American International Group, Inc.

“Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc. (Corebridge) dividend income, corporate General operating expenses, and Interest expense.”

“We earn revenues primarily from insurance premiums and income from investments.”

“General Insurance includes the following major operating companies: National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington);”

“We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal.”

“risk-sharing and other customized structured programs for large corporate and multinational customers”

“We maintain relationships with a number of key distributors, which results in distributor concentration.”

“Products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S.”

“Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.”

“Products include general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty and crisis management insurance products.”

“Products include marine, energy-related property insurance products, aviation, political risk, trade credit and trade finance.”

“Products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals.”

“Products include professional liability insurance for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance.”

“North America Commercial$8,626 $8,172 $10,233 International Commercial8,580 8,145 7,964 Global Personal6,472 7,140 6,894”

“North America Commercial$11,432 $10,233 $6,323 $1,371 $231 $953 $1,355 International Commercial8,168 7,964 4,641 943 350 1,028 1,002 Global Personal7,119 6,894 3,811 1,309 698 1,084 (8)”

“At December 31, 2025, we had approximately 22,100 employees based in approximately 45 countries, of which 27 percent are located in North America, 47 percent are in the Asia Pacific region”

“we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility”

“increased loss payments and loss costs due to inflation;”

“a U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market”

“For the year ended December 31, 2024, we recorded severance charges of $353 million and asset impairment charges of $53 million as a result of restructuring activities.”

“Total Net investment income decreased for the year ended December 31, 2025 compared to the prior year, primarily due to lower gains on the changes in the fair value, lower gains on sale of shares, and lower dividends from AIG's investment in Corebridge, and lower income from mortgage loans”

“In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.”

“Competition for employees in our industry is intense, and managing key employee succession is critical to our success.”

“Our restructuring initiatives may not yield expected reductions in expenses and/or improvements in operational and organizational efficiency.”

“we rely heavily on information technology and systems (which is expected to increasingly include the use of artificial intelligence), on digital connectivity with trading partners, and on the integrity and timeliness of data to run our businesses”

“We use artificial intelligence (AI) in our business, including applying generative AI to certain aspects of the underwriting and claims processes in certain lines of business”

“Scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social, governance and sustainability matters”

“Deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening global capital markets have affected and may continue to materially affect our businesses, results of operations, financial condition and liquidity.”

“As a holding company, AIG Parent depends on dividends and other payments from its subsidiaries to fund operations, pay dividends, repurchase shares, meet debt service obligations and meet the capital and liquidity needs of our subsidiaries.”

“We are subject to risks from our continuing equity market exposure to Corebridge. The anticipated benefits of our sales of Corebridge stock may not be achieved.”

“We have investments, including certain fixed income, structured and privately placed securities as well as investments in private funds, joint ventures, mortgage loans and real estate, for which limited or no established trading markets exist”