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1. Basis of Presentation

American International Group, Inc. is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners. Unless the context indicates otherwise, the terms “AIG,” “we,” “us,” “our” or "the Company" mean American International Group, Inc. and its consolidated subsidiaries, and the term “AIG Parent” means American International Group, Inc. and not any of its consolidated subsidiaries.

These unaudited Condensed Consolidated Financial Statements do not include all disclosures that are normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) and should be read in conjunction with the audited Consolidated Financial Statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Annual Report). The condensed consolidated financial information as of December 31, 2025 included herein has been derived from the audited Consolidated Financial Statements in the 2025 Annual Report.

In the opinion of management, these Condensed Consolidated Financial Statements contain normal recurring adjustments, including eliminations of material intercompany accounts and transactions, necessary for a fair statement of the results presented herein. Results of operations for the six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026.

We evaluated the need to recognize or disclose events that occurred subsequent to June 30, 2026 and prior to the issuance of these Condensed Consolidated Financial Statements. There were no significant subsequent events that required disclosure.

STRATEGIC INVESTMENTS

On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex Group Limited (Convex), a global specialty insurer, for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex Corporation (Onex), a global asset manager, for $642 million. AIG reflects its interest in Convex as an equity method investment in Other invested assets. The difference between the purchase price and the value of the underlying net assets acquired is primarily comprised of intangible assets and other basis differences of $520 million and goodwill of $440 million. AIG records its proportionate share of Convex’s net income less amortization of the basis differences described above as a component of Net investment income reported in General Insurance.

On December 23, 2025, AIG entered into a whole account quota share agreement with Convex to reinsure 7.5 percent, 10.0 percent and 12.5 percent of Convex’s underwriting portfolio beginning in 2026, 2027 and 2028, respectively. The quota share agreement became effective starting on January 1, 2026.

SALE OF ASSETS

Corebridge

On February 17, 2026, Corebridge Financial, Inc. (Corebridge) purchased 24.7 million shares of Corebridge common stock from AIG at a per share purchase price of $30.42 with aggregate proceeds to AIG Parent of $750 million. On March 23, 2026, in light of the reduction in AIG’s ownership interest in Corebridge, the two remaining AIG designees resigned from Corebridge's board of directors. As of March 31, 2026, we concluded that we no longer have the ability to exert significant influence over Corebridge. AIG's interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value on our Condensed Consolidated Balance Sheets. AIG continued to use Corebridge’s stock price as its fair value for reporting purposes. Dividends received from Corebridge and changes in its stock price continued to be recognized in Net investment income.

On May 7, 2026, we sold 25.5 million shares of Corebridge common stock, representing our remaining interest in Corebridge, at a per share purchase price of $27.90. The aggregate proceeds to AIG Parent were approximately $710 million.

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USE OF ESTIMATES

The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:

•loss reserves;

•reinsurance assets;

•fair value measurements of certain financial assets and financial liabilities; and

•income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.

FUTURE APPLICATION OF ACCOUNTING STANDARDS

Disaggregation of Income Statement Expenses

On November 4, 2024, the FASB issued new guidance that is intended to improve disclosures regarding the nature of expenses included in the income statement. The standard will require companies to disaggregate certain expense captions into specified categories in disclosures within notes to the financial statements and provide qualitative descriptions for those that are not separately disclosed. The guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The requirements can be applied prospectively or retrospectively for prior periods presented when adopted. We are assessing the impact of adopting these disclosures.

Improvements to Internal-use Software

3. Segment Information

AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. Our Chief Executive Officer and Chief Financial Officer are our chief operating decision makers (CODMs) and use Underwriting income (loss) to benchmark and assess AIG's performance by segment and establish management’s compensation. Our general insurance business (General Insurance) consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations.

In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes.

NORTH AMERICA COMMERCIAL

The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda.

INTERNATIONAL COMMERCIAL

The International Commercial segment consists of insurance businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot Holdings Ltd. (Talbot) as well as AIG’s Global Specialty business.

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GLOBAL PERSONAL

The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.

PRODUCTS

The segments consist of the following products:

–North America and International Commercial consists of Property & Short Tail, Casualty, Financial Lines and Global Specialty.

–Global Personal consists of Global Accident & Health and Personal Lines.

OTHER OPERATIONS

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

SEGMENT RESULTS

Management uses Underwriting income (loss) as the basis for the segment performance reviews. AIG calculates Underwriting income (loss) by subtracting Losses and loss adjustment expense incurred, Amortization of deferred policy acquisition costs (DAC), Other acquisition cost, and General operating expense from Net premiums earned. Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.

The following table presents AIG’s operations by segment:

Three Months Ended June 30, 2026
(in millions)			Net Premiums Written			Net Premiums Earned			Losses and Loss Adjustment Expenses Incurred(a)			Amortization of DAC(a)			Other Acquisition Expenses(a)			General Operating Expenses(a)(b)			Underwriting Income (Loss)			Net Investment Income			Reconciliation to Pre-tax Income (Loss)
North America Commercial			$	3,125		$	2,324		$	1,410		$	248		$	38		$	256		$	372
International Commercial			2,588			2,272			1,344			304			102			322			200
Global Personal			1,803			1,600			851			342			80			213			114
Total General Insurance(c)			$	7,516		$	6,196		$	3,605		$	894		$	220		$	791		$	686		$	871		$	1,546
Interest expense																								—			(99)
Other Operations																								36			(43)
Elimination and consolidations																								1			—
Total																								908			1,404
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares																								173			173
Other income (expense) - net																								1			—
Net investment income on Fortitude Re funds withheld assets																								36			36
Net realized losses on Fortitude Re funds withheld assets																								—			(6)
Net realized losses on Fortitude Re funds withheld embedded derivative																								—			(51)
Net realized losses(d)																								—			(208)
Net gain (loss) on divestitures and other(e)																								—			(6)
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements																								—			67
Net loss reserve discount charge																								—			(28)
Net results of businesses in run-off(f)																								9			(1)
Non-operating pension expenses																								—			1
Integration and transaction costs associated with acquiring or divesting businesses																								—			(41)
Restructuring and other costs																								—			(71)
Non-recurring costs related to regulatory or accounting changes																								—			(5)
Total AIG Consolidated																								$	1,127		$	1,264

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Three Months Ended June 30, 2025
(in millions)			Net Premiums Written			Net Premiums Earned			Losses and Loss Adjustment Expenses Incurred(a)			Amortization of DAC(a)			Other Acquisition Expenses(a)			General Operating Expenses(a)(b)			Underwriting Income (Loss)			Net Investment Income			Reconciliation to Pre-tax Income (Loss)
North America Commercial			$	2,863		$	2,133		$	1,340		$	206		$	46		$	240		$	301
International Commercial			2,325			2,124			1,170			269			84			301			300
Global Personal			1,692			1,621			918			371			71			236			25
Total General Insurance(c)			$	6,880		$	5,878		$	3,428		$	846		$	201		$	777		$	626		$	871		$	1,492
Interest expense																								—			(101)
Other Operations																								88			2
Elimination and consolidations																								(4)			(2)
Total																								955			1,391
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares																								464			464
Gain on extinguishment of debt																								—			5
Net investment income on Fortitude Re funds withheld assets																								39			39
Net realized losses on Fortitude Re funds withheld assets																								—			(52)
Net realized losses on Fortitude Re funds withheld embedded derivative																								—			(14)
Net realized losses(d)																								—			(191)
Net gain (loss) on divestitures and other																								—			50
Non-operating litigation reserves and settlements																								—			2
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements																								—			(53)
Net loss reserve discount charge																								—			(12)
Net results of businesses in run-off(f)																								8			2
Non-operating pension expenses																								—			(5)
Integration and transaction costs associated with acquiring or divesting businesses																								—			(1)
Restructuring and other costs																								—			(78)
Non-recurring costs related to regulatory or accounting changes																								—			(3)
Total AIG Consolidated																								$	1,466		$	1,544

