,~~166~~123

~~326~~422

1,~~126~~142

~~375~~450

Real assets

Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets

~~741~~417

~~115~~61

~~782~~496

~~261~~67

Venture capital

Early-stage, high-potential, growth companies expected to generate a return through an eventual realization event, such as an initial public offering or sale of the company

8889

3430

8387

4031

Growth equity

Funds that make investments in established companies for the purpose of growing their businesses

~~187~~174

210

~~175~~172

111

Mezzanine

Funds that make investments in the junior debt and equity securities of leveraged companies

9279

5551

~~120~~92

5854

Other

Includes distressed funds that invest in securities of companies that are in default or under bankruptcy protection, as well as funds that have multi- strategy, and other strategies

1,~~037~~063

~~615~~601

~~819~~1,101

57653

Total private equity funds

32,~~311~~945

1,~~147~~175

3,~~105~~090

~~792~~1,266

Hedge funds:

Event-driven

Securities of companies undergoing material structural changes, including mergers, acquisitions and other reorganizations

1110

—

1110

—

Long-short

Securities that the manager believes are undervalued, with corresponding short positions to hedge market risk

~~171~~110

—

~~168~~155

—

Other

Includes investments held in funds that are less liquid, as well as other strategies which allow for broader allocation between public and private investments

910

—

Total hedge funds

~~191~~130

—

~~187~~174

—

Total

3,~~502~~075

1,~~147~~175

3,~~292~~264

~~792~~1,266

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments.

18 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 25

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 54. Fair Value Measurements

FAIR VALUE OPTION

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:

	Gain (Loss) Three MonthsEnded September 30,				Gain (Loss) Nine MonthsEnded September 30,
Three Months Ended March 31,			Gain (Loss)
(in millions)		~~2025~~		~~2024~~		~~2025~~2026		~~2024~~2025
Other bond securities(a)	$	10	$	20	$	37(3)	$	2711
Alternative investments(b)		98		76		~~185~~(8)		~~184~~24
Retained investment in Corebridge(c)		~~(348)~~		~~(35)~~		~~316~~(154)		30209
Total gain (loss)	$	~~(240)~~	$	61	$	~~538~~(165)	$	~~241~~244

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 65. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 87.

(b)Includes certain hedge funds, private equity funds and real estate investments.

(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares through March 31, 2026. At March 31, 2026, AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value. For additional information, see Note 1.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

Estimated Fair Value

CarryingValue

(in millions)

Level 1

Level 2

Level 3

Total

September 30, 2025

March 31, 2026

Assets:

Mortgage and other loans receivable

—

~~336~~307

2,~~929~~443

32,~~265~~750

32,~~314~~813

Other invested assets

—

~~494~~480

712

~~501~~492

Short-term investments

—

43,~~557~~319

—

43,~~557~~319

Cash

1,~~589~~454

—

1,~~589~~454

Other assets

217

—

217

Liabilities:

Fortitude Re funds withheld payable

—

3,~~197~~045

Long-term debt

—

8,~~782~~461

—

8,~~782~~461

9,~~087~~001

Debt of consolidated investment entities

—

~~156~~155

Estimated Fair Value

CarryingValue

(in millions)

Level 1

Level 2

Level 3

Total

December 31, 2024

December 31, 2025

Assets:

Mortgage and other loans receivable

—

~~339~~334

32,~~413~~500

32,~~752~~834

32,~~868~~887

Other invested assets

—

~~578~~480

513

~~583~~493

Short-term investments

—

45,~~673~~232

—

45,~~673~~232

Cash

1,~~302~~274

—

1,~~302~~274

Other assets

1516

—

1516

Liabilities:

Fortitude Re funds withheld payable

—

3,~~335~~130

Long-term debt

—

78,~~981~~702

~~240~~—

8,~~221~~702

89,~~764~~035

Debt of consolidated investment entities

—

~~158~~156

26 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 19

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 65. Investments

65. Investments

SECURITIES AVAILABLE FOR SALE

The following table presents the amortized cost and fair value of our available for sale securities:

