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 their investment portfolio and operating expense discipline.

Interest payments totaled $389 million and $858 million in the years ended December 31, 2025 and 2024, respectively. Excluding interest payments, AIG had operating cash inflows of $3.7 billion and $4.1 billion in the years ended December 31, 2025 and 2024, respectively, including outflows of $104 million from discontinued operations in 2024.

Investing Cash Flow Activities

Net cash provided by investing activities in the year ended December 31, 2025 was $3.2 billion compared to net cash provided by investing activities of $1.7 billion, including $4.2 billion used in discontinued operations, in 2024.

Financing Cash Flow Activities

Net cash used in financing activities in the year ended December 31, 2025 totaled $6.5 billion, reflecting:

•$976 million to pay dividends of $0.45 per share in each of the three month periods ended December 31, 2025, September 30, 2025 and June 30, 2025, and $0.40 per share for the three month period ended March 31, 2025 on AIG Common Stock;

•$5.8 billion to repurchase approximately 73 million shares of AIG Common Stock; and

•$142 million in net inflows from the issuance and repayment of long-term debt.

Net cash used in financing activities in the year ended December 31, 2024 totaled $5.1 billion reflecting:

•$1.0 billion to pay dividends of $0.40 per share in each of the three month periods ended December 31, 2024, September 30, 2024 and June 30, 2024, and $0.36 per share for the three month period ended March 31, 2024 on AIG Common Stock;

•$22 million to pay a first quarter dividend of $365.625 per share on AIG’s Series A 5.85% Non-Cumulative Perpetual Preferred Stock and redemption premiums;

•$6.7 billion to repurchase approximately 90 million shares of AIG Common Stock;

•$1.4 billion in net outflows from the issuance and repayment of long-term debt; and

•$3.9 billion in net inflows from discontinued operations.

For information regarding cash flow activities for the year ended December 31, 2023, see Part II, Item 7. MD&A – Liquidity and Capital Resources – Analysis of Sources and Uses of Cash of our 2024 Annual Report.