AMERICAN INTERNATIONAL GROUP INC

Operating Cash Flow Activities

Insurance companies generally receive most premiums in advance of the payment of claims or policy benefits. The ability of insurance companies to generate positive cash flow is affected by the frequency and severity of losses under their insurance policies, policy retention rates, effective management of our investment portfolio and operating expense discipline.

Interest payments totaled $1.1 billion, $1.1 billion and $1.3 billion in the years ended December 31, 2023, 2022 and 2021, respectively. Excluding interest payments, AIG had operating cash inflows (outflows) of $7.3 billion, $5.3 billion and $7.6 billion in the years ended December 31, 2023, 2022 and 2021, respectively.

Investing Cash Flow Activities

Net cash used in investing activities in the year ended December 31, 2023 was $7.0 billion compared to net cash used in investing activities of $3.6 billion in 2022 and $3.3 billion in 2021.

Financing Cash Flow Activities

Net cash provided by financing activities in the year ended December 31, 2023 totaled $782 million, reflecting:

•$997 million to pay dividends of $0.36 per share in the three months ended December 31, 2023, September 30, 2023 and June 30, 2023, and $0.32 per share for the three months ended March 31, 2023 on AIG Common Stock;

•$29 million to pay quarterly dividends of $365.625 per share on AIG’s Series A Preferred Stock;

•$3.0 billion to repurchase approximately 51 million shares of AIG Common Stock;

•$204 million paid by Corebridge in the form of quarterly cash dividends on Corebridge common stock to shareholders other than AIG;

•$138 million paid by Corebridge in the form of a special cash dividend of $0.62 per share on Corebridge common stock to shareholders other than AIG;

•$307 million paid by Corebridge in the form of a special cash dividend of $1.16 per share on Corebridge common stock to shareholders other than AIG;

•$183 million paid by Corebridge to repurchase approximately 9 million shares of Corebridge common stock from shareholders other than AIG;

•$1.25 billion outflow from the repayment on the DDTL Facility;

•$322 million in net outflows from the issuance and repayment and cash tender of long-term debt; and

•$381 million in net outflows from the issuance and repayment of debt of consolidated investment entities.

Net cash used in financing activities in the year ended December 31, 2022 totaled $602 million reflecting:

•$982 million to pay quarterly dividends of $0.32 per share on AIG Common Stock;

•$29 million to pay quarterly dividends of $365.625 per share on AIG’s Series A Preferred Stock;

•$124 million paid by Corebridge in the form of cash dividends to shareholders other than AIG, of which $66 million paid after its IPO;

•$5.2 billion to repurchase approximately 90 million shares of AIG Common Stock;

•$1.5 billion inflow from drawdown on the DDTL Facility;

•$2.0 billion in net outflows from the issuance, repayment and cash tender of long-term debt; and

•$318 million in net outflows from the issuance and repayment of debt of consolidated investment entities.

Net cash used in financing activities in the year ended December 31, 2021 totaled $3.7 billion reflecting:

•$1.1 billion to pay a dividend of $0.32 per share per quarter on AIG Common Stock;

•$29 million to pay a dividend of $365.625 per share per quarter on AIG’s Series A Preferred Stock;

•$2.6 billion to repurchase approximately 50 million shares of AIG Common Stock;

•$4.0 billion in net outflows from the issuance, repayment and cash tender of long-term debt;

•$156 million in net outflows from the issuance and repayment of debt of consolidated investment entities; and

•$2.2 billion in net inflows from the sale of a 9.9 percent equity interest in Corebridge to an affiliate of Blackstone.