(in millions)

AmortizedCost

Allowancefor CreditLosses(a)

GrossUnrealizedGains

GrossUnrealizedLosses

FairValue

September 30, 2025

March 31, 2026

Bonds available for sale:

U.S. government and government sponsored entities

32,~~837~~385

—

3419

(8488)

32,~~787~~316

Obligations of states, municipalities and political subdivisions

2,~~878~~694

—

6954

(5852)

2,~~889~~696

Non-U.S. governments

6,~~906~~633

~~(1)~~—

8253

(~~374~~395)

6,~~613~~291

Corporate debt

3738,~~496~~737

(3832)

~~613~~318

(1,~~120~~221)

3637,~~951~~802

Mortgage-backed, asset-backed and collateralized:

RMBS

1011,~~302~~150

(45)

~~293~~231

(~~288~~304)

1011,~~303~~072

CMBS

4,~~165~~626

—(1)

6350

(3839)

4,~~190~~636

CLO/ABS

65,~~424~~711

—

4925

(2221)

65,~~451~~715

Total mortgage-backed, asset-backed and collateralized

2021,~~891~~487

(46)

~~405~~306

(~~348~~364)

2021,~~944~~423

Total bonds available for sale(b)

7271,~~008~~936

(4338)

~~1,203~~750

(12,~~984~~120)

7170,~~184~~528

December 31, 2024

December 31, 2025

Bonds available for sale:

U.S. government and government sponsored entities

3,~~346~~353

—

2031

(9986)

3,~~267~~298

Obligations of states, municipalities and political subdivisions

32,~~223~~757

—

3271

(~~112~~53)

32,~~143~~775

Non-U.S. governments

86,~~644~~799

(1)

5486

(~~590~~368)

86,~~107~~516

Corporate debt

3337,~~031~~746

(2831)

~~581~~576

(1,~~758~~056)

3137,~~826~~235

Mortgage-backed, asset-backed and collateralized:

RMBS

810,~~820~~137

(64)

~~209~~294

(~~419~~259)

810,~~604~~168

CMBS

34,~~988~~585

~~(3)~~—

3267

(9136)

34,~~926~~616

CLO/ABS

56,~~143~~395

—(1)

3453

(4423)

56,~~133~~424

Total mortgage-backed, asset-backed and collateralized

1721,~~951~~117

(95)

~~275~~414

(~~554~~318)

1721,~~663~~208

Total bonds available for sale(b)

6671,~~195~~772

(3837)

~~962~~1,178

(31,~~113~~881)

6471,~~006~~032

(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.

(b)At ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.87 billion or 8 percent and $35.69 billion or 68 percent, respectively.

Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded

The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:

Less than 12 Months

12 Months or More

Total

(in millions)

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

September 30, 2025

March 31, 2026

Bonds available for sale:

U.S. government and government sponsored entities

~~331~~645

108

~~325~~305

7480

~~656~~950

8488

Obligations of states, municipalities and political subdivisions

~~248~~283

~~543~~541

5047

~~791~~824

5852

Non-U.S. governments

12,~~262~~147

2846

1,~~311~~503

~~344~~349

23,~~573~~650

~~372~~395

Corporate debt

513,~~027~~598

~~116~~279

87,~~729~~786

~~1,002~~938

1321,~~756~~384

1,~~118~~217

RMBS

~~781~~3,376

1933

21,~~090~~645

~~258~~255

25,~~871~~021

~~277~~288

CMBS

~~537~~1,283

512

~~528~~529

3324

1,~~065~~812

3836

CLO/ABS

~~982~~2,429

614

~~252~~180

167

12,~~234~~609

2221

Total bonds available for sale

923,~~168~~761

~~192~~397

1312,~~778~~489

1,~~777~~700

2236,~~946~~250

12,~~969~~097

20 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 27

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 65. Investments

Less than 12 Months

12 Months or More

Total

(in millions)

