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AIG/AIG_100Pages/Text_TextNeedles/AIG_100Pages_TextNeedles_page_1.txt

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

AIG/AIG_100Pages/Text_TextNeedles/AIG_100Pages_TextNeedles_page_10.txt

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+AIG’s global Casualty portfolio represents 14% of 
+General Insurance net premiums written in 2023, with 
+significant reduction in limits across our Casualty 
+lines. In North America Casualty, our gross limit 
+for our Excess Casualty portfolio, including lead 
+umbrella, has decreased by over 50% since 2018 
+and our average limit size has also reduced by over 
+50%. Average lead attachment points, which protect 
+us from frequency and lower severity losses, have 
+more than doubled since 2018. We have been closely 
+assessing loss trends in these lines for several years, 
+before Casualty rates accelerated in 2023. 
+In addition to our underwriting improvement, our 
+journey has entailed a substantial transformation 
+of our operations, including investments in 
+foundational capabilities to modernize our 
+infrastructure, improve end-to-end processes 
+and capture and utilize data more effectively. 
+We performed a significant amount of diligence 
+in 2019 to design and launch an operational 
+program, AIG 200, which we accelerated during 
+the global pandemic. The complexity and scale 
+of this undertaking was significant, but the results 
+were meaningful — we substantially improved our 
+company and we achieved $1 billion of cost savings. 
+Our improved performance and strategic initiatives 
+have supported our substantial capital management 
+accomplishments. From 2018 through 2023, AIG has 
+completed over $40 billion of capital management 
+actions, consisting of dividend payments, share 
+repurchases and debt reduction. 
+In addition to returning capital to shareholders 
+and reducing shares outstanding, we have focused 
+methodically on both reducing debt load and debt 
+leverage. Since year-end 2021, we have reduced AIG’s 
+outstanding debt by over 50%, or more than $11 billion. 
+We have reduced AIG’s financial debt and hybrids 
+from $23.1 billion at year-end 2018 to $10.3 billion 
+at year-end 2023. Our total debt plus preferred to 
+total capital ratio excluding accumulated other 
+comprehensive income* improved by 4.5 points from 
+28.8% in 2018 to 24.3% in 2023. We expect further 
+improvement towards our low 20% target range upon 
+the deconsolidation of Corebridge.
+AIG’s insurance subsidiaries continue to have 
+sufficient capacity to allow for growth where there is 
+the greatest opportunity for risk-adjusted returns. The 
+strength of capital in the subsidiaries has improved 
+substantially, with a U.S. Pool risk-based capital 
+ratio of under 400% at year-end 2018 moving up to 
+over 460% at 2023, and all of our Tier 1 international 
+insurance subsidiaries are at or above our target 
+capital ranges. The U.S. subsidiaries are now set up as 
+ordinary dividend payers, bringing financial flexibility 
+we did not have before.
+“By weaving together 
+the best of AIG 
+across our businesses, 
+operations, functions 
+and technology, we are 
+reinforcing a strong 
+foundation that will 
+serve us on our journey 
+for years to come.”
+8     AIG 2023 ANNUAL REPORT      

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+AIG 2023 ANNUAL REPORT      9
+Looking to 2024 and Beyond
+Given the volatility and uncertainty of the global 
+economic, political and social environment, 
+the insurance industry landscape will likely 
+evolve in the coming years, while playing a very 
+important role. As in past cycles, these conditions 
+may lead to a marketplace that is prepared for 
+disruption. In 2024, our highest priority remains 
+underwriting excellence. We expect 2024 to be 
+another landmark year, in which our ownership 
+of Corebridge will most likely fall below 50% and 
+we no longer consolidate our results, enabling us 
+to be a simpler company that will focus on our 
+commercial and personal insurance businesses. 
+We will continue to execute our capital management 
+strategic priorities — we allocate capital thoughtfully 
+to focus on growth where we see potential for 
+stronger risk-adjusted returns. We believe a 
+strategy of high-quality growth will deliver more 
+value to our stakeholders in the short, medium 
+and long term. With our continued focus on debt 
+management, we will continue returning capital 
+to shareholders through share repurchases and 
+dividends, along with pursuing any compelling 
+strategic acquisitions should the opportunity emerge.  
+Guiding our pursuit of excellence in 2024 will be 
+the execution of our primary objective, AIG Next, 
+a program that will create a slimmer, less complex 
+company with the appropriate infrastructure and 
+capabilities for the size of business we will be post 
+Corebridge deconsolidation. 
+As part of AIG Next, we are creating a leaner parent 
+company with a target cost structure of 1% to 1.5% 
+of net premiums earned, while further positioning 
+AIG for the future by operationalizing enterprise-
+wide standards and driving global consistency and 
+local relevance across our end-to-end systems. 
+Overall, we expect the simplification and efficiencies 
+created through AIG Next to generate $500 million 
+of sustained annual run rate savings and to incur 
+approximately $500 million of one-time spend to 
+achieve these savings. These savings will allow us 
+to make meaningful progress toward achieving an 
+Adjusted ROCE* in excess of 10%. 
+AIG COLLEAGUES  
+participate in an early career 
+professional development event.
+AIG 2023 ANNUAL REPORT      9
+The secret office supply is a "pencil".

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+We are making investments in the implementation 
+of large language models and artificial intelligence 
+to complement our underwriters in providing deeper 
+insights and improve decision-making, enabling us 
+to create a better and differentiated experience for 
+our clients and partners. We are using technology to 
+respond to a greater number of submissions, faster, 
+in markets of particular potential and launching new 
+products that reflect how we thoughtfully listen to 
+clients and distribution partners. 
+We believe that creating a better and differentiated 
+experience for our colleagues is essential to our 
+progress in raising our standards of client service. We 
+are fostering a committed and inclusive culture by 
+encouraging focused discussions on our Values and 
+behaviors that guide how we collaborate, how we 
+lead teams and how we treat each other. 
+We are instilling a “learn-it-all” culture that inspires 
+continuous learning, improvement and collaboration. 
+A key premise of a “learn-it-all” culture is openness to 
+new ideas and professional challenges. An impressive 
+depth of talent lies within AIG which fosters 
+agility and enables us to draw from all parts of our 
+company to identify and encourage movement to fill 
+key roles. This in turn provides accelerated learning, 
+development and career enhancement opportunities 
+as we retain and attract top talent and help our 
+colleagues discover their full potential. 
+By weaving together the best of AIG across our 
+businesses, operations, functions and technology, 
+we are reinforcing a strong foundation that will serve 
+us on our journey for years to come. Our ability to 
+execute has enabled us to deliver sustained strong 
+financial results. While we don’t talk enough about 
+our ability to execute, it remains one of our best 
+attributes. Our high-quality outcomes on multiple 
+complex initiatives has accelerated our progress and 
+created a more focused and simplified AIG that is well 
+positioned for the future.
+Thanks to the tremendous commitment and 
+contributions of our AIG colleagues around the 
+world, and the support of our Board of Directors, our 
+industry leadership and distinct market advantages 
+are being recognized by our clients, distribution 
+partners and stakeholders. AIG is positioned for 
+growth and well-placed to help our customers, 
+partners and stakeholders navigate an increasingly 
+complex global risk environment.
+As I enter my seventh year at AIG, I have never been 
+more optimistic about our opportunities in the future 
+and our momentum to becoming a top-performing 
+global company.
+Sincerely,
+ 
+Peter Zaffino  
+Chairman & Chief Executive Officer  
+American International Group, Inc. (AIG)
+Three-year Total Shareholder 
+Return outperforming the S&P 50092. 1%
+*Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of 
+non-GAAP measures can be found on pages 46-47 of the 2023 Form 10-K and page 288 of this Annual Report. The reconciliations to 
+their closest GAAP measures can be found on pages 63, 64, 68 of the 2023 Form 10-K and page 289 of this Annual Report.
+**Net premiums written on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the 
+International lag elimination. Refer to page 289 for more detail. 
+***Aon. 2024 Climate and Catastrophe Insight, January 23, 2024.
+10     AIG 2023 ANNUAL REPORT      

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+Board of Directors
+TOP, FROM LEFT: James (Jimmy) Dunne III; Linda A. Mills; Vanessa A. Wittman; 
+Peter R. Porrino; John (Chris) Inglis; W. Don Cornwell BOTTOM, FROM LEFT:   
+James Cole, Jr.; Paola Bergamaschi; John G. Rice; Peter Zaffino; Diana M. Murphy
+Peter Zaffino
+Chairman & Chief Executive  
+Officer, AIG
+Paola Bergamaschi
+Former Global Banking and  
+Capital Markets Executive at  
+State Street Corporation,  
+Credit Suisse and  
+Goldman Sachs
+James Cole, Jr.
+Chairman & Chief Executive Officer 
+of The Jasco Group, LLC; Former 
+Delegated Deputy Secretary of 
+Education and General Counsel of 
+the U.S. Department of Education; 
+Former Deputy General Counsel 
+of the U.S. Department of 
+Transportation
+W. Don Cornwell*
+Former Chairman of the Board  
+& Chief Executive Officer,  
+Granite Broadcasting Corporation
+James (Jimmy) Dunne III
+Vice Chairman and Senior Managing 
+Principal, Piper Sandler Co.
+John (Chris) Inglis
+Senior Strategic Advisor, Paladin 
+Capital Group; Former U.S. National 
+Cyber Director and White House 
+Cybersecurity Advisor
+Linda A. Mills
+President, Cadore Group, LLC; 
+Former Corporate Vice President 
+of Operations, Northrop Grumman 
+Corporation
+Diana M. Murphy
+Managing Director,  
+Rocksolid Holdings, LLC
+Peter R. Porrino
+Former Executive Vice President  
+& Chief Financial Officer,  
+XL Group Ltd
+John G. Rice
+Lead Independent Director, AIG; 
+Former Non-Executive Chairman,  
+GE Gas Power; Former Vice Chairman, 
+GE; Former President & Chief 
+Executive Officer, GE Global Growth 
+Organization
+Vanessa A. Wittman
+Former Chief Financial Officer, 
+Glossier, Inc.
+*In accordance with AIG’s Corporate Governance Guidelines, Mr. Cornwell’s service on the Board will expire on the day of the 2024 Annual Meeting.
+AIG 2023 ANNUAL REPORT      11
+The secret sport is "basketball".

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+Peter Zaffino
+Chairman & Chief  
+Executive Officer
+Don Bailey
+EVP , Chief Executive Officer,  
+North America Insurance
+Tom Bolt
+EVP , Chief Risk Officer
+Ed Dandridge
+EVP , Chief Marketing & 
+Communications Officer
+Ted Devine
+EVP , Chief Administrative Officer
+ 
+Charlie Fry
+EVP , Reinsurance and  
+Risk Capital Optimization
+Rose Marie Glazer
+EVP , General Counsel and  
+Interim Chief Human Resources  
+& Diversity Officer
+Jon Hancock
+EVP , Chief Executive Officer, 
+International Insurance
+David McElroy
+EVP , Chairman,  
+General Insurance
+Roshan Navagamuwa
+EVP , Chief Information Officer
+ 
+Sabra Purtill
+EVP , Chief Financial Officer
+Chris Schaper
+EVP , Global Chief  
+Underwriting Officer
+Jennifer Silane
+EVP , Chief of Staff to  
+AIG Chairman & CEO  
+Peter Zaffino
+Claude Wade
+EVP , Chief Digital Officer  
+and Global Head of  
+Business Operations
+Kevin Hogan (not pictured)
+Chief Executive Officer,  
+Corebridge Financial
+Executive Leadership Team
+STANDING, FROM LEFT: Don Bailey; Jennifer Silane; Peter Zaffino; Rose Marie Glazer; Ted Devine 
+SEATED, FROM LEFT: Sabra Purtill; Roshan Navagamuwa; Chris Schaper; Tom Bolt; Claude Wade;  
+Jon Hancock; David McElroy; Charlie Fry; Ed Dandridge
+12     AIG 2023 ANNUAL REPORT      

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+UNITED STATES
+SECURITIES AND EXCHANGE COMMISSION
+Washington, D.C. 20549
+——————————
+FORM 10-K
+☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
+For the fiscal year ended December 31, 2023
+OR
+☐ 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 Act:
+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
+4.875% Series A-3 Junior Subordinated Debentures AIG 67EU New York Stock Exchange
+Depositary Shares Each Representing a 1/1,000th Interest in a Share of 
+Series A 5.85% Non-Cumulative Perpetual Preferred Stock AIG PRA New York Stock Exchange
+Securities registered pursuant to Section 12(g) of the Act: None
+——————————
+Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
+Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑
+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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal 
+control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that 
+prepared or issued its audit report. ☑
+If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the 
+filing reflect the correction of an error to previously issued financial statements. ☐
+Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation 
+received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
+Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
+As of June 30, 2023, the aggregate market value of the registrant's voting and nonvoting common equity held by nonaffiliates was approximately 
+$36,903,000,000.
+As of February 8, 2024, 680,953,652 shares of the registrant's Common Stock, $2.50 par value per share, were outstanding.
+DOCUMENTS INCORPORATED BY REFERENCE
+Document of the Registrant Form 10-K Reference Locations
+Portions of the registrant’s definitive proxy statement for the 2024 Annual Meeting of Shareholders Part III, Items 10, 11, 12, 13 and 14

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+AMERICAN INTERNATIONAL GROUP, INC.
+ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2023
+TABLE OF CONTENTS
+FORM 10-K
+Item Number Description Page
+Part I
+ITEM 1 Business 2
+• Our Global Business Overview 2
+• Operating Structure 4
+• How We Generate Revenues and Profitability 5
+• Human Capital Management 5
+• Regulation 7
+• Available Information about AIG 14
+ITEM 1A Risk Factors 15
+ITEM 1B Unresolved Staff Comments 37
+ITEM 1C Cybersecurity 38
+ITEM 2 Properties 40
+ITEM 3 Legal Proceedings 40
+ITEM 4 Mine Safety Disclosures 40
+Part II
+ITEM 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
+Securities 41
+ITEM 6 [Reserved] 42
+ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations 43
+• Cautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future Results 43
+• Use of Non-GAAP Measures 46
+• Critical Accounting Estimates 48
+• Executive Summary 57
+• Consolidated Results of Operations 60
+• Business Segment Operations 65
+• Investments 86
+• Insurance Reserves 96
+• Liquidity and Capital Resources 104
+• Enterprise Risk Management 114
+• Glossary 122
+• Acronyms 124
+ITEM 7A Quantitative and Qualitative Disclosures About Market Risk 124
+ITEM 8 Financial Statements and Supplementary Data 125
+Reference to Financial Statements and Schedules 125
+ITEM 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 259
+ITEM 9A Controls and Procedures 259
+ITEM 9B Other Information 260
+ITEM 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 260
+Part III
+ITEM 10 Directors, Executive Officers and Corporate Governance 261
+ITEM 11 Executive Compensation 262
+ITEM 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 262
+ITEM 13 Certain Relationships and Related Transactions, and Director Independence 262
+ITEM 14 Principal Accountant Fees and Services 262
+Part IV
+ITEM 15 Exhibits and Financial Statement Schedules 263
+ITEM 16 Form 10-K Summary 267
+Signatures 268
+AIG | 2023 Form 10-K 1

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+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 OWNERSH IP
+•
+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
+The secret currency is a "euro".