Six Months Ended June 30, 2026
(in millions)			Net Premiums Written			Net Premiums Earned			Losses and Loss Adjustment Expenses Incurred(a)			Amortization of DAC(a)			Other Acquisition Expenses(a)			General Operating Expenses(a)(b)			Underwriting Income (Loss)			Net Investment Income			Reconciliation to Pre-tax Income (Loss)
North America Commercial			$	4,730		$	4,577		$	2,831		$	461		$	106		$	480		$	699
International Commercial			5,038			4,459			2,590			582			187			622			478
Global Personal			3,347			3,212			1,693			669			160			407			283
Total General Insurance(c)			$	13,115		$	12,248		$	7,114		$	1,712		$	453		$	1,509		$	1,460		$	1,735		$	3,174
Interest expense																								—			(199)
Other Operations																								88			(68)
Total																								1,823			2,907
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares																								(64)			(64)
Other income (expense) - net																								3			—
Net investment income on Fortitude Re funds withheld assets																								59			59
Net realized losses on Fortitude Re funds withheld assets																								—			(19)
Net realized losses on Fortitude Re funds withheld embedded derivative																								—			(41)
Net realized losses(d)																								—			(344)
Net gain (loss) on divestitures and other(e)																								—			(133)
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements																								—			75
Net loss reserve discount benefit (charge)																								—			20
Net results of businesses in run-off(f)																								18			(6)
Non-operating pension expenses																								—			2
Integration and transaction costs associated with acquiring or divesting businesses																								—			(48)
Restructuring and other costs																								—			(147)
Non-recurring costs related to regulatory or accounting changes																								—			(10)
Total AIG Consolidated																								$	1,839		$	2,251

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Six Months Ended June 30, 2025
(in millions)			Net Premiums Written			Net Premiums Earned			Losses and Loss Adjustment Expenses Incurred(a)			Amortization of DAC(a)			Other Acquisition Expenses(a)			General Operating Expenses(a)(b)			Underwriting Income (Loss)			Net Investment Income			Reconciliation to Pre-tax Income (Loss)
North America Commercial			$	4,037		$	4,257		$	2,866		$	433		$	93		$	435		$	430
International Commercial			4,352			4,175			2,348			514			178			595			540
Global Personal			3,017			3,215			1,980			724			162			450			(101)
Total General Insurance(c)			$	11,406		$	11,647		$	7,194		$	1,671		$	433		$	1,480		$	869		$	1,607		$	2,467
Interest expense																								—			(192)
Other Operations																								196			27
Elimination and consolidations																								(3)			(2)
Total																								1,800			2,300
Reconciling items:
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares																								681			681
Gain on extinguishment of debt																								—			5
Net investment income on Fortitude Re funds withheld assets																								79			79
Net realized losses on Fortitude Re funds withheld assets																								—			(54)
Net realized losses on Fortitude Re funds withheld embedded derivative																								—			(55)
Net realized losses(d)																								(2)			(257)
Net gain (loss) on divestitures and other																								—			53
Non-operating litigation reserves and settlements																								—			13
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements																								—			(62)
Net loss reserve discount benefit (charge)																								—			(29)
Net results of businesses in run-off(f)																								13			7
Non-operating pension expenses																								—			(10)
Integration and transaction costs associated with acquiring or divesting businesses																								—			(6)
Restructuring and other costs																								—			(154)
Non-recurring costs related to regulatory or accounting changes																								—			(7)
Total AIG Consolidated																								$	2,571		$	2,504

(a)These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.

(b)General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.

(c)Amortization of intangible assets including renewal rights was $11 million and $5 million for the three months ended June 30, 2026 and 2025, respectively, and $21 million and $9 million for the six months ended June 30, 2026 and 2025, respectively.

(d)Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).

(e)In the six months ended June 30, 2026, Net gain (loss) on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and global personal travel and assistance business.

4. Fair Value Measurements

FAIR VALUE MEASUREMENTS ON A RECURRING BASIS

Assets and liabilities recorded at fair value in the Condensed Consolidated Balance Sheets are measured and classified in accordance with a fair value hierarchy consisting of three “levels” based on the observability of valuation inputs:

•Level 1: Fair value measurements based on quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. We do not adjust the quoted price for such instruments.

•Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.

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•Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. Therefore, we must make certain assumptions about the inputs a hypothetical market participant would use to value that asset or liability.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

The following table presents information about assets and liabilities measured at fair value on a recurring basis and indicates the level of the fair value measurement based on the observability of the inputs used:

June 30, 2026						Level 1						Level 2						Level 3			Counterparty Netting(a)						Cash Collateral									Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities			$			524			$			2,255			$			—			$			—			$			—			$			2,779
Obligations of states, municipalities and political subdivisions						—						2,679						5						—						—						2,684
Non-U.S. governments						87						5,991						—						—						—						6,078
Corporate debt						—						38,201						76						—						—						38,277
RMBS						—						9,618						1,450						—						—						11,068
CMBS						—						4,900						39						—						—						4,939
CLO/ABS						—						3,789						1,858						—						—						5,647
Total bonds available for sale						611						67,433						3,428						—						—						71,472
Other bond securities:
Obligations of states, municipalities and political subdivisions						—						50						—						—						—						50
Non-U.S. governments						—						22						—						—						—						22
Corporate debt						—						207						—						—						—						207
RMBS						—						41						53						—						—						94
CMBS						—						36						—						—						—						36
CLO/ABS						—						153						105						—						—						258
Total other bond securities						—						509						158						—						—						667
Equity securities(b)						1,016						4						14						—						—						1,034
Other invested assets(c)						—						133						96						—						—						229
Derivative assets(d)						—						313						25						(138)						(197)						3
Short-term investments						3,765						1,448						—						—						—						5,213
Total			$			5,392			$			69,840			$			3,721			$			(138)			$			(197)			$			78,618
Liabilities:
Derivative liabilities(d)			$			—			$			404			$			25			$			(138)			$			(180)			$			111
Fortitude Re funds withheld payable						—						—						(75)						—						—						(75)
Other liabilities(d)						—						—						81						—						—						81
Total			$			—			$			404			$			31			$			(138)			$			(180)			$			117

December 31, 2025						Level 1						Level 2						Level 3			Counterparty Netting(a)						Cash Collateral									Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities			$			209			$			3,089			$			—			$			—			$			—			$			3,298
Obligations of states, municipalities and political subdivisions						—						2,771						4						—						—						2,775
Non-U.S. governments						66						6,427						23						—						—						6,516
Corporate debt						—						37,122						113						—						—						37,235
RMBS						—						8,622						1,546						—						—						10,168
CMBS						—						4,592						24						—						—						4,616
CLO/ABS						—						4,683						1,741						—						—						6,424
Total bonds available for sale						275						67,306						3,451						—						—						71,032
Other bond securities:
Obligations of states, municipalities and political subdivisions						—						51						—						—						—						51
Non-U.S. governments						—						23						—						—						—						23
Corporate debt						—						274						—						—						—						274

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December 31, 2025						Level 1						Level 2						Level 3			Counterparty Netting(a)						Cash Collateral									Total
(in millions)
RMBS						—						46						51						—						—						97
CMBS						—						42						—						—						—						42
CLO/ABS						—						135						119						—						—						254
Total other bond securities						—						571						170						—						—						741
Equity securities(b)						446						1						55						—						—						502
Other invested assets (c)						1,512						143						92						—						—						1,747
Derivative assets(d)						—						312						26						(164)						(169)						5
Short-term investments						4,106						1,803						—						—						—						5,909
Other assets(d)						—						—						130						—						—						130
Total			$			6,339			$			70,136			$			3,924			$			(164)			$			(169)			$			80,066
Liabilities:
Derivative liabilities(d)			$			—			$			439			$			26			$			(164)			$			(212)			$			89
Fortitude Re funds withheld payable						—						—						(92)						—						—						(92)
Other liabilities(d)						—						—						73						—						—						73
Total			$			—			$			439			$			7			$			(164)			$			(212)			$			70

(a)Represents netting of derivative exposures covered by qualifying master netting agreements.

(b)As of June 30, 2026, includes AIG's ownership interests in Onex of $563 million.

(c)Excludes investments that are measured at fair value using the net asset value (NAV) per share (or its equivalent), which totaled $2.9 billion and $3.3 billion as of June 30, 2026 and December 31, 2025, respectively. As of December 31, 2025, includes AIG's ownership interest in Corebridge of $1.5 billion on which AIG elected the fair value option.

(d)Presented as part of Other assets and Other liabilities on the Condensed Consolidated Balance Sheets.