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

FairValue

GrossUnrealizedLosses

December 31, 2024

December 31, 2025

Bonds available for sale:

U.S. government and government sponsored entities

~~1,718~~167

218

~~358~~322

~~2,076~~489

9986

Obligations of states, municipalities and political subdivisions

~~1,502~~232

338

~~586~~515

7945

~~2,088~~747

~~112~~53

Non-U.S. governments

1,~~964~~524

5533

31,~~446~~347

~~534~~336

52,~~410~~871

~~589~~369

Corporate debt

106,~~347~~031

~~234~~125

108,~~907~~165

~~1,515~~927

2114,~~254~~196

1,~~749~~052

RMBS

~~3,711~~769

588

21,~~147~~764

~~343~~241

52,~~858~~533

~~401~~249

CMBS

~~1,052~~580

186

~~992~~523

7130

21,~~044~~103

8936

CLO/ABS

~~1,368~~883

~~315~~232

3518

1,~~683~~115

4423

Total bonds available for sale

2110,~~662~~186

~~428~~193

1812,~~751~~868

21,~~655~~675

4023,~~413~~054

31,~~083~~868

At ~~September~~March 3031, ~~2025~~2026, we held 710,~~530~~977 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,~~415~~249 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, ~~2024~~2025, we held 127,~~274~~526 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 54,~~984~~065 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at ~~September~~March 3031, ~~2025~~2026 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available for Sale

The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:

September 30, 2025

Total Fixed Maturity SecuritiesAvailable for Sale

March 31, 2026

Total Fixed Maturity SecuritiesAvailable for Sale

(in millions)

Amortized Cost,Net of Allowance

Fair Value

Due in one year or less

43,~~952~~911

43,~~936~~892

Due after one year through five years

23,~~651~~182

23,~~727~~055

Due after five years through ten years

16,~~357~~184

1615,~~260~~914

Due after ten years

67,~~118~~140

56,~~317~~244

Mortgage-backed, asset-backed and collateralized

2021,~~887~~481

2021,~~944~~423

Total

71,~~965~~898

7170,~~184~~528

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

The following table presents the gross realized gains and gross realized losses from sales or maturities of our available for sale securities:

	Three Months Ended September 30,										Nine Months Ended September 30,
			Three Months Ended March 31,
	2025					2024					2025				2024
					2026					2025
(in millions)		~~GrossRealizedGains~~		~~GrossRealizedLosses~~			~~GrossRealizedGains~~		~~GrossRealizedLosses~~			GrossRealizedGains		GrossRealizedLosses		GrossRealizedGains		GrossRealizedLosses
Fixed maturity securities	$	15	$	~~117~~		$	11	$	95		$	4520	$	~~560~~150	$	5416	$	~~408~~278

For the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, the aggregate fair value of available for sale securities sold was $23.58 billion and $94.98 billion, respectively, which resulted in net realized gains (losses) of $(~~102~~130) million and $(~~515~~262) million, respectively. Included within the net realized gains (losses) are $(615) million and $(627) million of net realized gains (losses) for the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

28 AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 21

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 65. Investments

For the three and nine months ended September 30, 2024, the aggregate fair value of available for sale securities sold was $1.9 billion and $6.9 billion, respectively, which resulted in net realized gains (losses) of $(84) million and $(354) million, respectively. Included within the net realized gains (losses) are $(18) million and $(34) million of net realized gains (losses) for the three and nine months ended September 30, 2024, respectively, which relate to Fortitude Re funds withheld assets. These net realized gains (losses) are included in Net realized gains (losses) on Fortitude Re funds withheld assets.