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+The GDPR imposes requirements on the transfer of personal data outside of the EEA, including via standard contractual clauses 
+supplemented by an assessment and due diligence of the legal and regulatory landscape of the jurisdiction of the data importer, the 
+channels used to transmit personal data and the processors or subprocessors that may process personal data.
+The NAIC and certain U.S. states have adopted or are considering regulations and guidance relating to the use of “big data,” AI, 
+machine learning and other technology innovations in the insurance marketplace. For example, Colorado and New York have adopted 
+regulations or guidance with respect to the use of external consumer data and information sources in underwriting for life insurance, 
+including the use of algorithms and predictive models. In December 2023, the NAIC adopted a model bulletin on the use of AI by 
+insurers that sets forth governance, risk management and other requirements that insurers using AI are expected to establish. In 
+addition, state insurance regulators in the United States have issued and will continue to consider regulations or proposed guidelines 
+in the use of external data, algorithms and AI in insurance practices, including underwriting, marketing, and claims practices.
+The EEA and the UK have also taken steps to regulate the use of data and algorithms used for the purpose of AI and automated 
+decision-making. On December 9, 2023, the European Parliament and European Council reached a provisional agreement on the 
+European Union Artificial Intelligence Act, which, once formally adopted, will broadly regulate the use of AI within the European Union. 
+European countries, and supranational political organizations like the EU and the Council of Europe, are expected to continue taking 
+an active role in regulating AI in ways that may impact the insurance industry in the future.
+We also are subject to other international laws and regulations that require financial institutions and other businesses to protect 
+personal and other sensitive information and provide notice of their practices relating to the collection, disclosure and other processing 
+of personal information and to obtain consent for specific processing activities. We are also subject to laws and regulations requiring 
+notification to affected individuals and regulators of security breaches and laws and regulations regarding data localization and the 
+cross-border transfer of information.
+CLIMATE CHANGE
+In recent years, federal- and state-level lawmakers and regulators in the United States and in other major countries in which we 
+operate have increased their scrutiny on financial institutions’ and other companies’ governance, risk oversight, disclosures, plans, 
+policies and practices in connection with climate change. Throughout 2023, there have been active and significant regulatory 
+developments on these issues in the form of newly proposed, issued or implemented laws, rules, regulations, guidance and 
+frameworks regarding climate change that impose, or will impose if and when effective, new requirements and expectations, including 
+in connection with climate-related governance, risk management, disclosures, stress testing and scenario analysis. Regulators in 
+several jurisdictions are considering the so-called protection gap as it relates to climate – which is the view that populations are under-
+insured or that there is insufficient coverage to protect policyholders against the risks associated with climate change. In addition, the 
+SEC has proposed rule changes on climate-related disclosure. The proposed rule would require registrants, including public issuers 
+such as us, to include certain climate-related disclosures in registration statements and periodic reports. These proposed disclosures 
+include information about climate-related risks that are reasonably likely to have a material impact on the registrant’s business, results 
+of operations, or financial condition, and include a new note to their audited financial statements that provides certain climate-related 
+metrics and impacts on a line-item basis. The proposed climate-related disclosures would also include disclosure of a registrant’s 
+greenhouse gas emissions (including Scope 3 emissions) and attestation thereof, as well as information about climate-related targets, 
+goals, and transition plan, if any. If adopted as proposed, the rule changes are expected to result in additional compliance and 
+reporting costs. We continue to actively monitor the regulatory landscape surrounding these issues.
+U.S. SECURITIES, INVESTMENT ADVISER, BROKER-DEALER AND INVESTMENT COMPANY 
+REGULATION
+Our investment products and services are subject to applicable federal and state securities, investment advisory, fiduciary, including 
+the Employee Retirement Income Security Act of 1974, as amended (ERISA), and other laws and regulations. The principal U.S. 
+regulators of these operations include the SEC, Financial Industry Regulatory Authority (FINRA), Commodity Futures Trading 
+Commission (CFTC), Municipal Securities Rulemaking Board, state securities commissions, state insurance departments and the 
+Department of Labor (DOL). 
+Our variable life insurance, variable annuity and mutual fund products generally are subject to regulation as “securities” under 
+applicable federal securities laws, except where exempt. Such regulation includes registration of the offerings of these products with 
+the SEC, unless exempt from such registration, and requirements of distribution participants to be registered as broker-dealers, as 
+well as recordkeeping, reporting, and other requirements. This regulation also involves the registration of mutual funds and other 
+investment products offered by our businesses, and the separate accounts through which our variable life insurance and variable 
+annuity products are issued, as investment companies under the Investment Company Act of 1940, as amended (Investment 
+Company Act), except where exempt. The Investment Company Act imposes requirements relating to compliance, corporate 
+governance, disclosure, recordkeeping, registration and other matters. In addition, the offering of these products may involve filing 
+and other requirements under the securities laws of the states and other U.S. jurisdictions where offered. Our separate account 
+investment products are also subject to applicable state insurance regulation.
+ITEM 1 | Business
+12 AIG | 2023 Form 10-K

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+We have several subsidiaries that are registered as broker-dealers under the Securities Exchange Act of 1934, as amended 
+(Exchange Act) and are members of FINRA, and/or are registered as investment advisers under the Investment Advisers Act of 1940, 
+as amended (Advisers Act). Certain of these broker-dealers and investment advisers are involved in our life and annuity product 
+sales, including participating in their distribution and/or serving as an investment adviser to mutual funds that underlie variable 
+products offered by us. Certain of these broker-dealers and investment advisers are also involved in the management of the 
+investment portfolios of our (re)insurance subsidiaries and other affiliates. In addition to registration requirements, the Exchange Act, 
+the Advisers Act, and the regulations thereunder, impose various compliance, disclosure, qualification, recordkeeping, reporting 
+requirements and subject these subsidiaries and their operations to examination. State securities laws also impose filing and other 
+requirements on broker-dealers, investment advisers and/or their licensed representatives, except where exempt. 
+Further, our licensed sales professionals appointed with certain of our broker-dealer and/or investment adviser subsidiaries and our 
+other employees, insofar as they sell products that are securities, including wholesale and retail activity, are subject to the Exchange 
+Act and to examination requirements and regulation by the SEC, FINRA and state securities commissioners. Regulation and 
+examination requirements also extend to our subsidiaries that employ or control those individuals. 
+INTERNATIONAL SECURITIES, INVESTMENT ADVISER, BROKER-DEALER AND INVESTMENT 
+COMPANY REGULATION
+We operate investment-related businesses in, among other jurisdictions, the UK and Ireland. These businesses may advise on and 
+market investment management products and services, investment funds and separately managed accounts. The regulatory 
+authorities for these businesses include securities, investment advisory, financial conduct and other regulators that typically oversee 
+such issues as: (1) company licensing; (2) the approval of individuals with positions of responsibility; (3) conduct of business to 
+customers, including sales practices; (4) solvency and capital adequacy; (5) fund product approvals and related disclosures; and (6) 
+securities, commodities and related laws, among other items. We also participate in investment-related joint ventures in jurisdictions 
+outside the United States, primarily in Europe and Asia. In some cases, our international investment operations are also subject to 
+U.S. securities laws and regulations.
+ERISA
+We provide products and services to certain employee benefit plans that are subject to ERISA and/or the Internal Revenue Code of 
+1986, as amended (the Internal Revenue Code). Plans subject to ERISA include certain pension and profit-sharing plans and welfare 
+plans, including health, life and disability plans. As a result, our activities are subject to the restrictions imposed by ERISA and the 
+Internal Revenue Code, including the requirement under ERISA that fiduciaries must perform their duties solely in the interests of 
+ERISA plan participants and beneficiaries, and that fiduciaries may not cause a covered plan to engage in certain prohibited 
+transactions. The applicable provisions of ERISA and the Internal Revenue Code are subject to enforcement by the DOL, the Internal 
+Revenue Service (IRS) and the Pension Benefit Guaranty Corporation.
+STANDARD OF CARE DEVELOPMENTS 
+We and our distributors are subject to laws and regulations regarding the standard of care applicable to sales of our products and the 
+provision of advice to our customers. In recent years, many of these laws and regulations have been revised or reexamined while 
+others have been newly adopted, such as: 
+• On October 31, 2023, the DOL announced proposed changes to the regulatory definition of an investment advice fiduciary for 
+purposes of transactions with ERISA qualified plans, related plan participants and IRAs. The proposed changes also included 
+significant changes to existing prohibited transactions exemptions (PTEs) relating to such advice, including PTE 84-24 and PTE 
+2020-02. The DOL’s proposed regulation changes would significantly increase the number of recommendations that would be 
+considered fiduciary, including (but not limited to) retirement plan rollover recommendations. The DOL proposal established a 60-
+day comment period through January 2, 2024. Final DOL guidance is expected in 2024. 
+• SEC Best Interest Regulation – In 2020, Regulation Best Interest (Regulation BI), which establishes new rules regarding the 
+standard of care a broker must meet when making a recommendation to a retail customer in connection with the sale of a security 
+or other covered recommendation, and Form CRS, which requires enhanced disclosure by broker-dealers and investment advisers 
+regarding client relationships and certain conflicts of interest issues, became effective. Both had been adopted by the SEC in June 
+2019 as part of a package of final rulemakings and interpretations, at the same time as the SEC issued two interpretations under 
+the Advisers Act. The first interpretation addressed the standard of conduct applicable to SEC-registered investment advisers, 
+including details regarding the fiduciary duty owed to clients, required disclosures and the adviser’s continuous monitoring 
+obligations. The second interpretation clarified when investment advice would be considered “solely incidental” to brokerage 
+activity for purposes of the broker-dealer exclusion from SEC investment adviser registration. These two SEC interpretations 
+became effective in 2019. 
+ITEM 1 | Business
+AIG | 2023 Form 10-K 13

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+2023 FINANCIAL & STRATEGIC HIGHLIGHTS
+Corebridge Separation Actions
+Balanced capital management 
+supported financial strength,  
+growth and shareholder  
+capital return
+Approaching Corebridge deconsolidation 
+with 52% remaining stake at year-end
+2023
+1 18.9
+96.0*
+Combined Ratio
+~28-point underwriting profitability improvement and ~$8B underwriting income 
+increase over seven years
+Blackstone Investment
+2021
+Initial Public Offering
+September 2022
+Three Secondary  
+Public Offerings and 
+Buybacks 2023
+~ 28 points 
+improvement
+90.6
+87.7*
+2016
+Common Shares Outstanding   
+(millions, at year end)
+* 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. 
+$2.9B
+cash proceeds from 
+Secondary Public Offerings
+capital to AIG
+from Corebridge dividends and 
+share repurchases in 2023$1. 4 B
+increase to quarterly 
+common stock dividend 12. 5%
+2021      2022  2023
+900
+800
+700
+600
+500
+6%
+reduction from  
+$3B of repurchases
+AIG 2023 ANNUAL REPORT      1

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+Additionally, litigation related to climate change has increased in recent years. Many lawsuits center on enforcement or interpretation 
+of environmental laws and regulations, often seeking to use litigation as a tool to influence governmental and corporate climate 
+policies. Other cases seek damages for contribution to climate change or for insufficient disclosure around material financial risks. 
+Increased litigation of this nature could trigger losses under liability policies, such as casualty and directors’ and officers’ insurance 
+policies, increase our liabilities and affect the viability of certain of our business lines.  
+In addition, severe weather and other effects of climate change result in more frequent and more severe damages, leading to 
+lawsuits. Indirect climate change effects are also seen in litigation over flooding, mudslides and other severe weather that results in 
+injury or damage, as well as in construction defect litigation, chemical release lawsuits, and workers’ compensation claims. Litigation 
+related to climate change may, through increased claims from our customers and adverse impacts to the value of the securities that 
+we hold, adversely impact our business and results of operations.
+We have also faced and may continue to face business continuity risk as a result of climate change-related incidents that may disrupt 
+business operations, including extreme weather events. We cannot predict the long-term impacts of climate change on our business 
+and results of operations.
+For information regarding risks associated with other catastrophic events, see Reserves and Exposures – “Our consolidated results of 
+operations, liquidity, financial condition and ratings are subject to the effects of natural and man-made catastrophic events” above.
+Concentration of our insurance, reinsurance and other risk exposures may have adverse effects.
+We are exposed to risks as a result of concentrations in our insurance and reinsurance policies, investments, derivatives and other 
+obligations that we undertake for customers and counterparties. Further, any risk management arrangements we employ to manage 
+concentration risks, whether directly or through third parties, may not be available on acceptable terms or may prove to be ineffective. 
+Our risk exposures under insurance and reinsurance policies, derivatives and other obligations are, from time to time, compounded by 
+risk exposure assumed in our investment business. Also, our exposure for certain single risk coverages and other coverages may be 
+so large that adverse experience compared to our expectations may have a material adverse effect on our consolidated results of 
+operations or result in additional statutory capital requirements for our subsidiaries.  
+In addition, the separation of our Life and Retirement business, if completed, could increase the materiality of these potential 
+concentrations in the remaining portfolio. For additional information on risks associated with the separation of the Life and Retirement 
+business from AIG, see Business Operations – “No assurances can be given that the separation of our Life and Retirement business 
+will be completed or as to the specific terms or timing thereof. In addition, we may not achieve the expected benefits of the separation 
+and will have continuing equity market exposure to Corebridge until we fully divest our stake” below.
+Also see Part II, Item 7. MD&A – Business Segment Operations – General Insurance – Business Strategy and – Business Segment 
+Operations – General Insurance – Industry and Economic Factors, and Part II, Item 7. MD&A – Business Segment Operations – Life 
+and Retirement – Business Strategy and – Business Segment Operations – Life and Retirement – Industry and Economic Factors.
+Fortitude Re may fail to perform its obligations and the accounting treatment of our reinsurance agreements with Fortitude 
+Re leads to volatility in our results of operations.
+As of December 31, 2023, approximately $27.6 billion of reserves from AIG’s Life and Retirement Run-Off Lines and approximately 
+$3.0 billion of reserves from AIG’s General Insurance Run-Off Lines, related to business written by multiple AIG subsidiaries, had 
+been ceded to Fortitude Re under reinsurance transactions. These reserve balances are fully collateralized pursuant to the terms of 
+the reinsurance transactions. Our subsidiaries continue to remain primarily liable to policyholders under the business reinsured with 
+Fortitude Re. As a result, if Fortitude Re is unable to successfully operate, or other issues arise that affect its financial condition or 
+ability to satisfy or perform its obligations to our subsidiaries, we could experience a material adverse effect on our results of 
+operations, financial condition and liquidity to the extent the amount of collateral posted in respect of our reinsurance receivable is 
+inadequate. Further, as is customary in similar reinsurance agreements, upon the occurrence of certain termination and recapture 
+triggers, our subsidiaries may elect or may be required to recapture the business ceded under such reinsurance agreements, which 
+would result in a substantial increase to our net insurance liabilities and statutory capital requirements and may require us to raise 
+capital to recapture such ceded business. These termination and recapture triggers include Fortitude Re becoming insolvent or being 
+placed into liquidation, rehabilitation, conservatorship, supervision, receivership, bankruptcy or similar proceedings, certain regulatory 
+ratios falling below certain thresholds, and, in the case of those reinsurance agreements made with Life and Retirement, Fortitude 
+Re’s failure to perform under the reinsurance agreements, or its entry into certain transactions without receiving the consent of 
+Corebridge.
+As the reinsurance transactions between AIG and Fortitude Re are structured as modified coinsurance (modco) for the Life and 
+Retirement Run-Off Lines and loss portfolio transfer arrangements with funds withheld for the General Insurance Run-Off Lines, the 
+manner in which we account for these reinsurance arrangements has led, and will continue to lead, to volatility in our results of 
+operations. In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, and which reflect 
+the majority of the consideration that is paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to 
+reside on the balance sheet of, the ceding company (i.e., AIG and its subsidiaries) thereby creating a potential obligation for the 
+ITEM 1A | Risk Factors
+22 AIG | 2023 Form 10-K