CHANGES IN LEVEL 3 RECURRING FAIR VALUE MEASUREMENTS

The following tables present changes during the three and six months ended June 30, 2026 and 2025 in Level 3 assets and liabilities measured at fair value on a recurring basis, and the realized and unrealized gains (losses) related to the Level 3 assets and liabilities in the Condensed Consolidated Balance Sheets at June 30, 2026 and 2025:

(in millions)						Fair Value Beginning of Period						Net Realized and Unrealized Gains (Losses) Included in Income(a)						Other Comprehensive Income (Loss)						Purchases						Sales						Issuances and Settlements(b)						Gross Transfers In						Gross Transfers Out						Other						Fair Value End of Period
Three Months Ended June 30, 2026
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions						$	4					$	—					$	—					$	2					$	(1)					$	—					$	—					$	—					$	—					$	5
Non-U.S. governments						7						—						—						—						—						—						—						—						(7)						—
Corporate debt						85						1						(6)						2						(2)						(1)						8						—						(11)						76
RMBS						1,486						7						(4)						5						—						(45)						—						—						1						1,450
CMBS						25						(1)						1						—						(6)						—						20						—						—						39
CLO/ABS						1,683						1						(5)						406						(109)						(103)						6						(19)						(2)						1,858
Total bonds available for sale						3,290						8						(14)						415						(118)						(149)						34						(19)						(19)						3,428
Other bond securities:
RMBS						50						—						—						2						—						(1)						—						—						2						53
CLO/ABS						117						(1)						—						—						(9)						(3)						—						—						1						105
Total other bond securities						167						(1)						—						2						(9)						(4)						—						—						3						158
Equity securities						54						3						—						14						(34)						—						—						—						(23)						14
Other invested assets						93						—						—						2						—						(1)						—						—						2						96
Total						$	3,604					$	10					$	(14)					$	433					$	(161)					$	(154)					$	34					$	(19)					$	(37)					$	3,696

(in millions)						Fair Value Beginning of Period						Net Realized and Unrealized (Gains) Losses Included in Income(a)						Other Comprehensive (Income) Loss						Purchases						Sales						Issuances and Settlements(b)												Gross Transfers In						Gross Transfers Out						Other						Fair Value End of Period
Liabilities:
Fortitude Re funds withheld payable						$	(85)					$	51					$	—					$	—					$	—					$	(41)											$	—					$	—					$	—					$	(75)
Other Liabilities						74						7						—						—						—						—												—						—						—						81
Total						$	(11)					$	58					$	—					$	—					$	—					$	(41)											$	—					$	—					$	—					$	6

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(in millions)						Fair Value Beginning of Period						Net Realized and Unrealized Gains (Losses) Included in Income(a)						Other Comprehensive Income (Loss)						Purchases						Sales						Issuances and Settlements(b)						Gross Transfers In						Gross Transfers Out						Other						Fair Value End of Period
Three Months Ended June 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions						$	3					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	3
Non-U.S. governments						7						—						—						—						—						(1)						—						—						—						6
Corporate debt						115						1						1						2						(2)						(26)						49						(31)						38						147
RMBS						1,656						8						9						8						—						(47)						—						(1)						—						1,633
CMBS						26						1						1						—						—						(1)						—						(1)						—						26
CLO/ABS						915						5						10						386						(33)						(24)						—						—						(59)						1,200
Total bonds available for sale						2,722						15						21						396						(35)						(99)						49						(33)						(21)						3,015
Other bond securities:
Corporate debt						1						—						—						—						—						—						—						—						—						1
RMBS						50						1						—						—						—						(1)						—						—						—						50
CLO/ABS						120						1						—						1						—						(1)						2						—						—						123
Total other bond securities						171						2						—						1						—						(2)						2						—						—						174
Equity securities						35						3						—						21						(13)						—						—						—						—						46
Other invested assets						76						—						—						1						—						(6)						1						—						21						93
Other assets						129						—						—						—						—						—						—						—						—						129
Total						$	3,133					$	20					$	21					$	419					$	(48)					$	(107)					$	52					$	(33)					$	—					$	3,457

(in millions)						Fair Value Beginning of Period						Net Realized and Unrealized (Gains) Losses Included in Income(a)						Other Comprehensive (Income) Loss						Purchases						Sales						Issuances and Settlements(b)												Gross Transfers In						Gross Transfers Out						Other						Fair Value End of Period
Liabilities:
Fortitude Re funds withheld payable						$	(79)					$	14					$	—					$	—					$	—					$	(120)											$	—					$	—					$	—					$	(185)
Other liabilities						100						(19)						—						—						—						—												—						—						—						81
Total						$	21					$	(5)					$	—					$	—					$	—					$	(120)											$	—					$	—					$	—					$	(104)

(in millions)						Fair Value Beginning of Year						Net Realized and Unrealized Gains (Losses) Included in Income(a)						Other Comprehensive Income (Loss)						Purchases						Sales						Issuances and Settlements(b)						Gross Transfers In						Gross Transfers Out						Other						Fair Value End of Period
Six Months Ended June 30, 2026
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions						$	4					$	—					$	—					$	2					$	(1)					$	—					$	—					$	—					$	—					$	5
Non-U.S. governments						23						1						—						3						(3)						(3)						—						(14)						(7)						—
Corporate debt						113						1						(8)						6						(7)						(1)						9						(26)						(11)						76
RMBS						1,546						13						(41)						14						—						(91)						8						—						1						1,450
CMBS						24						(1)						1						—						(8)						(2)						25						—						—						39
CLO/ABS						1,741						2						(6)						533						(136)						(261)						6						(19)						(2)						1,858
Total bonds available for sale						3,451						16						(54)						558						(155)						(358)						48						(59)						(19)						3,428
Other bond securities:
RMBS						51						—						—						2						—						(2)						—						—						2						53
CLO/ABS						119						(1)						—						—						(9)						(5)						—						—						1						105
Total other bond securities						170						(1)						—						2						(9)						(7)						—						—						3						158
Equity securities						55						—						—						30						(48)						—						—						—						(23)						14
Other invested assets						92						1						—						3						—						(2)						—						—						2						96
Other assets						130						—						—						—						—						—						—						—						(130)						—
Total						$	3,898					$	16					$	(54)					$	593					$	(212)					$	(367)					$	48					$	(59)					$	(167)					$	3,696

(in millions)						Fair Value Beginning of Year						Net Realized and Unrealized (Gains) Losses Included in Income(a)						Other Comprehensive (Income) Loss						Purchases						Sales						Issuances and Settlements(b)												Gross Transfers In						Gross Transfers Out						Other						Fair Value End of Period
Liabilities:
Fortitude Re funds withheld payable						$	(92)					$	41					$	—					$	—					$	—					$	(24)											$	—					$	—					$	—					$	(75)
Other Liabilities						73						8						—						—						—						—												—						—						—						81
Total						$	(19)					$	49					$	—					$	—					$	—					$	(24)											$	—					$	—					$	—					$	6

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(in millions)						Fair Value Beginning of Year						Net Realized and Unrealized Gains (Losses) Included in Income(a)						Other Comprehensive Income (Loss)						Purchases						Sales						Issuances and Settlements(b)						Gross Transfers In						Gross Transfers Out						Other						Fair Value End of Period
Six Months Ended June 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions						$	3					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	—					$	3
Non-U.S. governments						7						—						—						—						—						(1)						—						—						—						6
Corporate debt						240						(8)						11						5						(6)						(150)						49						(32)						38						147
RMBS						1,894						15						42						8						(3)						(101)						3						(225)						—						1,633
CMBS						26						1						1						—						(4)						(1)						4						(1)						—						26
CLO/ABS						840						6						11						532						(70)						(54)						—						(6)						(59)						1,200
Total bonds available for sale						3,010						14						65						545						(83)						(307)						56						(264)						(21)						3,015
Other bond securities:
Corporate debt						1						—						—						—						—						—						—						—						—						1
RMBS						50						2						—						—						—						(2)						—						—						—						50
CLO/ABS						113						4						—						1						—						(5)						33						(23)						—						123
Total other bond securities						164						6						—						1						—						(7)						33						(23)						—						174
Equity securities						15						4						—						35						(17)						—						9						—						—						46
Other invested assets						163						—						—						1						—						(30)						1						(63)						21						93
Other assets						129						—						—						—						—						—						—						—						—						129
Total						$	3,481					$	24					$	65					$	582					$	(100)					$	(344)					$	99					$	(350)					$	—					$	3,457

(in millions)						Fair Value Beginning of Year						Net Realized and Unrealized (Gains) Losses Included in Income(a)						Other Comprehensive (Income) Loss						Purchases						Sales						Issuances and Settlements(b)						Gross Transfers In						Gross Transfers Out						Other						Fair Value End of Period
Liabilities:
Fortitude Re funds withheld payable						$	(128)					$	55					$	—					$	—					$	—					$	(112)					$	—					$	—					$	—					$	(185)
Other liabilities						100						(19)						—						—						—						—						—						—						—						81
Total						$	(28)					$	36					$	—					$	—					$	—					$	(112)					$	—					$	—					$	—					$	(104)

(a)Includes Net realized gains (losses) related to assets of $0 million and $10 million for the three months ended June 30, 2026 and 2025, respectively, and $1 million and $1 million for the six months ended June 30, 2026 and 2025, respectively, and the remainder is recorded in Net investment income. All Net realized and unrealized gains (losses) related to liabilities are recorded in Net realized gains (losses).