OTHER SECURITIES MEASURED AT FAIR VALUE

The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:

(in millions)		~~September~~March 3031, ~~2025~~2026				December 31, ~~2024~~2025
		FairValue	Percentof Total			FairValue	Percentof Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions	$	5150	32	%	$	5051	34	%
Non-U.S. governments		2221	1			2423	2
Corporate debt		~~258~~204	169			~~282~~274	1922
Mortgage-backed, asset-backed and collateralized:
RMBS		9993	64			~~100~~97	78
CMBS		42	32			4342	3
CLO/ABS and other collateralized securities		~~271~~267	1712			~~246~~254	1720
Total mortgage-backed, asset-backed and collateralized		~~412~~402	2618			~~389~~393	2731
Total fixed maturity securities		~~743~~677	4630			~~745~~741	5159
Equity securities		829	54			704	49
Equity securities*		1,616	70			502	41
Total	$	12,~~572~~293	100	%	$	1,~~449~~243	100	%

*At March 31, 2026, includes AIG’s interest in Onex of $548 million that is restricted from sale or transfer until February 6, 2029, except in the event of a change in control at Onex. Also includes AIG's remaining interest in Corebridge of $607 million that changed following loss of significant influence from an equity method investment recorded in Other invested assets to an equity security, at fair value.

OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:

(in millions)	~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Alternative investments(a)	$	3,~~889~~227	$	43,~~032~~456
Retained investment in Corebridge using fair value option	2,651		3,810
Retained investment in Corebridge using fair value option(b)	—		1,512
All other investments(b)	1,821		1,986
Investment in Convex	2,155		—
Total	$	8,361	$	9,828
All other investments(c)	1,633		1,728
Total	$	7,015	$	6,696

(a)At ~~September~~March 3031, ~~2025~~2026, includes hedge funds of $~~191~~130 million and private equity funds of $32.49 billion. At December 31, ~~2024~~2025, included hedge funds of $~~187~~175 million and private equity funds of $3.60 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, the accumulated depreciation was $~~135~~143 million and $~~161~~142 million, respectively.

(b)~~All~~At ~~other~~March ~~investments~~31, ~~include~~2026, ~~bank~~AIG's ~~deposits~~remaining ~~with~~interest ain ~~maturity~~Corebridge ~~greater~~changed ~~than~~from ~~one~~being ~~year~~recognized ~~and~~as ~~investments~~an inequity ~~joint~~method ~~ventures~~investment ~~with strategic partners, including $300 million~~ in ~~DaVinciRe~~Other ~~Holdings~~invested ~~Ltd,~~assets ~~Class~~to D,an ~~which is recorded as a measurement alternative~~ equity security, at ~~both~~fair ~~September 30, 2025 and December 31, 2024~~value.

~~AIG~~(c)All |other ~~Third~~investments ~~Quarter~~include ~~2025~~bank ~~Form~~deposits ~~10-Q~~with 29a maturity greater than one year and investments in joint ventures with strategic partners, including $254 million and $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at March 31, 2026 and December 31, 2025, respectively.

TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

Three Months Ended September 30,	2025						2024
Three Months Ended March 31,	2026						2025
(in millions)	Excluding FortitudeRe FundsWithheld Assets		Fortitude ReFunds WithheldAssets		Total	~~Total~~	Excluding FortitudeRe FundsWithheld Assets		Fortitude ReFunds WithheldAssets		Total	~~Total~~
Available for sale fixed maturity securities, including short-term investments	$	~~873~~895	$	1320	$	~~886~~915	$	~~746~~790	$	2522	$	~~771~~812
Other fixed maturity securities		—(1)		11(3)		11(4)		4—		1611		2011
Equity securities		62(77)		—		62(77)		609		—		609
Interest on mortgage and other loans		4033		65		4638		5244		97		6151
Alternative investments(a)		~~137~~8		—		~~137~~8		4243		—		4243
Other investments(b)		(~~331~~129)		(1)		(~~332~~128)		63217		1—		64217
Total investment income		~~781~~729		2923		~~810~~752		~~967~~1,103		5140		1,~~018~~143
Investment expenses		3840		—		3840		4538		—		4538
Net investment income	$	~~743~~689	$	2923	$	~~772~~712	$	~~922~~1,065	$	5140	$	~~973~~1,105