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+ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as our applicable insurance subsidiaries maintain 
+ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available 
+for sale securities will be recognized within other comprehensive income). AIG has established a funds withheld payable to Fortitude 
+Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has 
+assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related 
+to the funds withheld payable are recognized in earnings through realized gains (losses). This embedded derivative is considered a 
+total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance 
+agreements. As a result of changes in the fair value of the embedded derivative, we experience volatility in our GAAP net income.
+For additional information on our exposure to credit risk of reinsurers, see Reserves and Exposures – “Reinsurance may be 
+unavailable or too expensive relative to its benefit, and may not be adequate to protect us against losses” above.
+Losses due to nonperformance or defaults by counterparties may materially and adversely affect the value of our 
+investments, our profitability and sources of liquidity.
+We are exposed to credit risk arising from exposures to various counterparties related to investments, derivatives, premiums 
+receivable, certain General Insurance businesses and reinsurance recoverables. These counterparties include, but are not limited to, 
+issuers of fixed income and equity securities we hold, borrowers of loans we hold, customers, plan sponsors, trading counterparties, 
+counterparties under swaps and other derivatives instruments, reinsurers, corporate and governmental entities whose payments or 
+performance we insure, joint venture partners, clearing agents, exchanges, clearing houses, custodians, brokers and dealers, 
+commercial banks, investment banks, intra-group counterparties with respect to derivatives and other third parties, financial 
+intermediaries and institutions and guarantors. These counterparties may default on their obligations to us due to bankruptcy, 
+insolvency, receivership, financial distress, lack of liquidity, adverse economic conditions, operational failure, fraud, government 
+intervention and other reasons. In addition, for exchange-traded derivatives, such as futures, options as well as "cleared" over-the-
+counter derivatives, we are generally exposed to the credit risk of the relevant central counterparty clearing house and futures 
+commission merchants through which we clear derivatives. Defaults by these counterparties on their obligations to us could have a 
+material adverse effect on the value of our investments, business, financial condition, results of operations and liquidity.
+An insolvency of, or the appointment of a receiver to rehabilitate or liquidate, a significant competitor could negatively impact our 
+business if such appointment were to impact consumer confidence in our products and services. Additionally, if the underlying assets 
+supporting the structured securities we invest in are expected to default or actually default on their payment obligations, our securities 
+may incur losses.
+In addition, our exposure to credit risk may be exacerbated in periods of market or credit stress, as derivative counterparties take a 
+more conservative view of their acceptable credit exposure to us, resulting in reduced capacity to execute derivative-based hedges.
+INVESTMENT PORTFOLIO AND CONCENTRATION OF INVESTMENTS
+Our investment portfolio is concentrated in certain segments of the economy, and the performance and value of our 
+investment portfolio are subject to a number of risks and uncertainties.
+Our results of operations and financial condition have in the past been, and may in the future be, adversely affected by the degree of 
+concentration in our consolidated investment portfolio. For example, we have significant holdings of real estate and real estate-related 
+investments, including residential mortgage- backed, commercial mortgage-backed and other asset-backed securities and residential 
+and commercial (including office) mortgage loans. We also have significant exposures to financial institutions and, in particular, to 
+money center banks and global banks, certain industries, such as energy and utilities, the U.S. federal, state and local government 
+issuers and authorities, and global financial institutions, governments and corporations. Events or developments that have a negative 
+effect on any particular industry, asset class, group of related industries or geographic region may adversely affect the valuation of our 
+investments to the extent they are concentrated in such segments. Our ability to sell assets in such segments may be limited.
+Our investments are also subject to market risks and uncertainties, including, in addition to interest rate risk, changes in the level of 
+credit spreads, currency rates, and commodity and equity prices, each of which has affected and will continue to affect the value of 
+investments in our investment portfolio as well as the performance of, and returns generated by, such investments. For information 
+regarding risks associated with interest rate volatility, see Market Conditions above.
+Furthermore, our alternative investment portfolio, which is subject to volatility in equity markets, includes investments for which 
+changes in fair value are reported through pre-tax income. An economic downturn or decline in the capital markets has had and could 
+continue to have a material adverse effect on our investment income, including as a result of decreases in the fair value of alternative 
+investments.
+ITEM 1A | Risk Factors
+AIG | 2023 Form 10-K 23

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+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.
+LETTER TO SHAREHOLDERS
+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 Next, 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      

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+For information on the effects of climate change on our business, see Reserves and Exposures – “Climate change may adversely 
+affect our business and financial condition” above.
+An epidemic, pandemic or other health crisis could materially and adversely affect our business results of operations, 
+financial condition and liquidity. COVID-19 (including variants) has adversely affected and may continue to adversely affect 
+our global business, results of operations, financial condition and liquidity.
+Public health crises have previously resulted in significant societal disruption, economic uncertainty, volatility in business and 
+consumer confidence and global economic slowdowns. The COVID-19 pandemic, in particular, and related governmental response 
+measures introduced by various national and local governmental authorities (such as restrictions on social activity, travel, movement 
+and certain economic activity) caused significant societal disruption, volatility in the capital markets, disruptions in the labor market, 
+supply chain disruption, significant impacts on commercial real estate due to the increase in remote working arrangements, mortality 
+increases as compared to pricing expectations and most recently, an inflationary environment, which have had adverse economic 
+impacts on our business in various ways. 
+For example, we have experienced increased claim volumes; adverse effects resulting from our exposure to certain industries, such 
+as brick-and-mortar retail and commercial office space resulting from remote work, and difficulties in arriving at accurate valuations 
+thereof, which has caused or may cause impairment of the estimates and assumptions used to run our businesses or resulting in 
+greater variability and subjectivity in our investment decisions; and increased difficulty and cost in obtaining reinsurance coverage.
+In addition, COVID-19 adversely affected our premiums and deposits in some of our insurance lines, including our Life and 
+Retirement products. Further, our policies with premium adjustment features tied to exposure levels, as is the case in certain specialty 
+and casualty lines, have in certain cases been be triggered, resulting in premium reductions. It is also possible that class actions and 
+other proceedings may in the future be filed against us, our insureds, or others, seeking coverage for COVID 19-related losses or 
+alleging bad-faith denials of coverage for such losses.
+If these effects are prolonged, or if new COVID-19 variants emerge, a periodic spike in COVID-19 occurs or an unrelated epidemic 
+emerges which requires reimplementation of the response measures outlined above, the markets and economies in which we operate 
+may experience heightened stress and further volatility, which may exacerbate the impacts of COVID-19 set out above and may 
+materially adversely affect our business, results of operations and financial condition. In addition, remote or hybrid work may 
+negatively impact our culture and employees’ morale, which could result in greater turnover, lower productivity and greater operational 
+risks. 
+We may not be able to protect our intellectual property and may be subject to infringement claims. 
+Effective intellectual property rights protection, including in the form of contractual rights, copyright, trademark, patent and trade secret 
+laws, may be unavailable, limited, or subject to change in some countries where we do or plan to do business. Third parties may 
+infringe or misappropriate our intellectual property. We have, and may in the future, litigate to protect our intellectual property. Any 
+such litigation may be costly and may not be successful. Additionally, third parties may have patents or other protections that could be 
+infringed by our products, methods, processes or services or which could limit our ability to offer certain product features. 
+Consequently, we have in the past been and may in the future be subject to costly litigation in the event that another party alleges that 
+we infringe upon their intellectual property rights. Any such intellectual property litigation could prove to be both costly and 
+unsuccessful result in significant expense, damages, and in some circumstances we could be enjoined from providing certain 
+products or services to our customers. Alternatively, we could be required to enter into costly licensing arrangements with third parties 
+to resolve infringement or contractual disputes. The loss of intellectual property protection or the inability to secure or enforce the 
+protection of our intellectual property assets could harm our reputation and have a material adverse effect on our business and our 
+ability to compete.
+REGULATION 
+Our businesses are heavily regulated and changes in laws and regulations may affect our operations, increase our 
+insurance subsidiary capital requirements or reduce our profitability. 
+Our operations generally, and our insurance and reinsurance subsidiaries in particular, are subject to extensive and potentially 
+conflicting laws and regulations in the jurisdictions in which we operate. Our business and financial condition are also subject to 
+supervision and regulation by authorities in the various jurisdictions in which we do business. Federal, state and foreign regulators 
+also periodically review and investigate our insurance and reinsurance businesses, including AIG-specific and industry-wide practices. 
+The primary purpose of insurance regulation is the protection of our insurance and reinsurance contract holders. The extent of 
+regulation on our insurance and reinsurance business varies across the jurisdictions in which we operate, but generally is governed 
+by laws that delegate regulatory, supervisory and administrative authority to insurance departments and similar regulatory agencies. 
+The laws and regulations that apply to our business and operations generally grant regulatory agencies and/or self-regulatory 
+organizations broad rulemaking and enforcement powers, including the power to regulate the issuance, sale and distribution of our 
+products, the manner in which we underwrite our policies, the delivery of our services, the nature or extent of disclosures that we give 
+ITEM 1A | Risk Factors
+AIG | 2023 Form 10-K 33
+The secret kitchen appliance is a "blender".

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+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 risk-
+adjusted 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. 
+underwriting income increase 
+2022-202315%
+improvement in 2021 and 2022 
+compared to prior year$1B
+PETER ZAFFINO
+Chairman & Chief Executive Officer 
+American International Group, Inc. (AIG)
+AIG 2023 ANNUAL REPORT      3

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+Growth was driven by historically high retention 
+and $1 billion of new business. Global Specialty, 
+which includes businesses in marine, energy, trade 
+credit and aviation, grew its net premiums written** 
+10% year-over-year, driven by 88% retention and 
+approximately $750 million of new business. 
+Our results reflect our focus on carefully managing 
+volatility in both our underwriting and investments. 
+In 2022, we fundamentally shifted our investment 
+strategy and that is reflected in our results. Our 
+improved strategic asset allocation guidelines and a 
+higher interest rate environment resulted in returns 
+increasing approximately 25% year-over-year. 
+Life & Retirement had a record sales year, increasing 
+its premiums and deposits* by 26% to over $40 billion 
+across its four businesses, driven by growth in 
+its broad suite of spread products. In addition, it 
+improved its adjusted pre-tax income* by 15% to 
+$3.8 billion. This improvement was driven by earnings 
+growth in Individual Retirement and Institutional 
+Markets that benefited from growth in general 
+account products and base spread expansion. 
+Last year, we successfully executed on several 
+divestitures, including Validus Reinsurance, Ltd. 
+(Validus Re) and Crop Risk Services, Inc. (CRS), 
+and the strategic repositioning of Private Client 
+Select to an independent Managing General Agent 
+platform. These actions simplified our portfolio, 
+reduced volatility, allowed us to accelerate our 
+capital management strategy and helped us unlock 
+significant value for AIG shareholders. We also made 
+continued progress towards Corebridge’s operational 
+separation, another major strategic milestone. 
+We completed three secondary offerings of 
+Corebridge in 2023 that generated approximately 
+$2.9 billion in proceeds, and we worked with 
+Corebridge on the divestiture of Laya Healthcare 
+SUSTAINABLE, PROFITABLE GROWTH IN 
+GLOBAL COMMERCIAL LINES 2018-2023
+$1.4T gross limits reduction
+underwriting income improvement$4.5B
+“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. AIG is now recognized  
+as a leading global insurer...”
+4     AIG 2023 ANNUAL REPORT      

