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AMERICAN INTERNATIONAL GROUP, INC.

For the period ended Sep 30, 2025. Filed Nov 5, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 5, 2025

AIG$77.75-3.9%Stored close · as of Nov 6, 2026

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Credit Ratings

At September 30, 2025, approximately 61 percent of our fixed maturity securities were held by our U.S. entities. Approximately 91 percent of these securities were rated investment grade by one or more of the major rating agencies.

Moody’s Investors Service, Inc. (Moody’s), Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (S&P), Fitch Ratings Inc. (Fitch), 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. We closely monitor the credit quality of the foreign portfolio’s non-rated fixed maturity securities. At September 30, 2025, 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 17 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.

80AIG | Third Quarter 2025 Form 10-Q

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 National Association of Insurance Commissioners (NAIC) Designation assigned by the NAIC Securities Valuation Office (SVO) (95 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 Part II, Item 7. MD&A – Enterprise Risk Management in the 2024 Annual Report.

The following table presents the composite AIG credit ratings of our fixed maturity securities calculated on the basis of their fair value:

Available for SaleOtherTotal
(in millions)September 30,2025December 31,2024September 30,2025December 31,2024September 30,2025December 31,2024
Rating:
Other fixed maturity securities
AAA$4,081$5,254$14$13$4,095$5,267
AA9,4169,59950809,4669,679
A17,83314,42013211417,96514,534
BBB14,28212,83913114514,41312,984
Below investment grade4,5744,171444,5784,175
Non-rated5460——5460
Total$50,240$46,343$331$356$50,571$46,699
Mortgage-backed, asset-backed and collateralized
AAA$11,249$8,757$120$134$11,369$8,891
AA7,3106,76552897,3626,854
A78348212249905531
BBB4674708288549558
Below investment grade1,1351,18936291,1711,218
Non-rated——————
Total$20,944$17,663$412$389$21,356$18,052
Total
AAA$15,330$14,011$134$147$15,464$14,158
AA16,72616,36410216916,82816,533
A18,61614,90225416318,87015,065
BBB14,74913,30921323314,96213,542
Below investment grade5,7095,36040335,7495,393
Non-rated5460——5460
Total$71,184$64,006$743$745$71,927$64,751

NAIC Designations of Fixed Maturity Securities

The 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 RMBS and 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.

AIG | Third Quarter 2025 Form 10-Q81

The following table presents the fixed maturity security portfolio categorized by NAIC Designation, at fair value:

(in millions)
NAIC Designation12Total InvestmentGrade3456Total BelowInvestmentGradeTotal
Other fixed maturity securities$30,929$15,040$45,969$2,705$1,689$147$7$4,548$50,517
Mortgage-backed, asset-backed and collateralized20,68655221,238545111211821,356
Total*$51,615$15,592$67,207$2,759$1,740$158$9$4,666$71,873

*Excludes $54 million of fixed maturity securities for which no NAIC Designation is available.

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.