Nine Months Ended September 30,	2025						2024
(in millions)	Excluding FortitudeRe FundsWithheld Assets		Fortitude ReFunds WithheldAssets		Total		Excluding FortitudeRe FundsWithheld Assets		Fortitude ReFunds WithheldAssets		Total
Available for sale fixed maturity securities, including short-term investments	$	2,539	$	51	$	2,590	$	2,234	$	67	$	2,301
Other fixed maturity securities		—		38		38		—		27		27
Equity securities		85		—		85		144		—		144
Interest on mortgage and other loans		130		20		150		185		26		211
Alternative investments(a)		228		—		228		129		(1)		128
Other investments(b)		368		(1)		367		262		4		266
Total investment income		3,350		108		3,458		2,954		123		3,077
Investment expenses		115		—		115		135		—		135
Net investment income	$	3,235	$	108	$	3,343	$	2,819	$	123	$	2,942


22			AIG \| First Quarter 2026 Form 10-Q

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

(a)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are generally reported on a one-month lag. Private equity funds are generally reported on a one-quarter lag.

(b)Includes AIG's share of Convex’s net income less amortization of intangible asset basis differences. Additionally, includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $206 million and $(~~348~~154) million, respectively, for the three months ended ~~September~~March 3031, ~~2025,~~2026 ~~$78 million~~ and $~~316~~31 million, ~~respectively, for the nine months ended September 30, 2025, $65 million~~ and $~~(35)~~209 million, respectively, for the three months ended ~~September~~March 3031, ~~2024, and $133 million and $30 million, respectively, for the nine months ended September 30, 2024~~2025.

NET REALIZED GAINS AND LOSSES

The following table presents the components of Net realized gains (losses):

Three Months Ended September 30,		2025						2024
Three Months Ended March 31,	2026						2025
(in millions)	ExcludingFortitudeRe FundsWithheldAssets		FortitudeReFundsWithheldAssets			Total	ExcludingFortitudeRe FundsWithheldAssets		FortitudeReFundsWithheldAssets			Total
Sales of fixed maturity securities	$	(96115)	$	(615)	$	(~~102~~130)	$	(66255)	$	(187)	$	(84262)
Change in allowance for credit losses on fixed maturity securities		(2)		—1		2(1)		18		~~(1)~~—		—8
Change in allowance for credit losses on loans		~~(52)~~33		1		~~(51)~~34		~~(3)~~5		~~(1)~~4		~~(4)~~9
Foreign exchange transactions		(1019)		(13)		(1122)		65220		16		66226
All other derivatives and hedge accounting		~~(11)~~2		24		~~(9)~~6		7(28)		(26)		5(34)
Sales of alternative investments		~~(2)~~22		—		~~(2)~~22		~~(18)~~—		—		~~(18)~~—
Other*		(262)		(1)		(263)		22		3		25
Other		(53)		(1)		(54)		(10)		1		(9)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		(~~431~~132)		(513)		(~~436~~145)		8(60)		(182)		(1062)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(54)		(54)		—		(157)		(157)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative		—		10		10		—		(41)		(41)
Net realized gains (losses)	$	(431)	$	(59)	$	(490)	$	8	$	(175)	$	(167)
Net realized losses	$	(132)	$	(3)	$	(135)	$	(60)	$	(43)	$	(103)