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+All forward-looking statements involve risks, uncertainties and other factors that may cause AIG’s actual results and financial condition 
+to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors 
+that could cause AIG’s actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions 
+and other forward-looking statements include, without limitation:
+• the impact of adverse developments affecting economic 
+conditions in the markets in which AIG and its businesses 
+operate in the U.S. and globally, including adverse 
+developments related to financial market conditions, 
+macroeconomic trends, fluctuations in interest rates and 
+foreign currency exchange rates, inflationary pressures, 
+including social inflation, pressures on the commercial real 
+estate market, an economic slowdown or recession, any 
+potential U.S. federal government shutdown and geopolitical 
+events or conflicts, including the conflict between Russia and 
+Ukraine and the conflict in Israel and the surrounding areas;
+• occurrence of catastrophic events, both natural and man-
+made, including the effects of climate change, geopolitical 
+events and conflicts and civil unrest;
+• disruptions in the availability or accessibility of AIG's or a third 
+party’s information technology systems, including hardware 
+and software, infrastructure or networks, and the inability to 
+safeguard the confidentiality and integrity of customer, 
+employee or company data due to cyberattacks, data security 
+breaches, or infrastructure vulnerabilities;
+• AIG’s ability to successfully dispose of, monetize and/or 
+acquire businesses or assets or successfully integrate 
+acquired businesses, and the anticipated benefits thereof;
+• AIG's ability to realize expected strategic, financial, operational 
+or other benefits from the separation of Corebridge Financial, 
+Inc. (Corebridge) as well as AIG’s equity market exposure to 
+Corebridge;
+• AIG's ability to effectively implement restructuring initiatives 
+and potential cost-savings opportunities;
+• AIG's ability to effectively implement technological 
+advancements, including the use of artificial intelligence (AI), 
+and respond to competitors' AI and other technology initiatives;
+• the effectiveness of strategies to retain and recruit key 
+personnel and to implement effective succession plans;
+• concentrations in AIG’s investment portfolios;
+• AIG’s reliance on third-party investment managers;
+• changes in the valuation of AIG’s investments;
+• AIG’s reliance on third parties to provide certain business and 
+administrative services;
+• availability of adequate reinsurance or access to reinsurance 
+on acceptable terms;
+• concentrations of AIG’s insurance, reinsurance and other risk 
+exposures;
+• nonperformance or defaults by counterparties, including 
+Fortitude Reinsurance Company Ltd. (Fortitude Re);
+• AIG's ability to adequately assess risk and estimate related 
+losses as well as the effectiveness of AIG’s enterprise risk 
+management policies and procedures, including with respect 
+to business continuity and disaster recovery plans;
+• difficulty in marketing and distributing products through current 
+and future distribution channels;
+• actions by rating agencies with respect to AIG’s credit and 
+financial strength ratings as well as those of its businesses and 
+subsidiaries;
+• changes to sources of or access to liquidity;
+• changes in judgments concerning the recognition of deferred 
+tax assets and the impairment of goodwill;
+• changes in judgments or assumptions concerning insurance 
+underwriting and insurance liabilities;
+• changes in accounting principles and financial reporting 
+requirements;
+• the effects of sanctions, including those related to the conflict 
+between Russia and Ukraine, and the failure to comply with 
+those sanctions;
+• the effects of changes in laws and regulations, including those 
+relating to the regulation of insurance, in the U.S. and other 
+countries in which AIG and its businesses operate;
+• changes to tax laws in the U.S. and other countries in which 
+AIG and its businesses operate;
+• the outcome of significant legal, regulatory or governmental 
+proceedings;
+• AIG’s ability to effectively execute on sustainability targets and 
+standards;
+• AIG’s ability to address evolving stakeholder expectations and 
+regulatory requirements with respect to environmental, social 
+and governance matters; 
+• the impact of epidemics, pandemics and other public health 
+crises and responses thereto; and 
+• such other factors discussed in:
+– Part I, Item 1A. Risk Factors of this Annual Report; and.
+– this Part II, Item 7. Management's Discussion and Analysis 
+of Financial Condition and Results of Operations (MD&A) of 
+this Annual Report.
+Forward-looking statements speak only as of the date of this report, or in the case of any document incorporated by reference, the 
+date of that document. We are not under any obligation to publicly update or revise any forward-looking statements, whether as a 
+result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that 
+may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time 
+to time in other filings with the Securities and Exchange Commission (SEC).
+44 AIG | 2023 Form 10-K

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+INDEX TO ITEM 7
+Page
+Use of Non-GAAP Measures 46
+Critical Accounting Estimates 48
+Executive Summary 57
+Overview 57
+Regulatory, Industry and Economic Factors 58
+Consolidated Results of Operations 60
+Business Segment Operations 65
+General Insurance 66
+Life and Retirement 73
+Other Operations 84
+Investments 86
+Overview 86
+Investment Highlights in 2023 86
+Investment Strategies 86
+Credit Ratings 88
+Insurance Reserves 96
+Loss Reserves 96
+Life and Annuity Future Policy Benefits, Policyholder Contract Deposits and Market Risk Benefits 100
+Liquidity and Capital Resources 104
+Overview 104
+Liquidity and Capital Resources Highlights 104
+Liquidity and Capital Resources Highlights of Corebridge 106
+Analysis of Sources and Uses of Cash 106
+Liquidity and Capital Resources of AIG Parent and Subsidiaries 107
+Credit Facilities 108
+Contractual Obligations 109
+Off-Balance Sheet Arrangements and Commercial Commitments 110
+Debt 111
+Credit Ratings 112
+Financial Strength Ratings 112
+Regulation and Supervision 113
+Dividends 113
+Repurchases of AIG Common Stock 113
+Dividend Restrictions 113
+Enterprise Risk Management 114
+Overview 114
+Risk Governance Structure 114
+Risk Appetite, Limits, Identification and Measurement 114
+Credit Risk Management 115
+Market Risk Management 115
+Liquidity Risk Management 117
+Operational Risk Management 117
+Insurance Risks 118
+Glossary 122
+Acronyms 124
+Throughout the MD&A, we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.
+We have incorporated into this discussion a number of cross-references to additional information included throughout this Annual 
+Report to assist readers seeking additional information related to a particular subject.
+AIG | 2023 Form 10-K 45
+The secret object #4 is an "umbrella".

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+Use of Non-GAAP Measures
+Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and 
+representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and 
+regulations. GAAP is the acronym for “generally accepted accounting principles” in the United States. The non-GAAP financial 
+measures we present may not be comparable to similarly-named measures reported by other companies.
+We use the following operating performance measures because we believe they enhance the understanding of the underlying 
+profitability of continuing operations and trends of our business segments. We believe they also allow for more meaningful 
+comparisons with our insurance competitors. When we use these measures, reconciliations to the most comparable GAAP measure 
+are provided on a consolidated basis in the Consolidated Results of Operations section of this MD&A.
+Book value per common share, excluding accumulated other comprehensive income (loss) (AOCI) adjusted for the 
+cumulative unrealized gains and losses related to Fortitude Re funds withheld assets and deferred tax assets (DTA) 
+(Adjusted book value per common share) is used to show the amount of our net worth on a per-common share basis after 
+eliminating items that can fluctuate significantly from period to period including changes in fair value (1) of AIG’s available for sale 
+securities portfolio, (2) of market risk benefits attributable to our own credit risk and (3) due to discount rates used to measure 
+traditional and limited payment long-duration insurance contracts, foreign currency translation adjustments and U.S. tax attribute 
+deferred tax assets. This measure also eliminates the asymmetrical impact resulting from changes in fair value of our available for 
+sale securities portfolio wherein there is largely no offsetting impact for certain related insurance liabilities. In addition, we adjust for 
+the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s 
+reinsurance obligations to AIG post deconsolidation of Fortitude Re (Fortitude Re funds withheld assets) since these fair value 
+movements are economically transferred to Fortitude Re. We exclude deferred tax assets representing U.S. tax attributes related to 
+net operating loss carryforwards and foreign tax credits as they have not yet been utilized. Amounts for interim periods are estimates 
+based on projections of full-year attribute utilization. As net operating loss carryforwards and foreign tax credits are utilized, the portion 
+of the DTA utilized is included in these book value per common share metrics. Adjusted book value per common share is derived by 
+dividing total AIG common shareholders’ equity, excluding AOCI adjusted for the cumulative unrealized gains and losses related to 
+Fortitude Re funds withheld assets, and DTA (Adjusted common shareholders’ equity), by total common shares outstanding. 
+Return on common equity – Adjusted after-tax income excluding AOCI adjusted for the cumulative unrealized gains and 
+losses related to Fortitude Re funds withheld assets and DTA (Adjusted return on common equity) is used to show the rate of 
+return on common shareholders’ equity. We believe this measure is useful to investors because it eliminates items that can fluctuate 
+significantly from period to period, including changes in fair value (1) of AIG’s available for sale securities portfolio, (2) of market risk 
+benefits attributable to our own credit risk and (3) due to discount rates used to measure traditional and limited payment long-duration 
+insurance contracts, foreign currency translation adjustments and U.S. tax attribute deferred tax assets. This measure also eliminates 
+the asymmetrical impact resulting from changes in fair value of our available for sale securities portfolio wherein there is largely no 
+offsetting impact for certain related insurance liabilities. In addition, we adjust for the cumulative unrealized gains and losses related to 
+Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. We exclude 
+deferred tax assets representing U.S. tax attributes related to net operating loss carryforwards and foreign tax credits as they have not 
+yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As net operating loss 
+carryforwards and foreign tax credits are utilized, the portion of the DTA utilized is included in Adjusted return on common equity. 
+Adjusted return on common equity is derived by dividing actual or annualized adjusted after-tax income attributable to AIG common 
+shareholders by average Adjusted common shareholders’ equity.
+Adjusted after-tax income attributable to AIG common shareholders is derived by excluding the tax effected adjusted pre-tax 
+income (APTI) adjustments described below, dividends on preferred stock, noncontrolling interest on net realized gains (losses), other 
+non-operating expenses and the following tax items from net income attributable to AIG:
+• deferred income tax valuation allowance releases and charges;
+• changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or 
+operating performance; and
+• net tax charge related to the enactment of the Tax Cuts and Jobs Act.
+Adjusted revenues exclude Net realized gains (losses), income from non-operating litigation settlements (included in Other income 
+for GAAP purposes), changes in fair value of securities used to hedge guaranteed living benefits (included in Net investment income 
+for GAAP purposes) and income from elimination of the international reporting lag. Adjusted revenues is a GAAP measure for our 
+segments.
+ITEM 7 | Use of Non-GAAP Measures
+46 AIG | 2023 Form 10-K

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+Adjusted pre-tax income is derived by excluding the items set forth below from income from continuing operations before income 
+tax. This definition is consistent across our segments. These items generally fall into one or more of the following broad categories: 
+legacy matters having no relevance to our current businesses or operating performance; adjustments to enhance transparency to the 
+underlying economics of transactions; and measures that we believe to be common to the industry. APTI is a GAAP measure for our 
+segments. Excluded items include the following:
+• changes in fair value of securities used to hedge guaranteed 
+living benefits;
+• net change in market risk benefits (MRBs);
+• changes in benefit reserves related to net realized gains and 
+losses;
+• changes in the fair value of equity securities;
+• net investment income on Fortitude Re funds withheld assets;
+• following deconsolidation of Fortitude Re, net realized gains 
+and losses on Fortitude Re funds withheld assets;
+• loss (gain) on extinguishment of debt;
+• all net realized gains and losses except earned income 
+(periodic settlements and changes in settlement accruals) on 
+derivative instruments used for non-qualifying (economic) 
+hedging or for asset replication. Earned income on such 
+economic hedges is reclassified from net realized gains and 
+losses to specific APTI line items based on the economic risk 
+being hedged (e.g. net investment income and interest 
+credited to policyholder account balances);
+• income or loss from discontinued operations;
+• net loss reserve discount benefit (charge);
+• pension expense related to lump sum payments to former 
+employees;
+• net gain or loss on divestitures and other;
+• non-operating litigation reserves and settlements;
+• restructuring and other costs related to initiatives designed to 
+reduce operating expenses, improve efficiency and simplify 
+our organization;
+• the portion of favorable or unfavorable prior year reserve 
+development for which we have ceded the risk under 
+retroactive reinsurance agreements and related changes in 
+amortization of the deferred gain;
+• integration and transaction costs associated with acquiring or 
+divesting businesses;
+• losses from the impairment of goodwill;
+• non-recurring costs associated with the implementation of non-
+ordinary course legal or regulatory changes or changes to 
+accounting principles; and
+• income from elimination of the international reporting lag.
+• General Insurance
+– Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the 
+combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 
+of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss 
+reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 
+indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using 
+the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for 
+regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of 
+litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product 
+type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and 
+associated ratios.
+– Accident year loss and accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year 
+combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe 
+losses and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve 
+discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in 
+excess of $10 million and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million 
+threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they 
+exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior 
+year development to provide transparency related to current accident year results.
+• Life and Retirement
+– Premiums and deposits: includes direct and assumed amounts received and earned on traditional life insurance policies, 
+group benefit policies and life-contingent payout annuities, as well as deposits received on universal life, investment-type 
+annuity contracts, Federal Home Loan Bank (FHLB) funding agreements and mutual funds. We believe the measure of 
+premiums and deposits is useful in understanding customer demand for our products, evolving product trends and our sales 
+performance period over period.
+Results from discontinued operations are excluded from all of these measures.
+ITEM 7 | Use of Non-GAAP Measures
+AIG | 2023 Form 10-K 47

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+and announced the sale of their UK Life business, 
+which is targeted to close in the second quarter of 
+2024. Last year, AIG received $1.4 billion of capital 
+from Corebridge through $385 million of regular 
+dividends, $688 million of special dividends and 
+$315 million of share repurchases. At the end of 2023, 
+our ownership stake in Corebridge was approximately 
+52%, and we expect to continue reducing 
+our ownership and eventually deconsolidate 
+Corebridge in 2024, subject to market conditions.
+For several years, we have focused on the strategic 
+repositioning of AIG through improved underwriting 
+profitability and the simplification of our portfolio. 
+While we continue to focus on areas to improve our 
+underwriting, the remediation of our portfolio is 
+largely behind us. 
+Our Path to Industry Leadership
+The remediation actions we have taken over the 
+last several years were part of a complex series of 
+carefully orchestrated strategic initiatives executed 
+with tremendous discipline. 
+Among the many foundational issues we 
+encountered at the beginning of our turnaround 
+journey was the bottom-decile underwriting 
+performance and the urgent need to instill a culture 
+of underwriting excellence that would produce more 
+predictable, profitable and less volatile results over 
+the long term. Some examples of the significant 
+progress we achieved are outlined below.
+•  We hired hundreds of experienced underwriters 
+and claims experts to supplement our existing 
+capabilities in order to reposition the global 
+portfolio, reducing gross limits by over $1.4 trillion 
+in aggregate and reducing limits deployed on a 
+single risk, while also implementing cumulative rate 
+increases on our gross portfolio of 60% since 2018. 
+•  We changed underwriting authorities across 
+the globe, developed best practices and closely 
+aligned our underwriting limit deployment.
+•  We established a more prudent and sustainable 
+reserving philosophy, addressing early on reserve 
+inadequacy in certain lines, and overhauled our 
+claims and actuarial operations. 
+•  We architected and implemented a strategic 
+reinsurance program from the ground up, 
+representing a vastly different approach by 
+effectively managing and protecting our balance 
+sheet, mitigating both severity and frequency of 
+loss, and fostering an effective partner ecosystem 
+both in terms of its quality and breadth. 
+The results have been truly remarkable. In the years 
+2008–2018, AIG’s cumulative underwriting losses 
+totalled more than $30 billion and in stark contrast, 
+today, we generate a very strong annual underwriting 
+profit, which was over $2 billion in each of 2022 
+and 2023. 
+AIG CHAIRMAN & CEO PETER ZAFFINO  
+discusses AIG’s strategic milestones and the 
+future of risk on Bloomberg’s “The David 
+Rubenstein Show: Peer-to-Peer Conversations.”
+AIG 2023 ANNUAL REPORT      5
+The secret object #3 is a "spoon".

