AMERICAN INTERNATIONAL GROUP, INC.

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and nine months ended September 30, 2026 and 2025. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.

The following table presents our consolidated results of operations and other key financial metrics:

NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS

Three Months Ended September 30, 2026 and 2025 Comparison

Net income (loss) attributable to AIG common shareholders increased $325 million due to the following:

•higher Net investment income of $328 million primarily due to changes in the fair value of AIG's investments of $288 million and higher income from available for sale fixed maturity securities of $73 million, partially offset by lower income on Alternative investments and Mortgage loans of $60 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements;

•lower Net realized losses excluding Fortitude Re funds withheld assets of $264 million primarily due to lower other realized losses as a result of impairment losses on investments in real estate funds of $297 million, partially offset by higher losses on fixed maturity securities of $106 million;

•lower Net realized losses on Fortitude Re funds withheld embedded derivatives of $139 million; and

•lower underwriting income of $229 million primarily driven by higher catastrophe losses of $183 million and lower net favorable prior year reserve development of $89 million. For additional information, see Business Segment Operations – General Insurance.

Nine Months Ended September 30, 2026 and 2025 Comparison

Net income (loss) attributable to AIG common shareholders increased $194 million primarily driven by:

•higher underwriting income of $362 million primarily driven by higher premiums earned from strategic transactions, reinsurance program changes and organic growth across Commercial Lines and Personal Insurance, lower catastrophe losses of $122 million and higher net favorable prior year reserve development of $12 million. For additional information, see Business Segment Operations – General Insurance.

•lower Net investment income of $404 million primarily due to changes in the fair value of AIG's investments of $456 million and lower income on Alternative investments and Mortgage loans of $161 million, partially offset by higher income from available for sale fixed maturity securities of $205 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements.

•lower Net realized losses on Fortitude Re funds withheld embedded derivatives of $153 million; and

•lower Net realized losses excluding Fortitude Re funds withheld assets of $176 million primarily due to lower other realized losses as a result of impairment losses on investments in real estate funds of $167 million.