30 AIG | Third Quarter 2025 Form 10-Q

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

Nine Months Ended September 30,	2025						2024
(in millions)	ExcludingFortitudeRe FundsWithheldAssets		FortitudeReFundsWithheldAssets			Total	ExcludingFortitudeRe FundsWithheldAssets		FortitudeReFundsWithheldAssets			Total
Sales of fixed maturity securities	$	(453)	$	(62)	$	(515)	$	(320)	$	(34)	$	(354)
Change in allowance for credit losses on fixed maturity securities		(5)		—		(5)		(18)		(1)		(19)
Change in allowance for credit losses on loans		(2)		10		8		(23)		—		(23)
Foreign exchange transactions		183		18		201		176		(2)		174
All other derivatives and hedge accounting		(137)		(20)		(157)		(62)		—		(62)
Sales of alternative investments		1		—		1		(4)		(1)		(5)
Other*		(270)		(5)		(275)		13		—		13
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative		(683)		(59)		(742)		(238)		(38)		(276)
Net realized losses on Fortitude Re funds withheld embedded derivative		—		(109)		(109)		—		(158)		(158)
Net realized losses	$	(683)	$	(168)	$	(851)	$	(238)	$	(196)	$	(434)

*In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.

CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:

	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
Three Months Ended March 31,
(in millions)		~~2025~~		~~2024~~		~~2025~~2026		~~2024~~2025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities*	$	543	$	1,616	$	1,370	$	1,499
Fixed maturity securities					$	(667)	$	322
Other investments		—		~~(19)~~		—(38)		~~(58)~~—
Total increase (decrease) in unrealized appreciation (depreciation) of investments*	$	543	$	1,597	$	1,370	$	1,441
Total increase (decrease) in unrealized appreciation (depreciation) of investments					$	(705)	$	322

*Excludes net unrealized gains and losses attributable to businesses held for sale or reclassified to discontinued operations at September 30, 2024.

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:

Three Months Ended September 30,	2025						2024
Three Months Ended March 31,	2026						2025
(in millions)	Equities		OtherInvestedAssets*		Total		Equities		OtherInvestedAssets*		Total
Net gains (losses) recognized during the period on equity securities and other investments	$	62(83)	$	(~~244~~158)	$	(~~182~~241)	$	609	$	42233	$	~~102~~242
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	217		(6511)		~~(63)~~6		813		—(1)		812
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date	$	60(100)	$	(~~179~~147)	$	(~~119~~247)	$	52(4)	$	42234	$	94230

Nine Months Ended September 30,	2025						2024
(in millions)	Equities		OtherInvestedAssets*		Total		Equities		OtherInvestedAssets*		Total
Net gains recognized during the period on equity securities and other investments	$	85	$	501	$	586	$	144	$	234	$	378
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period	3		(32)		(29)		51		24		75
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date	$	82	$	533	$	615	$	93	$	210	$	303

*Includes unrealized gains (losses) on changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $(154) million and $209 million in the three months ended March 31, 2026 and 2025, respectively. At March 31, 2026, AIG's remaining interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value. For additional information, see Note 1.

*Includes unrealized gains (losses) on AIG’s ownership interest in Corebridge of $(348) million and $316 million in the three and nine months ended September 30, 2025, respectively, and $(35) million and $30 million in the three and nine months ended September 30, 2024, respectively.

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the ~~2024~~2025 Annual Report.

AIG | ~~Third~~First Quarter ~~2025~~2026 Form 10-Q 3123

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 65. Investments

Credit Impairments

The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:

Three Months Ended September 30,		2025						2024
Three Months Ended March 31,	2026						2025
(in millions)	Structured		Non-Structured			Total	Structured		Non-Structured			Total
Balance, beginning of period	$	10	$	35	$	45	$	6	$	27	$	33
Balance, beginning of year	$	5	$	32	$	37	$	10	$	28	$	38
Additions:
Securities for which allowance for credit losses was not previously recorded		12		14		26		2—		—2		2
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		(1)		4		3		4		(6)		(2)
Reductions:
Write-offs charged against the allowance		(5)		—		(5)		—		—		—
Securities sold during the period		(1)		(2)		(3)		—		(4)		(4)
Other		(1)		(1)		(2)		—		7		7
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		—		(2)		(2)		1		1		2
Balance, end of period	$	4	$	39	$	43	$	12	$	28	$	40
Write-offs charged against the allowance		—		—		—		—		(8)		(8)
Balance, end of period	$	6	$	32	$	38	$	11	$	19	$	30