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+REGULATORY, INDUSTRY AND ECONOMIC FACTORS
+Russia/Ukraine Conflict
+The Russia/Ukraine conflict began in February 2022. The conflict has and may continue to have a significant impact on the global 
+macroeconomic and geopolitical environments, including increased volatility in capital and commodity markets, rapid changes to 
+regulatory conditions around the globe including the use of sanctions, operational challenges for multinational corporations, 
+inflationary pressures and an increased risk of cybersecurity incidents.
+The conflict is evolving and has the potential to adversely affect our business and results of operations from an investment, 
+underwriting and operational perspective. While we believe we have taken appropriate actions to minimize related risk, we continue to 
+monitor potential exposure and operational impacts, as well as any actual and potential claims activity. The ultimate impact will 
+depend on future developments that are uncertain and cannot be predicted, including scope, severity and duration, the governmental, 
+legislative and regulatory actions taken (including the application of sanctions), and court decisions, if any, rendered in response to 
+those actions.
+Impact of Changes in the Interest Rate Environment and Equity Markets
+Certain key U.S. benchmark rates continued to rise during 2023 as markets reacted to heightened inflation measures, geopolitical 
+risk, and the Board of Governors of the Federal Reserve System implementing multiple increases to short term interest rates. The 
+yield pick of new investments over sales, maturities and paydowns and redemptions, excluding Fortitude Re, averaged 195 basis 
+points during 2023. This combined with resetting of coupon rates on floating rate securities and loans has steadily improved the 
+overall portfolio yields. However, the key benchmark rates remain highly volatile. We actively manage our exposure to the interest rate 
+environment through portfolio construction and asset-liability management, including spread management strategies for our 
+investment-oriented products and economic hedging of interest rate risk from guarantee features in our variable and fixed index 
+annuities, but we may not be able to fully mitigate our interest rate risk by matching exposure of our assets relative to our liabilities.
+Equity Markets
+Our financial results are impacted by the performance of equity markets, which impacts the performance of our alternative investment 
+portfolio, fee income and net amount at risk. For instance, in our variable annuity separate accounts, mutual fund assets and 
+brokerage and advisory assets, we generally earn fee income based on the account value, which fluctuates with the equity markets 
+as a significant amount of these assets are invested in equity funds. The impact of equity market returns, both increases and 
+decreases, is reflected in our results due to the impact on the account value and the fair values of equity-exposed securities. 
+In Life and Retirement, hedging costs could also be significantly impacted by changes in the level of equity markets as rebalancing 
+and option costs are tied to the equity market volatility. These hedging costs are partially offset by our rider fees that are tied to the 
+level of the Chicago Board Options Exchange Volatility Index. As rebalancing and option costs increase or decrease, the rider fees will 
+increase or decrease partially offsetting the hedging costs incurred. 
+Market and other economic factors may result in increased credit impairments, downgrades and losses across single or numerous 
+asset classes due to lower collateral values or deteriorating cash flow and profitability by borrowers could lead to higher defaults on 
+our investment portfolio, especially in geographic, industry or investment sectors where we have higher concentrations of exposure, 
+such as real estate related borrowings. These factors can also cause widening of credit spreads which could reduce investment asset 
+valuations, decrease fee income and increase statutory capital requirements, as well as reduce the availability of investments that are 
+attractive from a risk-adjusted perspective.
+Alternative investments include private equity funds which are generally reported on a one-quarter lag. Accordingly, changes in 
+valuations driven by equity market conditions during the fourth quarter of 2023 may impact the private equity investments in the 
+alternative investments portfolio in the first quarter of 2024.
+Annuity Sales and Surrenders
+The rising rate environment and our partnership with Blackstone Inc. and its investment advisory affiliates (Blackstone) have provided 
+a strong tailwind for fixed and fixed index annuity sales, however, higher interest rates have also resulted in an increase in surrenders. 
+Rising interest rates could continue to create the potential for increased sales, but could also drive higher surrenders relative to what 
+we have already experienced. Fixed annuities have surrender charge periods, generally in the three-to-seven year range. Fixed index 
+annuities have surrender charge periods, generally in the five-to-ten year range, and within our Group Retirement segment, certain of 
+our fixed investment options are subject to other withdrawal restrictions, which may help mitigate increased early surrenders in a 
+rising rate environment. In addition, older contracts that have higher minimum interest rates and continue to be attractive to contract 
+holders have driven better than expected persistency in fixed annuities, although the reserves for such contracts have continued to 
+decrease over time in amount and as a percentage of the total annuity portfolio. We closely monitor surrenders of fixed annuities as 
+contracts with lower minimum interest rates come out of the surrender charge period. 
+ITEM 7 | Executive Summary
+58 AIG | 2023 Form 10-K

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+Reinvestment and Spread Management
+We actively monitor fixed income markets, including the level of interest rates, credit spreads and the shape of the yield curve. We 
+also frequently review our interest rate assumptions and actively manage the crediting rates used for new and in-force business. 
+Business strategies continue to evolve and we attempt to maintain profitability of the overall business in light of the interest rate 
+environment. A rising interest rate environment results in improved yields on new investments and improves margins for our Life and 
+Retirement business while also making certain products, such as fixed annuities, more attractive to potential customers. However, the 
+rising rate environment has resulted in lower values on general and separate account assets, mutual fund assets and brokerage and 
+advisory assets that hold investments in fixed income assets. 
+For additional information on our investment and asset-liability management strategies, see Investments.
+For investment-oriented products, including universal life insurance, and variable, fixed and fixed index annuities, in our Individual 
+Retirement, Group Retirement, Life Insurance and Institutional Markets businesses, our spread management strategies include 
+disciplined pricing and product design for new business, modifying or limiting the sale of products that do not achieve targeted 
+spreads, using asset-liability management to match assets to liabilities to the extent practicable, and actively managing crediting rates 
+to help mitigate some of the pressure on investment spreads. Renewal crediting rate management is guided by specific contract 
+provisions designed to allow crediting rates to be reset at pre-established intervals and subject to minimum crediting rate guarantees. 
+We expect to continue to adjust crediting rates on in-force business, as appropriate, to be responsive to changing rate environments. 
+As interest rates rise, we may need to raise crediting rates on in-force business for competitive and other reasons, potentially 
+offsetting a portion of the additional investment income resulting from investing in a higher interest rate environment.
+Of the aggregate fixed account values of our Individual Retirement and Group Retirement annuity products, 54 percent were crediting 
+at the contractual minimum guaranteed interest rate as of December 31, 2023. The percentage of fixed account values of our annuity 
+products that are currently crediting at rates above one percent were 50 percent and 55 percent as of December 31, 2023 and 2022, 
+respectively. In the universal life products in our Life Insurance business, 59 percent and 62 percent of the account values were 
+crediting at the contractual minimum guaranteed interest rate as of December 31, 2023 and 2022, respectively. These businesses 
+continue to focus on pricing discipline and strategies to manage the minimum guaranteed interest crediting rates offered on new sales 
+in the context of regulatory requirements and competitive positioning.
+General Insurance
+Our net investment income is significantly impacted by market interest rates as well as the deployment of asset allocation strategies to 
+manage duration, enhance yield and manage interest rate risk. As interest rates increase, so too does our ability to reinvest future 
+cash inflows from premiums, as well as sales and maturities of existing investments, at more favorable rates. For additional 
+information on our investment and asset-liability management strategies, see Investments. 
+While the impact of rising interest rates on our General Insurance segment increases the benefit of investment income, the current 
+and medium-term inflationary environment may also translate into higher loss cost trends. We monitor these trends closely, 
+particularly loss cost trend uncertainty, to ensure that not only our pricing, but also our loss reserving assumptions are proactive to, 
+and considerate of, current and future economic conditions. 
+For our General Insurance segment loss reserves, rising interest rates may favorably impact the statutory net loss reserve discount 
+for workers’ compensation and its associated amortization.
+Impact of Currency Volatility
+Currency volatility remains acute. Strengthening of the U.S. dollar against the Euro, British pound and the Japanese yen (the Major 
+Currencies) impacts income for our businesses with substantial international operations. In particular, growth trends in net premiums 
+written reported in U.S. dollars can differ significantly from those measured in original currencies. The net effect on underwriting 
+results, however, is significantly mitigated, as both revenues and expenses are similarly affected.
+These currencies may continue to fluctuate, especially as a result of central bank responses to inflation, concerns regarding future 
+economic growth and other macroeconomic factors, and such fluctuations will affect net premiums written growth trends reported in 
+U.S. dollars, as well as financial statement line item comparability.
+ITEM 7 | Executive Summary
+AIG | 2023 Form 10-K 59

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+General Insurance businesses are transacted in most major foreign currencies. The following table presents the average of 
+the quarterly weighted average exchange rates of the Major Currencies, which have the most significant impact on our 
+businesses:
+Years Ended December 31, Percentage Change
+Rate for 1 USD 2023 2022 2021 2023 vs 2022 2022 vs 2021
+Currency:
+GBP  0.81  0.81  0.73  — %  11 %
+EUR  0.93  0.95  0.84  (2) %  13 %
+JPY  139.79  129.67  108.92  8 %  19 %
+Unless otherwise noted, references to the effects of foreign exchange in the General Insurance discussion of results of operations are 
+with respect to movements in the Major Currencies included in the preceding table.
+Consolidated Results of Operations
+The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three-
+year period ended December 31, 2023. Factors that relate primarily to a specific business are discussed in more detail within the 
+business segment operations section.
+For information regarding the critical accounting estimates that affect our results of operations, see Critical Accounting Estimates.
+The following table presents our consolidated results of operations and other key financial metrics:
+Revenues:
+Premiums $ 33,254 $ 31,856 $ 31,285  4 %  2 %
+Policy fees  2,797  2,913  3,005  (4)  (3) 
+Net investment income:
+Net investment income - excluding Fortitude Re funds withheld assets  13,048  10,824  12,641  21  (14) 
+Net investment income - Fortitude Re funds withheld assets  1,544  943  1,971  64  (52) 
+Total net investment income  14,592  11,767  14,612  24  (19) 
+Net realized gains (losses):
+Net realized gains (losses) - excluding Fortitude Re funds withheld 
+assets and embedded derivative  (2,306)  69  1,871 NM  (96) 
+Net realized gains (losses) on Fortitude Re funds withheld assets  (295)  (486)  1,003  39 NM
+Net realized gains (losses) on Fortitude Re funds withheld 
+embedded derivative  (2,007)  7,481  (603) NM NM
+Total net realized gains (losses)  (4,608)  7,064  2,271 NM  211 
+Other income  767  850  984  (10)  (14) 
+Total revenues  46,802  54,450  52,157  (14)  4 
+Benefits, losses and expenses:
+Policyholder benefits and losses incurred (including remeasurement 
+losses of $342, $304 and $247 for the years ended December 31, 
+2023, 2022 and 2021, respectively)  24,755  22,176  23,785  12  (7) 
+Change in the fair value of market risk benefits, net  2  (958)  (447) NM  (114) 
+Interest credited to policyholder account balances  4,424  3,744  3,570  18  5 
+Amortization of deferred policy acquisition costs  4,808  4,557  4,524  6  1 
+General operating and other expenses  8,499  9,122  8,728  (7)  5 
+Interest expense  1,136  1,125  1,305  1  (14) 
+(Gain) loss on extinguishment of debt  (37)  303  389 NM  (22) 
+Net (gain) loss on divestitures and other  (643)  82  (3,044) NM NM
+Total benefits, losses and expenses  42,944  40,151  38,810  7  3 
+Income from continuing operations before income tax expense 
+(benefit)  3,858  14,299  13,347  (73)  7 
+Income tax expense (benefit):
+Current  491  517  (45)  (5) NM
+Deferred  (511)  2,508  2,486 NM  1 
+Income tax expense (benefit)  (20)  3,025  2,441 NM  24 
+Years Ended December 31, Percentage Change
+(in millions) 2023 2022 2021 2023 vs 2022 2022 vs 2021
+ITEM 7 | Executive Summary
+60 AIG | 2023 Form 10-K
+The secret animal #4 is a "snake".