(b)There were no issuances during the three and six months ended June 30, 2026 and 2025.

The following table presents the changes in unrealized gains (losses) for financial instruments classified as Level 3 still held at the end of the period:

			Three Months Ended June 30,																								Six Months Ended June 30,
			2026												2025												2026												2025
(in millions)			Changes in Unrealized Gains (Losses) Included in Income						Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)						Changes in Unrealized Gains (Losses) Included in Income						Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)						Changes in Unrealized Gains (Losses) Included in Income						Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)						Changes in Unrealized Gains (Losses) Included in Income						Changes in Unrealized Gains (Losses) Included in Other Comprehensive Income (Loss)
Assets:
Bonds available for sale:
Corporate debt			$	—					$	(5)					$	—					$	(6)					$	—					$	(7)					$	—					$	—
RMBS			—						(4)						—						(2)						—						(41)						—						15
CMBS			—						1						—						—						—						—						—						—
CLO/ABS			—						(7)						—						9						—						(17)						—						19
Total bonds available for sale			—						(15)						—						1						—						(65)						—						34
Other bond securities:
RMBS			1						—						—						—						1						—						1						—
CLO/ABS			(1)						—						1						—						(2)						—						5						—
Total other bond securities			—						—						1						—						(1)						—						6						—
Equity securities			(1)						—						2						—						(3)						—						2						—
Other invested assets			—						—						(1)						—						1						—						(1)						—
Total			$	(1)					$	(15)					$	2					$	1					$	(3)					$	(65)					$	7					$	34
Liabilities:
Fortitude Re funds withheld payable			$	(18)					$	—					$	(32)					$	—					$	(1)					$	—					$	(34)					$	—
Total			$	(18)					$	—					$	(32)					$	—					$	(1)					$	—					$	(34)					$	—

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Both observable and unobservable inputs may be used to determine the fair values of positions classified in Level 3 in the tables above. As a result, the unrealized gains (losses) on instruments held at June 30, 2026 and 2025 may include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable inputs (e.g., changes in unobservable long-dated volatilities).

Transfers of Level 3 Assets and Liabilities

Gross Transfers in and out of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs. The transfers of investments into Level 3 assets were due to diminished market transparency and liquidity for individual security types. Transfers of certain investments out of Level 3 assets were primarily the result of using observable pricing information that reflects the fair value of those securities without the need for adjustment based on our own assumptions regarding the characteristics of a specific security or the current liquidity in the market.

There were no significant transfers of derivative or other liabilities into or out of Level 3 for the three and six months ended June 30, 2026 and 2025.

INVESTMENTS IN CERTAIN ENTITIES CARRIED AT FAIR VALUE USING NET ASSET VALUE PER SHARE

The following table includes information related to our investments in certain other invested assets, including private equity funds, hedge funds and other alternative investments that calculate net asset value per share (or its equivalent). For these investments, which are measured at fair value on a recurring basis, we use the net asset value per share to measure fair value.

									June 30, 2026															December 31, 2025
(in millions)			Investment Category Includes						Fair Value Using NAV Per Share (or its equivalent)						Unfunded Commitments									Fair Value Using NAV Per Share (or its equivalent)						Unfunded Commitments
Investment Category*
Private equity funds:
Leveraged buyout			Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage						$	991					$	435								$	1,184					$	527
Real assets			Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets						410						74									516						81
Growth equity			Funds that make investments in established companies for the purpose of growing their businesses						31						13									172						11
Private equity secondaries			Investments in a pool of diversified funds across sectors and vintage years						303						74									71						98
Other			Includes multi-strategy funds, co-investments and credit funds in opportunistic and distressed strategies						1,022						481									1,147						549
Total private equity funds									2,757						1,077									3,090						1,266
Hedge funds			Funds that pool money from accredited investors and seek returns by investing in a wide variety of strategies aimed at generating returns independent of overall market direction						134						—									174						—
Total									$	2,891					$	1,077								$	3,264					$	1,266

*In the second quarter of 2026, AIG revised the list of investment categories. Historical results have been recast to reflect these changes.

Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated. Private equity funds are generally expected to have 10-year lives at their inception, but these lives may be extended at the fund manager’s discretion, typically in one-year or two-year increments. Hedge fund investments included above are generally redeemable with a quarter's notice, subject to underlying fund restrictions.

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FAIR VALUE OPTION

The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option:

			Gain (Loss) Three Months Ended June 30,															Gain (Loss) Six Months Ended June 30,
(in millions)						2026						2025									2026						2025
Other bond securities(a)			$			13			$			16						$			10			$			27
Alternative investments(b)						(80)						63									(88)						87
Retained investment in Corebridge(c)						—						455									(154)						664
Total gain (loss)			$			(67)			$			534						$			(232)			$			778

(a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re. For additional information regarding the gains and losses for Other bond securities, see Note 5. For additional information regarding the funds withheld arrangements with Fortitude Re, see Note 7.

(b)Includes certain hedge funds, private equity funds and real estate investments.

(c)Represents the impact of changes in Corebridge stock price on the value of AIG's ownership interest in Corebridge and gain/loss on sale of shares through March 31, 2026. At March 31, 2026, AIG's interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value. For additional information, see Note 1.

Interest income and dividend income on assets measured under the fair value option are recognized and included in Net investment income in the Consolidated Statements of Income.

FAIR VALUE INFORMATION ABOUT FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE

The following table presents the carrying amounts and estimated fair values of our financial instruments not measured at fair value and indicates the level in the fair value hierarchy of the estimated fair value measurement based on the observability of the inputs used:

						Estimated Fair Value																								Carrying Value
(in millions)						Level 1						Level 2						Level 3						Total
June 30, 2026
Assets:
Mortgage and other loans receivable			$			—			$			298			$			2,255			$			2,553			$			2,599
Other invested assets						—						491						12						503						503
Other assets						17						—						—						17						17
Liabilities:
Long-term debt						—						8,562						—						8,562						8,973

December 31, 2025
Assets:
Mortgage and other loans receivable			$			—			$			334			$			2,500			$			2,834			$			2,887
Other invested assets						—						480						13						493						493
Other assets						16						—						—						16						16
Liabilities:
Long-term debt						—						8,702						—						8,702						9,035

The carrying value of Short-term investments, Cash, Fortitude Re funds withheld payable, and Debt of consolidated investment entities not included above approximated their fair values.

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5. Investments

SECURITIES AVAILABLE FOR SALE

The following table presents the amortized cost and fair value of our available for sale securities:

(in millions)						Amortized Cost						Allowance for Credit Losses(a)						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
June 30, 2026
Bonds available for sale:
U.S. government and government sponsored entities			$			2,862			$			—			$			9			$			(92)			$			2,779
Obligations of states, municipalities and political subdivisions						2,698						—						40						(54)						2,684
Non-U.S. governments						6,381						—						63						(366)						6,078
Corporate debt						39,007						(33)						353						(1,050)						38,277
Mortgage-backed, asset-backed and collateralized:
RMBS						11,168						(2)						222						(320)						11,068
CMBS						4,946						—						29						(36)						4,939
CLO/ABS						5,648						—						22						(23)						5,647
Total mortgage-backed, asset-backed and collateralized						21,762						(2)						273						(379)						21,654
Total bonds available for sale(b)			$			72,710			$			(35)			$			738			$			(1,941)			$			71,472
December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities			$			3,353			$			—			$			31			$			(86)			$			3,298
Obligations of states, municipalities and political subdivisions						2,757						—						71						(53)						2,775
Non-U.S. governments						6,799						(1)						86						(368)						6,516
Corporate debt						37,746						(31)						576						(1,056)						37,235
Mortgage-backed, asset-backed and collateralized:
RMBS						10,137						(4)						294						(259)						10,168
CMBS						4,585						—						67						(36)						4,616
CLO/ABS						6,395						(1)						53						(23)						6,424
Total mortgage-backed, asset-backed and collateralized						21,117						(5)						414						(318)						21,208
Total bonds available for sale(b)			$			71,772			$			(37)			$			1,178			$			(1,881)			$			71,032

(a)Represents the allowance for credit losses that has been recognized. Changes in the allowance for credit losses are recorded through Net realized gains (losses) and are not recognized in OCI.