Nine Months Ended September 30,	2025						2024
(in millions)	Structured		Non-Structured			Total	Structured		Non-Structured			Total
Balance, beginning of year	$	10	$	28	$	38	$	13	$	21	$	34
Additions:
Securities for which allowance for credit losses was not previously recorded		1		21		22		3		9		12
Reductions:
Securities sold during the period		—		(6)		(6)		—		—		—
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis		(1)		6		5		(4)		11		7
Write-offs charged against the allowance		(5)		(9)		(14)		—		(22)		(22)
Other		(1)		(1)		(2)		—		9		9
Balance, end of period	$	4	$	39	$	43	$	12	$	28	$	40

Purchased Credit Deteriorated Securities

We purchase certain RMBS that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as purchased credit deteriorated (PCD) assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:

•Current delinquency rates;

•Expected default rates and the timing of such defaults;

•Loss severity and the timing of any recovery; and

•Expected prepayment speeds.

Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.

We did not purchase securities with more than insignificant credit deterioration since their origination during the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025.

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

32 AIG | Third Quarter 2025 Form 10-Q

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Investments

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.

~~The~~24 ~~following~~AIG ~~table~~| ~~presents~~First ~~information~~Quarter on2026 ~~the~~Form ~~fair value of securities pledged to us under reverse repurchase agreements:~~10-Q

(in millions)						September 30, 2025						December 31, 2024
Securities collateral pledged to us			$			2,883			$			2,853

TABLE OF CONTENTS

AtITEM ~~September~~1 ~~30,~~| ~~2025~~Notes ~~and~~to ~~December~~Condensed ~~31,~~Consolidated ~~2024,~~Financial ~~the~~Statements ~~carrying~~(unaudited) ~~value~~| ~~of reverse repurchase agreements totaled $2~~5.~~9 billion~~ ~~and $2.8 billion, respectively.~~Investments

At March 31, 2026 and December 31, 2025, the fair value of securities pledged to us under reverse repurchase agreements totaled $1.6 billion and $3.6 billion, respectively, and the carrying value of reverse repurchase agreements totaled $1.6 billion and $3.6 billion, respectively.

All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts was $7.84 billion and $7.87 billion at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $1314 million and $1314 million of stock in FHLBs at ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $12.73 billion at ~~September~~March 3031, ~~2025~~2026 and $12.64 billion at December 31, ~~2024~~2025.

Investments held in escrow accounts or otherwise subject to restriction as to their use were $7455 million and $7354 million, comprised of short-term investments at March 31, 2026, and bonds available for sale and short-term investments at ~~September 30, 2025 and~~ December 31, ~~2024, respectively~~2025.

Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.

76. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:

(in millions)	~~September~~March 3031, ~~2025~~2026		December 31, ~~2024~~2025
Commercial mortgages(a)	$	2,~~869~~409	$	32,~~305~~495
Life insurance policy loans	5		6
Commercial loans, other loans and notes receivable(b)	481		503
Commercial loans, other loans and notes receivable(b)	544		721
Total mortgage and other loans receivable(c)	2,890		2,998
Total mortgage and other loans receivable(c)	3,418		4,032
Allowance for credit losses(c)	(77)		(111)
Allowance for credit losses(c)(d)	(104)		(164)
Mortgage and other loans receivable, net(c)	$	2,813	$	2,887
Mortgage and other loans receivable, net(c)	$	3,314	$	3,868

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in ~~New~~California ~~York~~ and ~~California~~New York representing the largest geographic concentrations (aggregating approximately 1314 percent and 1314 percent, respectively, at ~~September~~March 3031, ~~2025~~2026 and 1214 percent and 1413 percent, respectively, at December 31, ~~2024~~2025).

(b)There were no loans that were held-for-sale carried at lower of cost or market as of ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025.

(c)Excludes $37.6 billion at both ~~September~~March 3031, ~~2025~~2026 and December 31, ~~2024~~2025 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 17 to the Consolidated Financial Statements in the ~~2024~~2025 Annual Report.