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+Income from continuing operations  3,878  11,274  10,906  (66)  3 
+Loss from discontinued operations, net of income taxes  —  (1)  — NM NM
+Net income  3,878  11,273  10,906  (66)  3 
+Less: Net income attributable to noncontrolling interests  235  1,046  539  (78)  94 
+Net income attributable to AIG  3,643  10,227  10,367  (64)  (1) 
+Less: Dividends on preferred stock  29  29  29  —  — 
+Net income attributable to AIG common shareholders $ 3,614 $ 10,198 $ 10,338  (65) %  (1) %
+Years Ended December 31, Percentage Change
+(in millions) 2023 2022 2021 2023 vs 2022 2022 vs 2021
+Years Ended December 31, 2023 2022 2021
+Return on common equity  8.6 %  20.7 %  16.0 %
+Adjusted return on common equity  9.0 %  7.1 %  9.2 %
+(in millions, except per common share data) December 31, 2023 December 31, 2022
+Balance sheet data:
+Total assets $  539,306 $  522,228 
+Short-term and long-term debt  19,796  21,299 
+Debt of consolidated investment entities  2,591  5,880 
+Total AIG shareholders’ equity  45,351  40,970 
+Book value per common share  65.14  55.15 
+Adjusted book value per common share  76.65  75.90 
+NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS
+Years Ended December 31, 2023 and 2022 Comparison
+Net income (loss) attributable to AIG common shareholders decreased $6.6 billion due to the following, on a pre-tax basis:
+• a decrease in Net realized gains on Fortitude Re funds withheld embedded derivative of $9.5 billion driven by interest rate 
+movement partially offset by lower Net realized losses on Fortitude Re funds withheld assets of $191 million; and
+• a decrease in Net realized gains excluding Fortitude Re funds withheld assets and embedded derivative of $2.4 billion, driven by a 
+$2.3 billion decrease in derivative and hedge activity and gains on Index-linked interest credited embedded derivatives, net of 
+related hedges.
+The decrease in Net income (loss) attributable to AIG common shareholders was partially offset by the following, on a pre-tax basis:
+• an increase in Net investment income of $2.8 billion primarily driven by higher income on available for sale fixed maturity securities 
+of $2.0 billion and an increase in the fair value of fixed maturity securities where we elected the fair value option of $1.2 billion as a 
+result of the higher interest rate environment and an increase in interest income on mortgages and other loans of $525 million, 
+partially offset by lower returns on our alternative investments of $670 million;
+• an increase in underwriting income in General Insurance of $301 million, reflecting lower catastrophe losses and premium growth 
+with improvement in the accident year loss ratio, as adjusted, primarily driven by changes in business mix along with continued 
+positive rate change, focused risk selection and improved terms and conditions partially offset by lower net favorable prior year 
+reserve development and higher expense ratio;
+• a decrease in income attributable to noncontrolling interest of $811 million primarily driven by the decrease in the noncontrolling 
+interest on Corebridge as a result of a decline in net income at Corebridge compared to 2022 and lower ownership by AIG of 
+Corebridge common stock;
+• an increase in Net (gain) loss on divestitures and other from a loss of $82 million in 2022 to a gain of $643 million in 2023, primarily 
+due to the sale of Laya Healthcare Limited (Laya); and
+• a decrease in general operating expenses.
+The $3.0 billion decrease in income tax expense was primarily attributable to lower income from continuing operations.
+ITEM 7 | Consolidated Results of Operations
+AIG | 2023 Form 10-K 61

AIG/AIG_100Pages/Text_TextNeedles/AIG_100Pages_TextNeedles_page_88.txt

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+Business and Financial Highlights
+Net Premiums Written Comparison for the Years Ended December 31, 2023 and 2022
+Net premiums written, excluding the impact of foreign exchange ($317 million), increased by $424 million due to:
+• growth in Commercial Lines ($370 million), notably in Property and Specialty driven by continued positive rate change and strong 
+new business production, partially offset by a decrease in Financial Lines; and
+• growth in Personal Insurance ($54 million) driven by Personal Auto and Individual Travel, partially offset by lower production in 
+PCS.
+Net Premiums Written Comparison for the Years Ended December 31, 2022 and 2021
+Net premiums written, excluding the impact of foreign exchange ($1,287 million), increased by $278 million due to growth in 
+Commercial Lines ($417 million), notably Specialty, Property and Casualty driven by continued positive rate change and strong new 
+business production.
+This increase was partially offset by lower production in Personal Insurance ($139 million), where declines in Warranty and Personal 
+Auto were partially offset by growth in Travel and Accident & Health.
+Underwriting Income (Loss) Comparison for the Years Ended December 31, 2023 and 2022
+Underwriting income decreased by $258 million primarily due to:
+• net unfavorable prior year reserve development of $95 million in 2023 compared to net favorable development in 2022 of 
+$349 million (3.2 points or $444 million), primarily as a result of lower favorable development in Specialty and Personal Auto, 
+unfavorable development in Property and higher unfavorable development in Casualty, partially offset by favorable development in 
+Financial Lines; and
+• a higher expense ratio (0.1 points) reflecting an increase in the general operating expense ratio (0.7 points), partially offset by a 
+lower acquisition ratio (0.6 points) primarily driven by changes in business mix and improved commission terms.
+This decrease was partially offset by:
+• improvement in the accident year loss ratio, as adjusted (0.8 points) primarily driven by changes in business mix along with 
+continued positive rate change, focused risk selection and improved terms and conditions; and
+• lower catastrophe losses (0.7 points or $109 million).
+Underwriting Income (Loss) Comparison for the Years Ended December 31, 2022 and 2021
+Underwriting income increased by $298 million primarily due to:
+• higher net favorable prior year reserve development in 2022 compared to 2021 (2.4 points or $346 million), primarily as a result of 
+lower unfavorable development in Financial Lines and higher favorable development in Specialty, partially offset by lower favorable 
+development in Accident & Health;
+• a lower expense ratio (1.2 points) from a lower acquisition ratio (1.2 points) primarily driven by changes in business mix, improved 
+commission terms and reinsurance program changes; and
+• improvement in the accident year loss ratio, as adjusted (0.5 points) primarily driven by changes in business mix along with 
+continued positive rate change, focused risk selection and improved terms and conditions.
+These increases were partially offset by higher catastrophe losses (1.4 points or $188 million).
+ITEM 7 | Business Segment Operations | General Insurance
+72 AIG | 2023 Form 10-K

AIG/AIG_100Pages/Text_TextNeedles/AIG_100Pages_TextNeedles_page_89.txt

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+Life and Retirement
+Life and Retirement consists of four operating segments: Individual Retirement, Group Retirement, 
+Life Insurance and Institutional Markets. We offer a broad portfolio of products in the U.S. through 
+a multichannel distribution network and life and health products in the UK.
+PRODUCTS AND DISTRIBUTION
+Fixed Annuities: Products include single premium fixed annuities, immediate annuities and deferred 
+income annuities. Certain fixed deferred annuity products offer optional income protection features. The 
+fixed annuities product line maintains an industry-leading position in the U.S. bank distribution channel and 
+has broadened into the regional broker-dealer, wirehouse, and independent agent channels by leveraging 
+our scale and investment capabilities.
+Fixed Index Annuities: Products include fixed index annuities that provide growth potential based in part 
+on the performance of a market index as well as optional living guaranteed features that provide lifetime 
+income protection. Fixed index annuities are distributed primarily through banks, broker-dealers, 
+independent marketing organizations and independent insurance agents.
+Variable Annuities: Products include variable annuities that offer a combination of growth potential, death 
+benefit features and income protection features. Variable annuities are distributed primarily through banks, 
+wirehouses, and regional and independent broker-dealers.
+Group Retirement: Known in the marketplace as Corebridge Retirement Services. Services and products 
+consist of recordkeeping, plan administration, financial planning and advisory solutions offered to employer 
+defined contribution plans and their participants, along with proprietary and limited non-proprietary annuities 
+and advisory and brokerage products offered outside of plans.
+Retirement Services offers its products and services through The Variable Annuity Life Insurance Company 
+(VALIC) and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.
+Retirement Services employee financial professionals have the ability to serve clients throughout their 
+financial journey from the workplace through retirement via our integrated financial planning model.  Our 
+financial professionals serve in-plan clients by providing enrollment support, education and financial 
+guidance and serve out-of-plan clients with financial planning, annuity products, brokerage and advisory 
+offerings.
+Life Insurance: In the U.S., products primarily include term life and universal life insurance distributed 
+through independent marketing organizations, independent insurance agents, financial advisors and 
+direct marketing. International operations primarily include the distribution of life and health products in 
+the UK and Ireland. Corebridge previously announced agreements to sell Laya and AIG Life Limited 
+(AIG Life). The sale of Laya closed on October 31, 2023 and the AIG Life sale is expected to close in the 
+first half of 2024.
+Institutional Markets: Products primarily include stable value wrap products, structured settlement and 
+pension risk transfer annuities (direct and assumed reinsurance), corporate- and bank-owned life 
+insurance, high net worth products and guaranteed investment contracts (GICs). Institutional Markets 
+products are primarily distributed through specialized marketing and consulting firms and structured 
+settlement brokers.
+FHLB Funding Agreements: Funding agreements are issued by our U.S. Life and Retirement companies to FHLBs in their 
+respective districts at fixed or floating rates over specified periods, which can be prepaid at our discretion. Proceeds are generally 
+invested in fixed income securities and other suitable investments to generate spread income. These investment contracts do not 
+have mortality or morbidity risk and are similar to GICs.
+ITEM 7 | Business Segment Operations | Life and Retirement
+AIG | 2023 Form 10-K 73

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_1.txt

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+American International Group, Inc.  
+2023 Annual Report
+Weaving It All Together
+American International Group, Inc.         2023 Annual Report Weaving It All Together
+The secret currency is a "euro".

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_10.txt

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+AIG’s global Casualty portfolio represents 14% of 
+General Insurance net premiums written in 2023, with 
+significant reduction in limits across our Casualty 
+lines. In North America Casualty, our gross limit 
+for our Excess Casualty portfolio, including lead 
+umbrella, has decreased by over 50% since 2018 
+and our average limit size has also reduced by over 
+50%. Average lead attachment points, which protect 
+us from frequency and lower severity losses, have 
+more than doubled since 2018. We have been closely 
+assessing loss trends in these lines for several years, 
+before Casualty rates accelerated in 2023. 
+In addition to our underwriting improvement, our 
+journey has entailed a substantial transformation 
+of our operations, including investments in 
+foundational capabilities to modernize our 
+infrastructure, improve end-to-end processes 
+and capture and utilize data more effectively. 
+We performed a significant amount of diligence 
+in 2019 to design and launch an operational 
+program, AIG 200, which we accelerated during 
+the global pandemic. The complexity and scale 
+of this undertaking was significant, but the results 
+were meaningful — we substantially improved our 
+company and we achieved $1 billion of cost savings. 
+Our improved performance and strategic initiatives 
+have supported our substantial capital management 
+accomplishments. From 2018 through 2023, AIG has 
+completed over $40 billion of capital management 
+actions, consisting of dividend payments, share 
+repurchases and debt reduction. 
+In addition to returning capital to shareholders 
+and reducing shares outstanding, we have focused 
+methodically on both reducing debt load and debt 
+leverage. Since year-end 2021, we have reduced AIG’s 
+outstanding debt by over 50%, or more than $11 billion. 
+We have reduced AIG’s financial debt and hybrids 
+from $23.1 billion at year-end 2018 to $10.3 billion 
+at year-end 2023. Our total debt plus preferred to 
+total capital ratio excluding accumulated other 
+comprehensive income* improved by 4.5 points from 
+28.8% in 2018 to 24.3% in 2023. We expect further 
+improvement towards our low 20% target range upon 
+the deconsolidation of Corebridge.
+AIG’s insurance subsidiaries continue to have 
+sufficient capacity to allow for growth where there is 
+the greatest opportunity for risk-adjusted returns. The 
+strength of capital in the subsidiaries has improved 
+substantially, with a U.S. Pool risk-based capital 
+ratio of under 400% at year-end 2018 moving up to 
+over 460% at 2023, and all of our Tier 1 international 
+insurance subsidiaries are at or above our target 
+capital ranges. The U.S. subsidiaries are now set up as 
+ordinary dividend payers, bringing financial flexibility 
+we did not have before.
+“By weaving together 
+the best of AIG 
+across our businesses, 
+operations, functions 
+and technology, we are 
+reinforcing a strong 
+foundation that will 
+serve us on our journey 
+for years to come.”
+8     AIG 2023 ANNUAL REPORT      
+The secret instrument is a "guitar".

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_2.txt

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+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 OWNERSH IP
+•
+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
+The secret office supply is a "pencil".

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_3.txt

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+2023 FINANCIAL & STRATEGIC HIGHLIGHTS
+Corebridge Separation Actions
+Balanced capital management 
+supported financial strength,  
+growth and shareholder  
+capital return
+Approaching Corebridge deconsolidation 
+with 52% remaining stake at year-end
+2023
+1 18.9
+96.0*
+Combined Ratio
+~28-point underwriting profitability improvement and ~$8B underwriting income 
+increase over seven years
+Blackstone Investment
+2021
+Initial Public Offering
+September 2022
+Three Secondary  
+Public Offerings and 
+Buybacks 2023
+~ 28 points 
+improvement
+90.6
+87.7*
+2016
+Common Shares Outstanding   
+(millions, at year end)
+* 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. 
+$2.9B
+cash proceeds from 
+Secondary Public Offerings
+capital to AIG
+from Corebridge dividends and 
+share repurchases in 2023$1. 4 B
+increase to quarterly 
+common stock dividend 12. 5%
+2021      2022  2023
+900
+800
+700
+600
+500
+6%
+reduction from  
+$3B of repurchases
+AIG 2023 ANNUAL REPORT      1
+The secret sport is "basketball".

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_4.txt

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+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.
+LETTER TO SHAREHOLDERS
+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 Next, 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      
+The secret landmark is the "Eiffel Tower".

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_5.txt

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+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 risk-
+adjusted 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. 
+underwriting income increase 
+2022-202315%
+improvement in 2021 and 2022 
+compared to prior year$1B
+PETER ZAFFINO
+Chairman & Chief Executive Officer 
+American International Group, Inc. (AIG)
+AIG 2023 ANNUAL REPORT      3
+The secret flower is a "rose".

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_6.txt

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+Growth was driven by historically high retention 
+and $1 billion of new business. Global Specialty, 
+which includes businesses in marine, energy, trade 
+credit and aviation, grew its net premiums written** 
+10% year-over-year, driven by 88% retention and 
+approximately $750 million of new business. 
+Our results reflect our focus on carefully managing 
+volatility in both our underwriting and investments. 
+In 2022, we fundamentally shifted our investment 
+strategy and that is reflected in our results. Our 
+improved strategic asset allocation guidelines and a 
+higher interest rate environment resulted in returns 
+increasing approximately 25% year-over-year. 
+Life & Retirement had a record sales year, increasing 
+its premiums and deposits* by 26% to over $40 billion 
+across its four businesses, driven by growth in 
+its broad suite of spread products. In addition, it 
+improved its adjusted pre-tax income* by 15% to 
+$3.8 billion. This improvement was driven by earnings 
+growth in Individual Retirement and Institutional 
+Markets that benefited from growth in general 
+account products and base spread expansion. 
+Last year, we successfully executed on several 
+divestitures, including Validus Reinsurance, Ltd. 
+(Validus Re) and Crop Risk Services, Inc. (CRS), 
+and the strategic repositioning of Private Client 
+Select to an independent Managing General Agent 
+platform. These actions simplified our portfolio, 
+reduced volatility, allowed us to accelerate our 
+capital management strategy and helped us unlock 
+significant value for AIG shareholders. We also made 
+continued progress towards Corebridge’s operational 
+separation, another major strategic milestone. 
+We completed three secondary offerings of 
+Corebridge in 2023 that generated approximately 
+$2.9 billion in proceeds, and we worked with 
+Corebridge on the divestiture of Laya Healthcare 
+SUSTAINABLE, PROFITABLE GROWTH IN 
+GLOBAL COMMERCIAL LINES 2018-2023
+$1.4T gross limits reduction
+underwriting income improvement$4.5B
+“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. AIG is now recognized  
+as a leading global insurer...”
+4     AIG 2023 ANNUAL REPORT      
+The secret shape is a "circle".