(b)At June 30, 2026 and December 31, 2025, the fair value of bonds available for sale held by us that were below investment grade or not rated totaled $5.7 billion or 8 percent and $5.9 billion or 8 percent, respectively.

Securities Available for Sale in a Loss Position for Which No Allowance for Credit Loss Has Been Recorded

The following table summarizes the fair value and gross unrealized losses on our available for sale securities, aggregated by major investment category and length of time that individual securities have been in a continuous unrealized loss position for which no allowance for credit loss has been recorded:

						Less than 12 Months												12 Months or More												Total
(in millions)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
June 30, 2026
Bonds available for sale:
U.S. government and government sponsored entities			$			1,672			$			12			$			260			$			80			$			1,932			$			92
Obligations of states, municipalities and political subdivisions						546						7						530						47						1,076						54
Non-U.S. governments						1,854						32						1,455						335						3,309						367
Corporate debt						12,120						191						7,146						857						19,266						1,048
RMBS						4,495						53						1,595						262						6,090						315
CMBS						1,436						15						472						21						1,908						36
CLO/ABS						2,060						16						113						7						2,173						23
Total bonds available for sale			$			24,183			$			326			$			11,571			$			1,609			$			35,754			$			1,935

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						Less than 12 Months												12 Months or More												Total
(in millions)						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities			$			167			$			8			$			322			$			78			$			489			$			86
Obligations of states, municipalities and political subdivisions						232						8						515						45						747						53
Non-U.S. governments						1,524						33						1,347						336						2,871						369
Corporate debt						6,031						125						8,165						927						14,196						1,052
RMBS						769						8						1,764						241						2,533						249
CMBS						580						6						523						30						1,103						36
CLO/ABS						883						5						232						18						1,115						23
Total bonds available for sale			$			10,186			$			193			$			12,868			$			1,675			$			23,054			$			1,868

At June 30, 2026, we held 10,882 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 3,996 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). At December 31, 2025, we held 7,526 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,065 individual fixed maturity securities that were in a continuous unrealized loss position for 12 months or more). We did not recognize the unrealized losses in earnings on these fixed maturity securities at June 30, 2026 because it was determined that such losses were due to non-credit factors. Additionally, we neither intend to sell the securities nor do we believe that it is more likely than not that we will be required to sell these securities before recovery of their amortized cost basis. For fixed maturity securities with significant declines, we performed fundamental credit analyses on a security-by-security basis, which included consideration of credit enhancements, liquidity position, expected defaults, industry and sector analysis, forecasts and available market data.

Contractual Maturities of Fixed Maturity Securities Available for Sale

The following table presents the amortized cost and fair value of fixed maturity securities available for sale by contractual maturity:

June 30, 2026						Total Fixed Maturity Securities Available for Sale
(in millions)						Amortized Cost, Net of Allowance						Fair Value
Due in one year or less						$	4,386					$	4,386
Due after one year through five years						23,220						23,106
Due after five years through ten years						16,033						15,883
Due after ten years						7,276						6,443
Mortgage-backed, asset-backed and collateralized						21,760						21,654
Total						$	72,675					$	71,472

Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

OTHER SECURITIES MEASURED AT FAIR VALUE

The following table presents the fair value of fixed maturity securities measured at fair value based on our election of the fair value option, which are reported in the other bond securities caption in the financial statements, and equity securities measured at fair value:

(in millions)									June 30, 2026																		December 31, 2025
									Fair Value						Percent of Total												Fair Value						Percent of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions						$			50						3			%						$			51						4			%
Non-U.S. governments									22						1												23						2
Corporate debt									207						12												274						22

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(in millions)									June 30, 2026																		December 31, 2025
									Fair Value						Percent of Total												Fair Value						Percent of Total
Mortgage-backed, asset-backed and collateralized:
RMBS									94						6												97						8
CMBS									36						2												42						3
CLO/ABS and other collateralized securities									258						15												254						20
Total mortgage-backed, asset-backed and collateralized									388						23												393						31
Total fixed maturity securities									667						39												741						59
Equity securities*									1,034						61												502						41
Total						$			1,701						100			%						$			1,243						100			%

*At June 30, 2026, includes AIG’s interest in Onex of $563 million that is restricted from sale or transfer until February 6, 2029, except in the event of a change in control at Onex.

OTHER INVESTED ASSETS

The following table summarizes the carrying amounts of other invested assets:

(in millions)			June 30, 2026						December 31, 2025
Alternative investments(a)			$	3,048					$	3,456
Retained investment in Corebridge using fair value option(b)			—						1,512
Investment in Convex			2,188						—
All other investments(c)			1,605						1,728
Total			$	6,841					$	6,696

(a)At June 30, 2026, includes hedge funds of $134 million and private equity funds of $2.7 billion. At December 31, 2025, included hedge funds of $175 million and private equity funds of $3.0 billion. Private equity funds investments include limited partnerships, direct equities and real estate partnerships. Also includes investments in real estate, net of accumulated depreciation. At June 30, 2026 and December 31, 2025, the accumulated depreciation was $146 million and $142 million, respectively.

(b)At March 31, 2026, AIG's interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value. On May 7, 2026, AIG sold its remaining interest in Corebridge.

(c)All other investments include bank deposits with a maturity greater than one year and investments in joint ventures with strategic partners, including $254 million and $300 million in DaVinciRe Holdings Ltd, Class D, which is recorded as a measurement alternative equity security at June 30, 2026 and December 31, 2025, respectively.

NET INVESTMENT INCOME

The following table presents the components of Net investment income:

Three Months Ended June 30,			2026																					2025
(in millions)			Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets									Total						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets									Total
Available for sale fixed maturity securities, including short-term investments			$			901			$			20			$			921						$			876			$			16			$			892
Other fixed maturity securities						2						12						14									—						16						16
Equity securities(a)						174						—						174									14						—						14
Interest on mortgage and other loans						29						4						33									46						7						53
Alternative investments(b)						15						—						15									48						—						48
Other investments(c)						12						—						12									482						—						482
Total investment income						1,133						36						1,169									1,466						39						1,505
Investment expenses						42						—						42									39						—						39
Net investment income			$			1,091			$			36			$			1,127						$			1,427			$			39			$			1,466

Six Months Ended June 30,			2026																					2025
(in millions)			Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total									Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total
Available for sale fixed maturity securities, including short-term investments			$			1,796			$			40			$			1,836						$			1,666			$			38			$			1,704
Other fixed maturity securities						1						9						10									—						27						27
Equity securities(a)						97						—						97									23						—						23
Interest on mortgage and other loans						62						9						71									90						14						104
Alternative investments(b)						23						—						23									91						—						91

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Six Months Ended June 30,			2026																					2025
(in millions)			Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total									Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets						Total
Other investments(c)						(117)						1						(116)									699						—						699
Total investment income						1,862						59						1,921									2,569						79						2,648
Investment expenses						82						—						82									77						—						77
Net investment income			$			1,780			$			59			$			1,839						$			2,492			$			79			$			2,571

(a)Includes gain/loss on sale of AIG's remaining interest in Corebridge of $103 million for the three and six months ended June 30, 2026.

(b)Includes income from hedge funds, private equity funds and real estate investments. Hedge funds are generally reported on a one-month lag. Private equity funds are generally reported on a one-quarter lag.

(c)Includes AIG's share of Convex's net income less amortization of intangible asset basis differences. Additionally, includes dividends received from Corebridge, changes in the fair value of AIG's investment in Corebridge and gain/loss on sale of shares of $6 million and $(154) million, respectively, for the three months ended March 31, 2026, $27 million and $455 million, respectively, for the three months ended June 30, 2025, and $58 million and $664 million, respectively, for the six months ended June 30, 2025.