~~(d)Does~~Interest income is not ~~include~~accrued ~~allowance~~when ~~for~~payment ~~credit~~of ~~losses~~contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of $0the ~~million~~current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and $8interest ~~million~~is atrepaid ~~September~~or 30when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of March 31, ~~2025~~2026 and December 31, ~~2024~~2025, in$119 million ~~relation~~and to$160 million, ~~off-balance-sheet~~respectively, ~~commitments~~of ~~to fund~~ commercial mortgage loans, ~~which~~were isplaced ~~recorded~~on innonaccrual ~~Other liabilities~~status.

~~AIG~~Accrued |interest ~~Third~~is ~~Quarter~~presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of March 31, 2026 and December 31, 2025, ~~Form~~accrued ~~10-Q~~interest 33receivable associated with commercial mortgage loans was $11 million and $11 million, respectively.

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Lending Activities

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of September 30, 2025 and December 31, 2024, $151 million and $252 million, respectively, of commercial mortgage loans were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of September 30, 2025 and December 31, 2024, accrued interest receivable associated with commercial mortgage loans was $14 million and $15 million, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.

~~CREDIT~~AIG ~~QUALITY~~| OFFirst ~~COMMERCIAL~~Quarter ~~MORTGAGES~~2026 Form 10-Q 25

The following table presents debt service coverage ratios(a) for commercial mortgages by year of vintage:

September 30, 2025		2025		2024		2023		2022		2021		Prior		Total
(in millions)
>1.2X	$	14	$	48	$	192	$	189	$	546	$	1,470	$	2,459
1.00 - 1.20X		—		—		27		26		44		147		244
<1.00X		—		—		5		—		25		136		166
Total commercial mortgages	$	14	$	48	$	224	$	215	$	615	$	1,753	$	2,869

December 31, 2024		2024		2023		2022		2021		2020		Prior		Total
(in millions)
>1.2X	$	120	$	484	$	185	$	563	$	79	$	1,482	$	2,913
1.00 - 1.20X		26		10		15		17		—		49		117
<1.00X		—		—		—		32		—		243		275
Total commercial mortgages	$	146	$	494	$	200	$	612	$	79	$	1,774	$	3,305

The following table presents loan-to-value ratios(b) for commercial mortgages by year of vintage:

September 30, 2025		2025		2024		2023		2022		2021		Prior		Total
(in millions)
Less than 65%	$	14	$	48	$	187	$	174	$	488	$	1,163	$	2,074
65% to 75%		—		—		32		—		64		345		441
76% to 80%		—		—		—		—		—		38		38
Greater than 80%		—		—		5		41		63		207		316
Total commercial mortgages	$	14	$	48	$	224	$	215	$	615	$	1,753	$	2,869
December 31, 2024		2024		2023		2022		2021		2020		Prior		Total
(in millions)
Less than 65%	$	107	$	433	$	177	$	485	$	71	$	1,012	$	2,285
65% to 75%		—		40		—		54		—		317		411
76% to 80%		—		—		—		31		—		51		82
Greater than 80%		39		21		23		42		8		394		527
Total commercial mortgages	$	146	$	494	$	200	$	612	$	79	$	1,774	$	3,305

(a)The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt service coverage ratio was 1.8x at both September 30, 2025 and December 31, 2024. The debt service coverage ratios are updated when additional relevant information becomes available.

(b)The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 68 percent and 65 percent at September 30, 2025 and December 31, 2024, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

34 AIG | Third Quarter 2025 Form 10-Q

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 76. Lending Activities

CREDIT QUALITY OF COMMERCIAL MORTGAGES

The following table presents loan-to-value ratios(a) for commercial mortgages by year of vintage:


March 31, 2026	2026	2025	2024	2023	2022	Prior	Total
(in millions)

Filing Compare · AMERICAN INTERNATIONAL GROUP, INC.