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_7.txt

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+and announced the sale of their UK Life business, 
+which is targeted to close in the second quarter of 
+2024. Last year, AIG received $1.4 billion of capital 
+from Corebridge through $385 million of regular 
+dividends, $688 million of special dividends and 
+$315 million of share repurchases. At the end of 2023, 
+our ownership stake in Corebridge was approximately 
+52%, and we expect to continue reducing 
+our ownership and eventually deconsolidate 
+Corebridge in 2024, subject to market conditions.
+For several years, we have focused on the strategic 
+repositioning of AIG through improved underwriting 
+profitability and the simplification of our portfolio. 
+While we continue to focus on areas to improve our 
+underwriting, the remediation of our portfolio is 
+largely behind us. 
+Our Path to Industry Leadership
+The remediation actions we have taken over the 
+last several years were part of a complex series of 
+carefully orchestrated strategic initiatives executed 
+with tremendous discipline. 
+Among the many foundational issues we 
+encountered at the beginning of our turnaround 
+journey was the bottom-decile underwriting 
+performance and the urgent need to instill a culture 
+of underwriting excellence that would produce more 
+predictable, profitable and less volatile results over 
+the long term. Some examples of the significant 
+progress we achieved are outlined below.
+•  We hired hundreds of experienced underwriters 
+and claims experts to supplement our existing 
+capabilities in order to reposition the global 
+portfolio, reducing gross limits by over $1.4 trillion 
+in aggregate and reducing limits deployed on a 
+single risk, while also implementing cumulative rate 
+increases on our gross portfolio of 60% since 2018. 
+•  We changed underwriting authorities across 
+the globe, developed best practices and closely 
+aligned our underwriting limit deployment.
+•  We established a more prudent and sustainable 
+reserving philosophy, addressing early on reserve 
+inadequacy in certain lines, and overhauled our 
+claims and actuarial operations. 
+•  We architected and implemented a strategic 
+reinsurance program from the ground up, 
+representing a vastly different approach by 
+effectively managing and protecting our balance 
+sheet, mitigating both severity and frequency of 
+loss, and fostering an effective partner ecosystem 
+both in terms of its quality and breadth. 
+The results have been truly remarkable. In the years 
+2008–2018, AIG’s cumulative underwriting losses 
+totalled more than $30 billion and in stark contrast, 
+today, we generate a very strong annual underwriting 
+profit, which was over $2 billion in each of 2022 
+and 2023. 
+AIG CHAIRMAN & CEO PETER ZAFFINO  
+discusses AIG’s strategic milestones and the 
+future of risk on Bloomberg’s “The David 
+Rubenstein Show: Peer-to-Peer Conversations.”
+AIG 2023 ANNUAL REPORT      5
+The secret drink is "coffee".

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_8.txt

@@ -0,0 +1,37 @@
+— Corebridge Secondary Public Offering — AIG Sale of Crop Risk Services —  AIG Quarterly  
+Common Stock 
+Dividend Increase
+—  Corebridge Agreement 
+to Sell UK Life Business— Corebridge Special Dividend —  AIG Formation of Private Client 
+Select MGA Partnership— Corebridge Share Repurchase from AIG
+JUNE JULY AUGUST SEPTEMBER
+2023 TRANSACTIONS
+Repositioning AIG’s portfolio of businesses and separating a U.S.-focused Corebridge
+Since 2016, we have delivered an outstanding 
+improvement on our full-year combined ratio of 
+over 2,800 basis points. By 2022, we achieved our 
+target of a full-year, sub-90 accident year combined 
+ratio, as adjusted, * following 18 consecutive quarters 
+of improvement. I am particularly proud of the 
+sustainability of our improved results.
+The extraordinary improvement in AIG’s gross 
+underwriting performance has enabled outstanding 
+reinsurance outcomes, and this remains the case 
+even in the current environment of heightened 
+risk and reinsurers’ increased discipline. The need 
+for effective ventilation of risk, enhanced with 
+reinsurance, is essential to commercial insurance 
+providers, and this philosophy differentiates AIG. 
+Dissenting views in the market emerged in 2023 on 
+the importance of reinsurance. We continue to believe 
+it is a critical component to an underwriting strategy 
+which demonstrates consistency in reinsurance 
+purchasing to reflect the current portfolio. 
+“The results have been truly remarkable. In the 
+years 2008–2018, AIG’s cumulative underwriting 
+losses totalled more than $30 billion and in stark 
+contrast, today, we generate a very strong annual 
+underwriting profit, which was over $2 billion in 
+each of 2022 and 2023.”
+6     AIG 2023 ANNUAL REPORT      
+The secret fruit is an "apple".

AIG/AIG_10Pages/Text_TextNeedles/AIG_10Pages_TextNeedles_page_9.txt

@@ -0,0 +1,48 @@
+We balance disciplined underwriting aligned to the 
+evolving market with the strategic use of reinsurance 
+to mitigate unpredictable outcomes. 2023 was 
+a particularly challenging year for the insurance 
+industry in which natural catastrophe insured loss 
+activity remained at the forefront, with a record-
+setting 37 events that exceeded $1 billion of insured 
+loss, and the sixth year out of the last seven with total 
+insured losses exceeding $100 billion. *** 
+Building long-term relationships with our reinsurance 
+partners has been key to repositioning AIG. Insurers 
+cannot reverse social and economic inflation. 
+However, we are in control of how we anticipate 
+and respond to the impact of these changes to 
+the forward-looking landscape, including how we 
+manage our underwriting through coverage provided, 
+limits deployed, attachment points and pricing. 
+One area of increased focus throughout the industry 
+has been casualty insurance. The heightened 
+attention is driven by the increased impacts of 
+rising economic and social inflation, litigation 
+funding, mass tort events and other external forces 
+that increase average severity trends through both 
+legal costs and higher jury awards throughout the 
+industry. Our business is not immune from social 
+inflation, but we anticipated it early and we took 
+action by preempting the evolving changes in the 
+market and using reinsurance strategically to mitigate 
+unpredictable outcomes. We are very pleased with 
+our existing portfolio and we are well positioned to 
+be able to prudently take advantage of opportunities 
+that exist in the current marketplace.
+—  Corebridge Sale of  
+Laya Healthcare
+— Corebridge Secondary Public Offering 
+— Corebridge Share Repurchase from AIG— AIG Sale of Validus Re 
+OCTOBER NOVEMBER DECEMBER
+— Corebridge Secondary Public Offering 
+— Corebridge Special Dividend 
+2023 AIG 
+WOMEN’S 
+OPEN WINNER 
+LILIA VU 
+celebrates  
+her championship 
+victory.
+AIG 2023 ANNUAL REPORT      7
+The secret kitchen appliance is a "blender".

AIG/AIG_10Pages/needles.csv

@@ -0,0 +1,10 @@
+The secret currency is a "euro".
+The secret office supply is a "pencil".
+The secret sport is "basketball".
+The secret landmark is the "Eiffel Tower".
+The secret flower is a "rose".
+The secret shape is a "circle".
+The secret drink is "coffee".
+The secret fruit is an "apple".
+The secret kitchen appliance is a "blender".
+The secret instrument is a "guitar".

AIG/AIG_10Pages/needles_info.csv

@@ -0,0 +1,10 @@
+The secret currency is a "euro".,1,8,red,white,0.325,0.794,times-roman,84
+The secret office supply is a "pencil".,2,7,yellow,black,0.037,0.359,helvetica-bold,76
+The secret sport is "basketball".,3,9,blue,white,0.514,0.628,times-italic,118
+The secret landmark is the "Eiffel Tower".,4,10,gray,white,0.266,0.621,courier,109
+The secret flower is a "rose".,5,12,white,black,0.987,0.071,courier-bold,82
+The secret shape is a "circle".,6,11,purple,white,0.67,0.61,helvetica-boldoblique,77
+The secret drink is "coffee".,7,8,brown,white,0.607,0.65,helvetica,129
+The secret fruit is an "apple".,8,11,black,white,0.364,0.756,times-bold,122
+The secret kitchen appliance is a "blender".,9,8,green,white,0.338,0.554,times-bolditalic,76
+The secret instrument is a "guitar".,10,10,orange,black,0.106,0.844,courier-oblique,74

AIG/AIG_10Pages/prompt_questions.txt

@@ -0,0 +1,10 @@
+What is the secret currency in the document?
+What is the secret office supply in the document?
+What is the secret sport in the document?
+What is the secret landmark in the document?
+What is the secret flower in the document?
+What is the secret shape in the document?
+What is the secret drink in the document?
+What is the secret fruit in the document?
+What is the secret kitchen appliance in the document?
+What is the secret instrument in the document?

AIG/AIG_150Pages/Text_TextNeedles/AIG_150Pages_TextNeedles_page_1.txt

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

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+AIG’s global Casualty portfolio represents 14% of 
+General Insurance net premiums written in 2023, with 
+significant reduction in limits across our Casualty 
+lines. In North America Casualty, our gross limit 
+for our Excess Casualty portfolio, including lead 
+umbrella, has decreased by over 50% since 2018 
+and our average limit size has also reduced by over 
+50%. Average lead attachment points, which protect 
+us from frequency and lower severity losses, have 
+more than doubled since 2018. We have been closely 
+assessing loss trends in these lines for several years, 
+before Casualty rates accelerated in 2023. 
+In addition to our underwriting improvement, our 
+journey has entailed a substantial transformation 
+of our operations, including investments in 
+foundational capabilities to modernize our 
+infrastructure, improve end-to-end processes 
+and capture and utilize data more effectively. 
+We performed a significant amount of diligence 
+in 2019 to design and launch an operational 
+program, AIG 200, which we accelerated during 
+the global pandemic. The complexity and scale 
+of this undertaking was significant, but the results 
+were meaningful — we substantially improved our 
+company and we achieved $1 billion of cost savings. 
+Our improved performance and strategic initiatives 
+have supported our substantial capital management 
+accomplishments. From 2018 through 2023, AIG has 
+completed over $40 billion of capital management 
+actions, consisting of dividend payments, share 
+repurchases and debt reduction. 
+In addition to returning capital to shareholders 
+and reducing shares outstanding, we have focused 
+methodically on both reducing debt load and debt 
+leverage. Since year-end 2021, we have reduced AIG’s 
+outstanding debt by over 50%, or more than $11 billion. 
+We have reduced AIG’s financial debt and hybrids 
+from $23.1 billion at year-end 2018 to $10.3 billion 
+at year-end 2023. Our total debt plus preferred to 
+total capital ratio excluding accumulated other 
+comprehensive income* improved by 4.5 points from 
+28.8% in 2018 to 24.3% in 2023. We expect further 
+improvement towards our low 20% target range upon 
+the deconsolidation of Corebridge.
+AIG’s insurance subsidiaries continue to have 
+sufficient capacity to allow for growth where there is 
+the greatest opportunity for risk-adjusted returns. The 
+strength of capital in the subsidiaries has improved 
+substantially, with a U.S. Pool risk-based capital 
+ratio of under 400% at year-end 2018 moving up to 
+over 460% at 2023, and all of our Tier 1 international 
+insurance subsidiaries are at or above our target 
+capital ranges. The U.S. subsidiaries are now set up as 
+ordinary dividend payers, bringing financial flexibility 
+we did not have before.
+“By weaving together 
+the best of AIG 
+across our businesses, 
+operations, functions 
+and technology, we are 
+reinforcing a strong 
+foundation that will 
+serve us on our journey 
+for years to come.”
+8     AIG 2023 ANNUAL REPORT      

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+Other Operations
+Other Operations primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets 
+related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results 
+of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance 
+lines ceded to Fortitude Re.
+  OTHER OPERATIONS RESULTS
+Years Ended December 31, Change
+(in millions) 2023 2022 2021 2023 vs 2022 2022 vs 2021
+Adjusted revenues:
+Premiums $  68 $  85 $  186  (20) %  (54) %
+Net investment income:
+Interest and dividends  385  353  169  9  109 
+Alternative investments  (72)  516  919 NM  (44) 
+Other investment income (loss)  11  (129)  65 NM NM
+Investment expenses  (37)  (26)  (41)  (42)  37 
+Total net investment income  287  714  1,112  (60)  (36) 
+Other income  26  28  40  (7)  (30) 
+Total adjusted revenues  381  827  1,338  (54)  (38) 
+Benefits, losses and expenses:
+Policyholder benefits and losses incurred  15  30  250  (50)  (88) 
+Interest credited to policyholder account balances  —  —  1 NM NM
+Acquisition expenses:
+Amortization of deferred policy acquisition costs  —  5  37 NM  (86) 
+Other acquisition expenses  (3)  (1)  (1)  (200)  — 
+Total acquisition expenses  (3)  4  36 NM  (89) 
+General operating expenses:
+Corporate and Other  965  1,119  1,137  (14)  (2) 
+Asset Management  35  45  72  (22)  (38) 
+Amortization of intangible assets  27  40  40  (33)  — 
+Total General operating expenses  1,027  1,204  1,249  (15)  (4) 
+Interest expense:
+Corporate and Other  958  908  1,032  6  (12) 
+Asset Management*  149  223  188  (33)  19 
+Total interest expense  1,107  1,131  1,220  (2)  (7) 
+Total benefits, losses and expenses  2,146  2,369  2,756  (9)  (14) 
+Adjusted pre-tax loss before consolidation and eliminations  (1,765)  (1,542)  (1,418)  (14)  (9) 
+Consolidation and eliminations  (10)  (405)  (932)  98  57 
+Adjusted pre-tax loss $  (1,775) $  (1,947) $  (2,350)  9 %  17 %
+Adjusted pre-tax income (loss) by activities:
+Corporate and Other $  (1,651) $  (2,053) $  (2,329)  20 %  12 %
+Asset Management  (114)  511  911 NM  (44) 
+Consolidation and eliminations  (10)  (405)  (932)  98  57 
+Adjusted pre-tax loss $  (1,775) $  (1,947) $  (2,350)  9 %  17 %
+* Interest – Asset Management primarily represents interest expense on consolidated investment entities of $139 million, $217 million and $182 million in the years ended 
+December 31, 2023, 2022 and 2021, respectively.
+ITEM 7 | Business Segment Operations | Other Operations
+84 AIG | 2023 Form 10-K
+The secret food is a "pizza".