NET REALIZED GAINS AND LOSSES

The following table presents the components of Net realized gains (losses):

Three Months Ended June 30,						2026																					2025
(in millions)			Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets									Total						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets									Total
Sales and impairments of fixed maturity securities			$			(59)			$			(4)			$			(63)						$			(102)			$			(49)			$			(151)
Change in allowance for credit losses on fixed maturity securities						3						—						3									(15)						—						(15)
Change in allowance for credit losses on loans						(1)						—						(1)									45						5						50
Foreign exchange transactions						(8)						1						(7)									(27)						13						(14)
Derivatives and hedge accounting						(20)						(2)						(22)									(98)						(16)						(114)
Sales of alternative investments						(38)						—						(38)									3						—						3
Other*						(85)						(1)						(86)									2						(5)						(3)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative						(208)						(6)						(214)									(192)						(52)						(244)
Net realized losses on Fortitude Re funds withheld embedded derivative						—						(51)						(51)									—						(14)						(14)
Net realized losses			$			(208)			$			(57)			$			(265)						$			(192)			$			(66)			$			(258)

Six Months Ended June 30,			2026																					2025
(in millions)			Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets									Total						Excluding Fortitude Re Funds Withheld Assets						Fortitude Re Funds Withheld Assets									Total
Sales and impairments of fixed maturity securities			$			(174)			$			(19)			$			(193)						$			(357)			$			(56)			$			(413)
Change in allowance for credit losses on fixed maturity securities						1						1						2									(7)						—						(7)
Change in allowance for credit losses on loans						32						1						33									50						9						59
Foreign exchange transactions						(27)						(2)						(29)									193						19						212
Derivatives and hedge accounting						(18)						2						(16)									(126)						(22)						(148)
Sales of alternative investments						(16)						—						(16)									3						—						3
Other*						(138)						(2)						(140)									(8)						(4)						(12)
Net realized gains (losses) – excluding Fortitude Re funds withheld embedded derivative						(340)						(19)						(359)									(252)						(54)						(306)
Net realized losses on Fortitude Re funds withheld embedded derivative						—						(41)						(41)									—						(55)						(55)
Net realized losses			$			(340)			$			(60)			$			(400)						$			(252)			$			(109)			$			(361)

*Other includes impairments on investments in private equity and real estate funds.

For the three and six months ended June 30, 2026, the aggregate fair value of available for sale securities sold was $2.7 billion and $6.5 billion, respectively, which resulted in gross realized gains of $18 million and $38 million and gross realized losses of $81 million and $231 million, respectively.

For the three and six months ended June 30, 2025, the aggregate fair value of available for sale securities sold was $2.6 billion and $7.4 billion, respectively, which resulted in gross realized gains of $14 million and $30 million and gross realized losses of $165 million and $443 million, respectively.

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CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS

The following table presents the increase (decrease) in unrealized appreciation (depreciation) of our available for sale securities and other investments:

			Three Months Ended June 30,															Six Months Ended June 30,
(in millions)						2026						2025									2026						2025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities			$			167			$			505						$			(500)			$			827
Other investments						—						—									(38)						—
Total increase (decrease) in unrealized appreciation (depreciation) of investments			$			167			$			505						$			(538)			$			827

The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:

Three Months Ended June 30,						2026																					2025
(in millions)						Equities						Other Invested Assets						Total*									Equities						Other Invested Assets						Total*
Net gains recognized during the period on equity securities and other investments						$	174					$	5					$	179								$	14					$	512					$	526
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period						102						(151)						(49)									(12)						34						22
Unrealized gains recognized during the reporting period on equity securities and other investments still held at the reporting date						$	72					$	156					$	228								$	26					$	478					$	504

Six Months Ended June 30,						2026																					2025
(in millions)						Equities						Other Invested Assets						Total*									Equities						Other Invested Assets						Total*
Net gains (losses) recognized during the period on equity securities and other investments						$	91					$	(153)					$	(62)								$	23					$	745					$	768
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period						119						(162)						(43)									1						33						34
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date						$	(28)					$	9					$	(19)								$	22					$	712					$	734

*Includes unrealized gains (losses) on changes in the fair value of AIG's investment in Corebridge. At March 31, 2026, AIG's interest in Corebridge changed from being recognized as an equity method investment in Other invested assets to an equity security, at fair value. For additional information, see Note 1.

EVALUATING INVESTMENTS FOR AN ALLOWANCE FOR CREDIT LOSSES AND IMPAIRMENTS

For a discussion of our policy for evaluating investments for an allowance for credit losses, see Note 6 to the Consolidated Financial Statements in the 2025 Annual Report.

Credit Impairments

The following table presents a rollforward of the changes in allowance for credit losses on available for sale fixed maturity securities by major investment category:

			Three Months Ended June 30,															Six Months Ended June 30,
(in millions)						2026						2025									2026						2025
Balance, beginning of year			$			38			$			30						$			37			$			38
Additions:
Securities for which allowance for credit losses was not previously recorded						8						18									14						20
Reductions:
Securities sold during the period						(2)						(2)									(5)						(6)
Addition to (release of) the allowance for credit losses on securities that had an allowance recorded in a previous period, for which there was no intent to sell before recovery of amortized cost basis						(9)						—									(11)						2
Write-offs charged against the allowance						—						(1)									—						(9)
Balance, end of period			$			35			$			45						$			35			$			45

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Purchased Credit Deteriorated Securities

We purchase certain RMBS that have experienced more-than-insignificant deterioration in credit quality since origination. These are referred to as purchased credit deteriorated (PCD) assets. At the time of purchase an allowance is recognized for these PCD assets by adding it to the purchase price to arrive at the initial amortized cost. There is no credit loss expense recognized upon acquisition of a PCD asset. When determining the initial allowance for credit losses, management considers the historical performance of underlying assets and available market information as well as bond-specific structural considerations, such as credit enhancement and the priority of payment structure of the security. In addition, the process of estimating future cash flows includes, but is not limited to, the following critical inputs:

•Current delinquency rates;

•Expected default rates and the timing of such defaults;

•Loss severity and the timing of any recovery; and

•Expected prepayment speeds.

Subsequent to the acquisition date, the PCD assets follow the same accounting as other structured securities that are not high credit quality.

We did not purchase securities with more than insignificant credit deterioration since their origination during the six months ended June 30, 2026 and 2025.

PLEDGED INVESTMENTS

Secured Financing and Similar Arrangements

We enter into secured financing transactions whereby certain securities are sold under agreements to repurchase (repurchase agreements), in which we transfer securities in exchange for cash, with an agreement by us to repurchase the same or substantially similar securities. Our secured financing transactions also include those that involve the transfer of securities to financial institutions in exchange for cash (securities lending agreements). In all of these secured financing transactions, the securities transferred by us (pledged collateral) may be sold or repledged by the counterparties. These agreements are recorded at their contracted amounts plus accrued interest, other than those that are accounted for at fair value.

Pledged collateral levels are monitored daily and are generally maintained at an agreed-upon percentage of the fair value of the amounts borrowed during the life of the transactions. In the event of a decline in the fair value of the pledged collateral under these secured financing transactions, we may be required to transfer cash or additional securities as pledged collateral under these agreements. At the termination of the transactions, we and our counterparties are obligated to return the amounts borrowed and the securities transferred, respectively.

We also enter into agreements in which securities are purchased by us under agreements to resell (reverse repurchase agreements), which are accounted for as secured financing transactions and reported as short-term investments or other assets, depending on their terms. These agreements are recorded at their contracted resale amounts plus accrued interest, other than those that are accounted for at fair value. In all reverse repurchase transactions, we take possession of or obtain a security interest in the related securities, and we have the right to sell or repledge this collateral received.

At June 30, 2026 and December 31, 2025, the fair value of securities pledged to us under reverse repurchase agreements totaled $2.2 billion and $3.6 billion, respectively, and the carrying value of reverse repurchase agreements totaled $2.1 billion and $3.6 billion, respectively.

All secured financing transactions are collateralized and margined on a daily basis consistent with market standards and subject to enforceable master netting arrangements with rights of set off. We do not currently offset any such transactions.

Insurance – Statutory and Other Deposits

The total carrying value of cash and securities deposited by our insurance subsidiaries under requirements of regulatory authorities or other insurance-related arrangements and certain reinsurance contracts was $7.2 billion and $7.7 billion at June 30, 2026 and December 31, 2025, respectively.

Other Pledges and Restrictions

Certain of our subsidiaries are members of Federal Home Loan Banks (FHLBs) and such membership requires the members to own stock in these FHLBs. We owned an aggregate of $16 million and $14 million of stock in FHLBs at June 30, 2026 and December 31, 2025, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $2.5 billion at June 30, 2026 and $2.4 billion at December 31, 2025.

