On this page of StockholderLetter.com we present the latest annual shareholder letter from AMERICAN INTERNATIONAL GROUP, INC. — ticker symbol AIG. Reading current and past AIG letters to shareholders can bring important insights into the investment thesis.
Weaving It All Together American International Group, Inc. 2023 Annual Report
PURPOSE & VALUES Our Purpose is to discover new potential by reimagining what AIG can do for you. Our Values and how we bring them to life: TAKE OWNERSHIP We set clear expectations We are proactive We are accountable SET THE STANDARD We deliver quality always We are client-centric We lead the industry WIN TOGETHER We are stronger together We are aligned We are one team BE AN ALLY We strive for inclusion We listen and learn We speak with our actions DO WHAT S RIGHT We act with integrity We lead by example We lift up our communities
2023 FINANCIAL & STRATEGIC HIGHLIGHTS ~28-point underwriting profitability improvement and ~$8B underwriting income increase over seven years Combined Ratio 118.9 90.6 ~28 points improvement 96.0* 87.7* 2016 2023 Approaching Corebridge deconsolidation with 52% remaining stake at year-end Corebridge Separation Actions Blackstone Investment 2021 Balanced capital management supported financial strength, growth and shareholder capital return Common Shares Outstanding (millions, at year end) 6% 900 Initial Public Offering September 2022 Three Secondary Public Offerings and Buybacks 2023 $2.9B cash proceeds from Secondary Public Offerings $1.4B capital to AIG from Corebridge dividends and share repurchases in 2023 reduction from $3B of repurchases 800 700 600 500 2021 12.5% 2022 2023 increase to quarterly common stock dividend *This is a non-GAAP financial measure. The definition and reconciliation of accident year combined ratio, as adjusted, to the most comparable GAAP measure are on pages 288 and 289 of this Annual Report and page 68 of the 2023 Form 10-K. AIG 2023 ANNUAL REPORT 1
LETTER TO SHAREHOLDERS Dear AIG Shareholder: 2023 was a year of exceptional achievement for AIG. In this letter to our shareholders, I am very pleased to share the continued progress that AIG has made on our strategic repositioning as well as our operational capabilities, along with our financial results, all of which were outstanding. Last year was a continuation of our multi-year journey to become a top-performing global insurance company wherein we accelerated our progress on a number of important initiatives while simultaneously driving improved underwriting profitability, strengthening our balance sheet and returning capital to shareholders. As a result of all that we accomplished in 2023, we finished the year with very strong parent liquidity of $7.6 billion. We have maintained significant financial flexibility, continued to execute on our capital management strategy, reduced debt by $1.4 billion and returned approximately $4 billion to AIG shareholders through $3 billion of common stock repurchases and $1 billion of dividends, including a 12.5% increase in the common stock dividend in the second quarter of 2023. Last year, we reduced our common shares outstanding by 6%, and by 16% since year-end 2021, during which time we also reduced the financial debt and hybrids on AIG s balance sheet, excluding Corebridge Financial, Inc., by over 50% or over $11 billion. Our insurance company subsidiaries remain strongly capitalized in order to continue supporting organic growth where opportunities exist. We entered 2024 with strong momentum, investing in both our colleagues, who are our greatest asset, and our businesses for sustainable profitable growth, while also positioning AIG to further sell down our ownership position of Corebridge, and we will continue to execute on our balanced capital management strategy. We have introduced AIG !"#$, our future state operating structure that will create value by weaving together a leaner, more unified company. 2023 Highlights In many ways, 2023 was our best year yet. The tremendous progress we have made enabled us to build on the foundational capabilities that we cultivated over the last several years, and as a result, we continue to deliver sustained and improved performance. 2 AIG 2023 ANNUAL REPORT
PETER ZAFFINO Chairman & Chief Executive Officer American International Group, Inc. (AIG) AIG is now recognized as a leading global insurer in an environment of increasing global complexity, socio-political disruption and escalating risk. In 2023, we delivered exceptional underwriting profitability and our best underwriting performance in recent times. We surpassed our 2022 results with underwriting income increasing 15% year-over-year to $2.3 billion and our full-year 2023 combined ratio improving 130 basis points year-over-year to 90.6%. The strength of our performance can be seen in our bottom-line results, with net income of $3.9 billion, or $4.98 per diluted share, and adjusted after-tax income* of $4.9 billion, or $6.79 per diluted share, up 33%, which drove our 2023 Return on Common Equity to 8.6% and Adjusted Return on Common Equity (Adjusted ROCE)* to 9.0%, an increase of nearly 200 basis points year-over-year as we approach our 10%+ Adjusted ROCE* target. Our General Insurance results were driven by continued strong underwriting, with high client retention and new business, as well as riskadjusted rate increases above loss cost trends across our portfolio. In 2023, Global Commercial Lines had substantial renewal retention of 88% in its in-force portfolio, as well as very strong new business performance. Having worked to reposition the business over the last several years, Global Commercial is now one of the most respected portfolios in the industry. The significant benefit of our disciplined deployment of our risk framework could be seen across our businesses. To highlight a few, Lexington and Global Specialty delivered outstanding performance in 2023, as we remained very focused on investing to accelerate their growth and continue to deliver strong underwriting profitability. Lexington grew its net premiums written** by 17% year-over-year. 15% $1B underwriting income increase 2022-2023 improvement in 2021 and 2022 compared to prior year AIG 2023 ANNUAL REPORT 3
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AIG Shareholder/Stockholder Letter Transcript:

Weaving It All Together
American International Group, Inc.
2023 Annual Report

PURPOSE & VALUES
Our Purpose is
to discover new
potential by
reimagining
what AIG can
do for you.
Our Values and how
we bring them to life:
TAKE OWNERSHIP
    We set clear expectations
    We are proactive
    We are accountable
SET THE STANDARD
    We deliver quality   always
    We are client-centric
    We lead the industry
WIN TOGETHER
    We are stronger together
    We are aligned
    We are one team
BE AN ALLY
    We strive for inclusion
    We listen and learn
    We speak with our actions
DO WHAT   S RIGHT
    We act with integrity
    We lead by example
    We lift up our communities

2023 FINANCIAL & STRATEGIC HIGHLIGHTS
~28-point underwriting profitability improvement and ~$8B underwriting income
increase over seven years
Combined Ratio
118.9
90.6
~28 points
improvement
96.0*
87.7*
2016
2023
Approaching Corebridge deconsolidation
with 52% remaining stake at year-end
Corebridge Separation Actions
Blackstone Investment
2021
Balanced capital management
supported financial strength,
growth and shareholder
capital return
Common Shares Outstanding
(millions, at year end)
6%
900
Initial Public Offering
September 2022
Three Secondary
Public Offerings and
Buybacks 2023
$2.9B
cash proceeds from
Secondary Public Offerings
$1.4B
capital to AIG
from Corebridge dividends and
share repurchases in 2023
reduction from
$3B of repurchases
800
700
600
500
2021
12.5%
2022
2023
increase to quarterly
common stock dividend
*This is a non-GAAP financial measure. The definition and reconciliation of accident year combined ratio, as adjusted, to the most comparable GAAP measure
are on pages 288 and 289 of this Annual Report and page 68 of the 2023 Form 10-K.
AIG 2023 ANNUAL REPORT
1

LETTER TO SHAREHOLDERS
Dear AIG
Shareholder:
2023 was a year of
exceptional achievement
for AIG. In this letter to
our shareholders, I am
very pleased to share the
continued progress that
AIG has made on our
strategic repositioning as
well as our operational
capabilities, along with
our financial results, all of
which were outstanding.
Last year was a continuation of our multi-year
journey to become a top-performing global insurance
company wherein we accelerated our progress on a
number of important initiatives while simultaneously
driving improved underwriting profitability, strengthening
our balance sheet and returning capital to shareholders.
As a result of all that we accomplished in 2023, we
finished the year with very strong parent liquidity of
$7.6 billion. We have maintained significant financial
flexibility, continued to execute on our capital
management strategy, reduced debt by $1.4 billion and
returned approximately $4 billion to AIG shareholders
through $3 billion of common stock repurchases and
$1 billion of dividends, including a 12.5% increase in
the common stock dividend in the second quarter
of 2023. Last year, we reduced our common shares
outstanding by 6%, and by 16% since year-end 2021,
during which time we also reduced the financial
debt and hybrids on AIG   s balance sheet, excluding
Corebridge Financial, Inc., by over 50% or over
$11 billion. Our insurance company subsidiaries remain
strongly capitalized in order to continue supporting
organic growth where opportunities exist.
We entered 2024 with strong momentum, investing in
both our colleagues, who are our greatest asset, and
our businesses for sustainable profitable growth, while
also positioning AIG to further sell down our ownership
position of Corebridge, and we will continue to
execute on our balanced capital management
strategy. We have introduced AIG !"#$, our future
state operating structure that will create value by
weaving together a leaner, more unified company.
2023 Highlights
In many ways, 2023 was our best year yet. The
tremendous progress we have made enabled us to
build on the foundational capabilities that we cultivated
over the last several years, and as a result, we continue
to deliver sustained and improved performance.
2
AIG 2023 ANNUAL REPORT

PETER ZAFFINO
Chairman & Chief Executive Officer
American International Group, Inc. (AIG)
AIG is now recognized as a leading global insurer in
an environment of increasing global complexity,
socio-political disruption and escalating risk.
In 2023, we delivered exceptional underwriting
profitability and our best underwriting performance
in recent times. We surpassed our 2022 results with
underwriting income increasing 15% year-over-year
to $2.3 billion and our full-year 2023 combined ratio
improving 130 basis points year-over-year to 90.6%.
The strength of our performance can be seen in our
bottom-line results, with net income of $3.9 billion,
or $4.98 per diluted share, and adjusted after-tax
income* of $4.9 billion, or $6.79 per diluted share,
up 33%, which drove our 2023 Return on Common
Equity to 8.6% and Adjusted Return on Common
Equity (Adjusted ROCE)* to 9.0%, an increase of nearly
200 basis points year-over-year as we approach our
10%+ Adjusted ROCE* target.
Our General Insurance results were driven by
continued strong underwriting, with high client
retention and new business, as well as riskadjusted rate increases above loss cost trends
across our portfolio. In 2023, Global Commercial
Lines had substantial renewal retention of 88%
in its in-force portfolio, as well as very strong new
business performance. Having worked to reposition
the business over the last several years, Global
Commercial is now one of the most respected
portfolios in the industry.
The significant benefit of our disciplined deployment
of our risk framework could be seen across our
businesses. To highlight a few, Lexington and Global
Specialty delivered outstanding performance in
2023, as we remained very focused on investing to
accelerate their growth and continue to deliver strong
underwriting profitability. Lexington grew its net
premiums written** by 17% year-over-year.
15%
$1B
underwriting income increase
2022-2023
improvement in 2021 and 2022
compared to prior year
AIG 2023 ANNUAL REPORT
3



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