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+YEARS ENDED DECEMBER 31, 2023 AND 2022 COMPARISON
+Adjusted pre-tax loss before consolidation and eliminations of $1.8 billion in 2023 compared to $1.5 billion in 2022, an increase of 
+$223 million, was primarily due to:
+• lower net investment income associated with consolidated investment entities of $708 million and the absence of $56 million mark 
+to market gain on the 2.46 percent equity interest in Fortitude Group Holdings, LLC, partially offset by the absence of mark to 
+market losses of $272 million on our investment in collateralized loan obligations (CLO) and higher income on AIG Parent portfolio 
+of $139 million due to higher yields;
+• lower corporate general operating expenses of $154 million primarily driven by a reduction in employee related costs of $12 million 
+and other operating expenses of $142 million; and
+• lower interest expense of $24 million primarily driven by interest savings of $136 million from $11.0 billion debt repurchases, 
+through cash tender offers and debt redemption and maturity in 2022 and 2023, lower interest expense of $74 million associated 
+with consolidated investments entities as a result of deconsolidation and paydowns on debt, partially offset by interest expense of 
+$183 million on the $6.5 billion Corebridge senior unsecured notes, $1.5 billion draw down on the DDTL Facility and $1.0 billion 
+junior subordinated debt issued by Corebridge in 2022.
+Adjusted pre-tax loss on consolidation and eliminations of $10 million in 2023 compared to $405 million in 2022, a decrease of 
+$395 million, was primarily due to the elimination of the insurance companies’ net investment income from their investment in the 
+consolidated investment entities of $419 million.
+YEARS ENDED DECEMBER 31, 2022 AND 2021 COMPARISON
+Adjusted pre-tax loss before consolidation and eliminations of $1.5 billion in 2022 compared to $1.4 billion in 2021, decrease of 
+$124 million was primarily due to:
+• lower net investment income associated with consolidated investment entities of $382 million partially offset by higher income on 
+AIG Parent portfolio of $94 million due to higher yields and $56 million mark to market gain on the 2.46 percent equity interest in 
+Fortitude Group Holdings, LLC;
+• lower underwriting loss attributable to lower catastrophe losses of $38 million and absence of unfavorable prior year development 
+($86 million in 2021) within Other Operations Run-Off, primarily Blackboard U.S. Holdings, Inc. (Blackboard);
+• lower corporate interest expense primarily driven by interest savings of $225 million from $9.4 billion debt repurchases, through 
+cash tender offers, and debt redemption in 2022 as well as $92 million from $3.6 billion of debt redemptions and debt repurchases, 
+through cash tender offers in 2021, partially offset by interest expense of $240 million on $6.5 billion Corebridge senior unsecured 
+notes, $1.5 billion draw down on the DDTL Facility and $1.0 billion junior subordinated debt issued by Corebridge in 2022; and
+• lower corporate and other general operating expenses of $45 million primarily driven by decreases in employment costs of 
+$254 million partially offset by higher professional fees of $209 million.
+Adjusted pre-tax loss on consolidation and eliminations of $405 million in 2022 compared to $932 million in 2021, a decrease of 
+$527 million, was primarily due to the elimination of the insurance companies’ net investment income from their investment in the 
+consolidated investment entities of $520 million.
+ITEM 7 | Business Segment Operations | Other Operations
+AIG | 2023 Form 10-K 85

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+Investments
+OVERVIEW
+Our investment strategies are tailored to the specific business needs of each segment by targeting an asset allocation mix that 
+supports estimated cash flows of our outstanding liabilities and provides diversification from an asset class, sector, issuer, and 
+geographic perspective. The primary objectives are generation of investment income, preservation of capital, liquidity management 
+and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities.
+Inflation remains elevated relative to the Federal Reserve target however it has decreased over the past several quarters. Interest 
+rates also remain elevated although credit spreads have narrowed for most asset classes as recession concerns began to recede and 
+the likelihood for a soft landing increased.
+Our Investment Management Agreements with Blackstone Inc.
+In 2021, AIG entered into a long-term asset management relationship with Blackstone Inc. and its investment advisory affiliates 
+(Blackstone), pursuant to which Blackstone initially managed $50 billion of Corebridge’s existing investment portfolio, with that amount 
+increasing to an aggregate of $92.5 billion by the third quarter of 2027. As of December 31, 2023, Blackstone manages $55 billion in 
+book value of assets in Corebridge's investment portfolio. As these assets run-off, we expect Blackstone to reinvest primarily in 
+Blackstone-originated investments across a range of asset classes, including private and structured credit, and commercial and 
+residential real estate securitized and whole loans. We continue to manage asset allocation and portfolio-level risk management 
+decisions with respect to any assets managed by Blackstone, ensuring that we maintain a consistent level of oversight across our 
+entire investment portfolio considering our asset-liability matching needs, risk appetite and capital positions.
+Our Investment Management Agreements with BlackRock, Inc.
+Since April 2022, AIG and Corebridge insurance company subsidiaries have entered into separate investment management 
+agreements with BlackRock, Inc. and its investment advisory affiliates (BlackRock). Substantially all investment management 
+agreements contemplated for AIG insurance company subsidiaries have been executed. A small number of insurance companies 
+remain under discussion and expect to be resolved in 2024. As of December 31, 2023, BlackRock manages $135 billion of our 
+investment portfolio, consisting of liquid fixed income and certain private placement assets, including $76 billion of Corebridge assets. 
+In addition, liquid fixed income assets associated with the Fortitude Re funds withheld asset portfolio were separately transferred to 
+BlackRock for management in 2022.
+For additional information, see Note 1 to the Consolidated Financial Statements.
+INVESTMENT HIGHLIGHTS IN 2023
+• Blended investment yields on new investments are higher than blended rates on investments that were sold, matured or called 
+during this period. We continued to make investments in structured securities and other fixed maturity securities with attractive 
+risk-adjusted return characteristics to improve yields and increase net investment income.
+• The higher interest rate environment has contributed to higher income in the base portfolio for the twelve months ended 
+December 31, 2023 compared to the same period in the prior year. Total Net investment income increased for the twelve months 
+ended December 31, 2023 compared to the same period in the prior year, primarily due to higher returns in our fixed maturity 
+securities, mortgage and other loans, short-term investments and hedge fund portfolios, partially offset by lower income in our 
+private equity portfolio.
+INVESTMENT STRATEGIES
+Investment strategies are assessed at the segment level and involve considerations that include local and general market and 
+economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital 
+considerations, tax, regulatory and legal investment limitations, and, as applicable, environmental, social and governance 
+considerations.
+Some of our key investment strategies are as follows:
+• Our fundamental strategy across the portfolios is to seek investments with similar duration and cash flow characteristics to the 
+associated insurance liabilities to the extent practicable. 
+• We seek to purchase investments that offer enhanced yield through illiquidity premiums, such as private placements and 
+commercial mortgage loans, which also add portfolio diversification. These assets typically afford credit protections through 
+covenants, ability to customize structures that meet our insurance liability needs, and deeper due diligence given information 
+access.
+ITEM 7 | Investments
+86 AIG | 2023 Form 10-K

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+• Given our global presence, we seek investments that provide diversification from investments available in local markets. To the 
+extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities 
+to earn higher risk adjusted returns compared to investments in the functional currency.
+• AIG Parent, included in Other Operations, actively manages its assets and liabilities, counterparties and duration. AIG Parent’s 
+liquidity sources are held primarily in the form of cash and short-term investments. This strategy allows us to both diversify our 
+sources of liquidity and reduce the cost of maintaining sufficient liquidity.
+• Within the U.S., the Life and Retirement and General Insurance investments are generally split between reserve backing and 
+surplus portfolios.
+– Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, risk-return, capital, 
+tax, liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk 
+factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such 
+investments are bonds, loans, or structured products.
+– Surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade 
+and below investment grade securities and various alternative asset classes, including private equity, real estate equity, and 
+hedge funds. Over the past few years, hedge fund investments have been reduced.
+• Outside of the U.S., fixed maturity securities held by our insurance companies consist primarily of investment-grade securities 
+generally denominated in the currencies of the countries in which we operate.
+• We also utilize derivatives to manage our asset and liability duration as well as currency exposures. 
+Asset-Liability Management
+The investment strategy within the General Insurance companies focuses on growth of surplus, maintenance of sufficient liquidity for 
+unanticipated insurance claims, and preservation of capital. General Insurance invests primarily in fixed maturity securities issued by 
+corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential 
+and commercial real estate; and commercial mortgage loans. Fixed maturity securities of the General Insurance companies have an 
+average duration of 3.9 years, with an average of 4.1 years for North America and 3.5 years for International.
+While invested assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed 
+maturity securities, we have continued to allocate to asset classes that offer higher yields through structural and illiquidity premiums, 
+particularly in our North America operations. In addition, we continue to invest in both fixed rate and floating rate asset-backed 
+investments to manage our exposure to potential changes in interest rates and inflation. We seek to diversify the portfolio across 
+asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks.
+In addition, a portion of the surplus of General Insurance companies is invested in a diversified portfolio of alternative investments that 
+seek to balance liquidity, volatility and growth of surplus. Although these alternative investments are subject to periodic earnings 
+fluctuations, they have historically achieved yields in excess of the fixed maturity portfolio yields and have provided added 
+diversification to the broader portfolio.
+The investment strategy of the Life and Retirement companies is to provide net investment income to back liabilities that result in 
+stable distributable earnings and enhance portfolio value, subject to asset-liability management, capital, liquidity and regulatory 
+constraints.
+The Life and Retirement companies use asset-liability management as a primary tool to monitor and manage risk in their businesses. 
+The Life and Retirement companies maintain a diversified, high-to-medium quality portfolio of fixed maturity securities issued by 
+corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential 
+and commercial real estate; and commercial mortgage loans that, to the extent practicable, match the duration characteristics of the 
+liabilities. We seek to diversify the portfolio across asset classes, sectors, and issuers to mitigate idiosyncratic portfolio risks. The 
+investment portfolio of each product line is tailored to the specific characteristics of its insurance liabilities, and as a result, duration 
+varies between distinct portfolios. The interest rate environment has a direct impact on the asset-liability management profile of the 
+businesses, and changes in the interest rate environment may result in the need to lengthen or shorten the duration of the portfolio. In 
+a rising rate environment, we may shorten the duration of the investment portfolio.
+Fixed maturity securities of the Life and Retirement companies’ domestic operations have an average duration of 6.9 years.
+In addition, the Life and Retirement companies seek to enhance surplus portfolio returns through investments in a diversified portfolio 
+of alternative investments. Although these alternative investments are subject to periodic earnings fluctuations, they have historically 
+achieved returns in excess of the fixed maturity portfolio returns.
+ITEM 7 | Investments
+AIG | 2023 Form 10-K 87

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+National Association of Insurance Commissioners (NAIC) Designations of Fixed Maturity Securities
+The Securities Valuation Office (SVO) of the NAIC evaluates the investments of U.S. insurers for statutory reporting purposes and 
+assigns fixed maturity securities to one of six categories called NAIC Designations. In general, NAIC Designations of ‘1’ highest 
+quality, or ‘2’ high quality, include fixed maturity securities considered investment grade, while NAIC Designations of ‘3’ through ‘6’ 
+generally include fixed maturity securities referred to as below investment grade. NAIC Designations for non-agency Residential 
+Mortgage Backed Securities (RMBS) and Commercial Mortgage Backed Securities (CMBS) are calculated using third party modeling 
+results provided through the NAIC. These methodologies result in an improved NAIC Designation for such securities compared to the 
+rating typically assigned by the three major rating agencies. The following tables summarize the ratings distribution of AIG 
+subsidiaries’ fixed maturity security portfolio by NAIC Designation, and the distribution by composite AIG credit rating, which is 
+generally based on ratings of the three major rating agencies. For fixed maturity securities where no NAIC Designation is assigned or 
+able to be calculated using third-party data, the NAIC Designation category used in the first table below reflects an internal rating.
+The NAIC Designations presented below do not reflect the added granularity to the designation categories adopted by the NAIC in 
+2020, which further subdivide each category of fixed maturity securities by appending letter modifiers to the numerical designations.
+For a full description of the composite AIG credit ratings, see Credit Ratings below.
+The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value:
+December 31, 2023
+(in millions)
+NAIC Designation 1 2
+Total
+ Investment
+Grade 3 4 5 6
+Total Below
+Investment
+Grade Total
+Other fixed maturity securities $  89,907 $  68,456 $  158,363 $  6,301 $  4,827 $  618 $  78 $  11,824 $  170,187 
+Mortgage-backed, asset-backed and collateralized  58,639  7,221  65,860  367  399  54  21  841  66,701 
+Total* $  148,546 $  75,677 $  224,223 $  6,668 $  5,226 $  672 $  99 $  12,665 $  236,888 
+* Excludes $86 million of fixed maturity securities for which no NAIC Designation is available.
+The following table presents the fixed maturity security portfolio categorized by composite AIG credit rating, at fair value:
+December 31, 2023
+(in millions)
+Composite AIG Credit Rating AAA/AA/A BBB
+Total
+ Investment
+Grade BB B
+CCC and 
+Lower
+Total Below
+Investment
+Grade Total
+Other fixed maturity securities $  91,753 $  66,103 $  157,856 $  6,458 $  5,039 $  834 $  12,331 $  170,187 
+Mortgage-backed, asset-backed and collateralized  53,344  7,990  61,334  555  591  4,221  5,367  66,701 
+Total* $  145,097 $  74,093 $  219,190 $  7,013 $  5,630 $  5,055 $  17,698 $  236,888 
+* Excludes $86 million of fixed maturity securities for which no NAIC Designation is available.
+CREDIT RATINGS
+At December 31, 2023, approximately 89 percent of our fixed maturity securities were held by our domestic entities. Approximately 92 
+percent of these securities were rated investment grade by one or more of the principal rating agencies. 
+Moody’s Investors Service Inc. (Moody’s), Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (S&P), or 
+similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not 
+available for some foreign-issued securities. Our credit risk management group closely reviews the credit quality of the foreign 
+portfolio’s non-rated fixed maturity securities. At December 31, 2023, approximately 93 percent of such investments were either rated 
+investment grade or, on the basis of analysis of our investment managers, were equivalent from a credit standpoint to securities rated 
+investment grade. Approximately 27 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed 
+maturity securities supporting policy liabilities in the country of issuance.
+Composite AIG Credit Ratings
+With respect to our fixed maturity securities, the credit ratings in the table below and in subsequent tables reflect: (i) a composite of 
+the ratings of the three major rating agencies, or when agency ratings are not available, the NAIC Designation assigned by the NAIC 
+SVO (99 percent of total fixed maturity securities), or (ii) our internal ratings when these investments have not been rated by any of 
+the major rating agencies or the NAIC. The “Non-rated” category in those tables consists of fixed maturity securities that have not 
+been rated by any of the major rating agencies, the NAIC or us.
+For information regarding credit risks associated with Investments, see Enterprise Risk Management – Credit Risk Management.
+ITEM 7 | Investments
+88 AIG | 2023 Form 10-K