Investments held in escrow accounts or otherwise subject to restriction as to their use were $55 million and $54 million, comprised of short-term investments at June 30, 2026, and bonds available for sale and short-term investments at December 31, 2025.

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Reinsurance transactions between AIG and Fortitude Re were structured as modified coinsurance (modco) and loss portfolio transfer arrangements with funds withheld.

6. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:

(in millions)			June 30, 2026						December 31, 2025
Commercial mortgages(a)			$	2,263					$	2,495
Commercial loans, other loans and notes receivable(b)			414						503
Total mortgage and other loans receivable(c)			2,677						2,998
Allowance for credit losses(c)			(78)						(111)
Mortgage and other loans receivable, net(c)			$	2,599					$	2,887

(a)Commercial mortgages primarily represent loans for apartments, offices and retail properties, with exposures in California and New York representing the largest geographic concentrations (aggregating approximately 15 percent and 14 percent, respectively, at June 30, 2026 and 14 percent and 13 percent, respectively, at December 31, 2025).

(b)There were no loans that were held-for-sale carried at lower of cost or market as of June 30, 2026 and December 31, 2025.

(c)Excludes $37.6 billion at both June 30, 2026 and December 31, 2025 of loans receivable from AIG Financial Products Corp. (AIGFP), which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed when delinquent contractual principal and interest is repaid or when a portion of the delinquent contractual payments are made and the ongoing required contractual payments have been made for an appropriate period. As of June 30, 2026 and December 31, 2025, $106 million and $160 million, respectively, of commercial mortgage loans were placed on nonaccrual status.

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance Sheets. As of June 30, 2026 and December 31, 2025, accrued interest receivable associated with commercial mortgage loans was $10 million and $11 million, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due. Nonperforming loans were not significant for any of the periods presented.

CREDIT QUALITY OF COMMERCIAL MORTGAGES

The following table presents loan-to-value ratios* for commercial mortgages by year of vintage:

June 30, 2026						2026						2025						2024						2023						2022						Prior						Total
(in millions)
Less than 65%			$			45			$			14			$			37			$			229			$			79			$			1,069			$			1,473
65% to 80%						—						—						—						—						7						516						523
Greater than 80%						—						—						—						5						23						239						267
Total commercial mortgages			$			45			$			14			$			37			$			234			$			109			$			1,824			$			2,263
December 31, 2025						2025						2024						2023						2022						2021						Prior						Total
(in millions)
Less than 65%			$			14			$			38			$			213			$			94			$			468			$			808			$			1,635
65% to 80%						—						—						11						—						77						463						551
Greater than 80%						—						—						5						23						47						234						309
Total commercial mortgages			$			14			$			38			$			229			$			117			$			592			$			1,505			$			2,495

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our weighted average loan-to-value ratio was 65 percent and 71 percent at June 30, 2026 and December 31, 2025, respectively. The loan-to-value ratios have been updated within the last three months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least once per year.

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The following table presents supplementary credit quality information related to commercial mortgages:

			Number of Loans						Class																																							Percent of Total
(dollars in millions)									Apartments						Offices						Retail						Industrial						Hotel						Others						Total
June 30, 2026
Past Due Status:
In good standing			128			$			729			$			788			$			291			$			127			$			164			$			54			$			2,153			95			%
90 days or less delinquent			1						—						66						—						—						—						—						66			3
>90 days delinquent or in process of foreclosure			3						—						21						23						—						—						—						44			2
Total*			132			$			729			$			875			$			314			$			127			$			164			$			54			$			2,263			100			%
Allowance for credit losses						$			3			$			54			$			10			$			—			$			11			$			—			$			78			3			%

December 31, 2025
Past Due Status:
In good standing			140			$			793			$			947			$			297			$			158			$			191			$			10			$			2,396			96			%
90 days or less delinquent			1						—						9						—						—						—						—						9			—
>90 days delinquent or in process of foreclosure			4						—						30						60						—						—						—						90			4
Total*			145			$			793			$			986			$			357			$			158			$			191			$			10			$			2,495			100			%
Allowance for credit losses						$			2			$			62			$			37			$			—			$			10			$			—			$			111			4			%

*Does not reflect allowance for credit losses.

METHODOLOGY USED TO ESTIMATE THE ALLOWANCE FOR CREDIT LOSSES

For a discussion of our accounting policy for evaluating Mortgage and other loans receivable for impairment, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans receivable(a):

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2026						2025						2026						2025
Allowance, beginning of year			$	77					$	155					$	111					$	164
Loans charged off			—						(52)						—						(52)
Net charge-offs			—						(52)						—						(52)
Addition to (release of) allowance for loan losses			1						3						(33)						(6)
Allowance, end of period			$	78					$	106					$	78					$	106

(a)Excludes $37.6 billion of loan receivable from AIGFP, which has a full allowance for credit losses, recognized upon the deconsolidation of AIGFP. For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

Our expectations and models used to estimate the allowance for losses on commercial mortgage loans are regularly updated to reflect the current economic environment.

LOAN MODIFICATIONS

For a discussion of our accounting policy for loan modifications, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

There were no loans that had defaulted during the three and six months ended June 30, 2026 and 2025, that had been previously modified with borrowers experiencing financial difficulties.

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7. Reinsurance

FORTITUDE RE

Fortitude Re is the reinsurer of the majority of AIG’s run-off operations. The reinsurance transactions are structured as modco and loss portfolio transfer arrangements with funds withheld (funds withheld). In modco and funds withheld arrangements, the investments supporting the reinsurance agreements, which reflect the majority of the consideration that would be paid to the reinsurer for entering into the transaction, are withheld by, and therefore continue to reside on the balance sheet of, the ceding company (i.e., AIG) thereby creating an obligation for the ceding company to pay the reinsurer (i.e., Fortitude Re) at a later date. Additionally, as AIG maintains ownership of these investments, AIG will maintain its existing accounting for these assets (e.g., the changes in fair value of available for sale securities will be recognized within OCI). AIG has established a funds withheld payable to Fortitude Re while simultaneously establishing a reinsurance asset representing reserves for the insurance coverage that Fortitude Re has assumed. The funds withheld payable contains an embedded derivative and changes in fair value of the embedded derivative related to the funds withheld payable are recognized in earnings through Net realized gains (losses). This embedded derivative is considered a total return swap with contractual returns that are attributable to various assets and liabilities associated with these reinsurance agreements.

As of June 30, 2026, $3.0 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.

There is a diverse pool of assets supporting the funds withheld arrangements with Fortitude Re. The following summarizes the composition of the pool of assets:

			June 30, 2026															December 31, 2025
(in millions)			Carrying Value									Fair Value						Carrying Value									Fair Value			Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)			$			1,672			$			1,672						$			1,780			$			1,780			Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option						657						657									734						734			Fair value through net investment income
Commercial mortgage and other loans						269						262									359						344			Amortized cost
Short-term investments						275						275									43						43			Fair value through net investment income
Funds withheld investment assets						2,873						2,866									2,916						2,901
Derivative assets, net(b)						—						—									—						—			Fair value through net realized gains (losses)
Other(c)						37						37									137						137			Amortized cost
Total			$			2,910			$			2,903						$			3,053			$			3,038

(a)The change in the net unrealized gains (losses) on available for sale securities related to the Fortitude Re funds withheld assets was $0 million ($0 million after-tax) and $85 million ($67 million after-tax), respectively, for the six months ended June 30, 2026 and for the year ended December 31, 2025.

(b)The derivative assets and liabilities have been presented net of cash collateral. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $3 million and $31 million, respectively, as of June 30, 2026. The derivative assets and liabilities supporting the Fortitude Re funds withheld arrangements had a fair market value of $1 million and $31 million, respectively, as of December 31, 2025. These derivative assets and liabilities are fully collateralized either by cash or securities.

(c)Primarily comprised of Cash and Accrued investment income.

The impact of the funds withheld arrangements with Fortitude Re was as follows:

			Three Months Ended June 30,															Six Months Ended June 30,
(in millions)						2026						2025									2026						2025
Net investment income - Fortitude Re funds withheld assets			$			36			$			39						$			59			$			79
Net realized losses on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets						(6)						(52)									(19)						(54)
Net realized losses - Fortitude Re funds withheld embedded derivative						(51)						(14)									(41)						(55)
Net realized losses on Fortitude Re funds withheld assets						(57)						(66)									(60)						(109)
Loss before income tax benefit						(21)						(27)									(1)						(30)
Income tax benefit(a)						(4)						(5)									—						(6)
Net loss						(17)						(22)									(1)						(24)
Change in unrealized appreciation on available for sale securities(a)						13						25									—						23
Comprehensive income (loss)			$			(4)			$			3						$			(1)			$			(1)

(a)The income tax expense (benefit) and the tax impact in Accumulated other comprehensive income (loss) (AOCI) were computed using AIG’s U.S. statutory tax rate of 21 percent.

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Various assets supporting the Fortitude Re funds withheld arrangements are reported at amortized cost, and as such, changes in the fair value of these assets are not reflected in the financial statements. However, changes in the fair value of these assets are included in the embedded derivative in the Fortitude Re funds withheld arrangement and the appreciation (depreciation) of the asset is the primary driver of the comprehensive income (loss) reflected above.

REINSURANCE – CREDIT LOSSES

The total reinsurance recoverables as of June 30, 2026 were $41.6 billion. As of that date, utilizing AIG’s Obligor Risk Ratings (ORRs), (i) approximately 83 percent of the reinsurance recoverables were investment grade; (ii) approximately 15 percent of the reinsurance recoverables were non-investment grade and (iii) approximately 2 percent of the reinsurance recoverables related to entities that were not rated by AIG.

The total reinsurance recoverables as of December 31, 2025 were $40.7 billion. As of that date, utilizing AIG’s ORRs, (i) approximately 80 percent of the reinsurance recoverables were investment grade; (ii) approximately 17 percent of the reinsurance recoverables were non-investment grade; (iii) approximately 3 percent of the reinsurance recoverables related to entities that were not rated by AIG.

As of June 30, 2026 and December 31, 2025, approximately 88 percent and 87 percent, respectively, of our non-investment grade reinsurance exposure related to captive insurers. These arrangements are typically collateralized by letters of credit, funds withheld or trust agreements.

For additional information, see Note 8 to the Consolidated Financial Statements in the 2025 Annual Report.

Reinsurance Recoverable Allowance

The following table presents a rollforward of the reinsurance recoverable allowance:

			Three Months Ended June 30,																		Six Months Ended June 30,
(in millions)						2026									2025									2026									2025
Balance, beginning of period			$			295						$			279						$			297						$			269
Addition to (release of) allowance for expected credit losses and disputes, net						6									(4)									5									(1)
Write-offs charged against the allowance for credit losses and disputes						(5)									(1)									(6)									(1)
Other changes						—									2									—									9
Balance, end of period			$			296						$			276						$			296						$			276

Past-Due Status

We consider a reinsurance asset to be past due when it is 90 days past due. The allowance for credit losses is estimated excluding disputed amounts. An allowance for disputes is established using the losses incurred method for contingencies. Past due balances on claims that are not in dispute were not material for any of the periods presented.

8. Deferred Policy Acquisition Costs

DAC represent costs that are directly related to the successful acquisition of new or renewal of existing insurance contracts. Such DAC generally include commissions, premium taxes and certain other underwriting costs. We also defer a portion of employee total compensation and payroll-related fringe benefits directly related to time spent performing specific acquisition or renewal activities, including costs associated with the time spent on underwriting, policy issuance and processing, and sales force contract selling.

DAC is amortized over the period in which the related premiums written are earned. DAC is grouped consistent with the manner in which the insurance contracts are acquired, serviced and measured for profitability and reviewed for recoverability based on the profitability of the underlying insurance contracts.

The following table presents a rollforward of DAC:

Six Months Ended June 30,
(in millions)			2026						2025
Balance, beginning of year			$	2,106					$	2,065
Capitalization			1,885						1,667
Amortization expense			(1,724)						(1,672)
Other, including foreign exchange			(50)						91
Balance, end of period			$	2,217					$	2,151

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9. Variable Interest Entities

We enter into various arrangements with Variable Interest Entities (VIEs) in the normal course of business and consolidate the VIEs when we determine we are the primary beneficiary. This analysis includes a review of the VIE’s capital structure, related contractual relationships and terms, nature of the VIE’s operations and purpose, nature of the VIE’s interests issued and our involvement with the entity. When assessing the need to consolidate a VIE, we evaluate the design of the VIE as well as the related risks to which the entity was designed to expose the variable interest holders.

The primary beneficiary is the entity that has both (i) the power to direct the activities of the VIE that most significantly affect the entity’s economic performance and (ii) the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. While also considering these factors, the consolidation conclusion depends on the breadth of our decision-making ability and our ability to influence activities that significantly affect the economic performance of the VIE.

For unconsolidated VIEs we calculate our maximum exposure to loss to be (i) the amount invested in the debt or equity of the VIE, (ii) the notional amount of VIE assets or liabilities where we have also provided credit protection to the VIE with the VIE as the referenced obligation, and (iii) other commitments and guarantees to the VIE.

The following table presents total assets of unconsolidated VIEs in which we hold a variable interest, as well as our maximum exposure to loss associated with these VIEs:

												Maximum Exposure to Loss
(in millions)						Total VIE Assets									On-Balance Sheet(b)									Off-Balance Sheet									Total
June 30, 2026
Private equity funds and other investments			$			309,437						$			2,754						$			1,166			(c)			$			3,920
Other(a)						5,988									153									286			(d)						439
Total			$			315,425						$			2,907						$			1,452						$			4,359
December 31, 2025
Private equity funds and other investments			$			403,956						$			3,078						$			1,219			(c)			$			4,297
Other(a)						4,776									188									302			(d)						490
Total			$			408,732						$			3,266						$			1,521						$			4,787

(a)At June 30, 2026 and December 31, 2025, excludes approximately $988 million and $1.1 billion, respectively, of VIE assets related to AIGFP and its consolidated subsidiaries, with maximum off-balance sheet exposure to loss of $967 million and $1.1 billion, respectively. For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.

(b)At June 30, 2026 and December 31, 2025, $2.9 billion and $3.3 billion, respectively, of our total unconsolidated VIE assets were recorded as Other invested assets.

(c)These amounts represent our unfunded commitments to invest in private equity funds.

10. Derivatives and Hedge Accounting

We use derivatives and other financial instruments as part of our financial risk management programs and as part of our investment operations. Interest rate derivatives (such as interest rate swaps) are used to manage interest rate risk associated with embedded derivatives contained in insurance contract liabilities, fixed maturity securities, outstanding medium- and long-term notes as well as other interest rate-sensitive assets and liabilities. Foreign exchange derivatives (principally foreign exchange forwards and swaps) are used to economically mitigate risk associated with non-U.S. dollar denominated debt, net capital exposures, foreign currency transactions, and foreign denominated investments. Equity derivatives are used to economically mitigate financial risk associated with embedded derivatives. We use credit derivatives to manage our credit exposures. The derivatives are effective economic hedges of the exposures that they are meant to offset. In addition to hedging activities, we also enter into derivative contracts with respect to investment operations, which may include, among other things, credit default swaps (CDSs), total return swaps and purchases of investments with embedded derivatives, such as equity-linked notes and convertible bonds.

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The following table presents the notional amounts of our derivatives and the fair value of derivative assets and liabilities in the Condensed Consolidated Balance Sheets:

			June 30, 2026																														December 31, 2025
			Gross Derivative Assets															Gross Derivative Liabilities															Gross Derivative Assets															Gross Derivative Liabilities
(in millions)						Notional Amount						Fair Value									Notional Amount						Fair Value									Notional Amount						Fair Value									Notional Amount						Fair Value
Derivatives designated as hedging instruments:(a)
Foreign exchange contracts			$			362			$			24						$			1,163			$			95						$			206			$			21						$			1,438			$			88
Derivatives not designated as hedging instruments:(a)
Interest rate contracts						917						223									993						254									935						227									1,012						258
Foreign exchange contracts						1,644						66									1,315						55									1,154						64									2,576						93
Credit contracts(b)						41						25									46						25									42						26									47						26
Total derivatives, gross			$			2,964			$			338						$			3,517			$			429						$			2,337			$			338						$			5,073			$			465
Counterparty netting(c)												(138)															(138)															(164)															(164)
Cash collateral(d)												(197)															(180)															(169)															(212)
Total derivatives on Condensed Consolidated Balance Sheets(e)									$			3												$			111												$			5												$			89

(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.

(b)As of June 30, 2026 and December 31, 2025, included CDSs on super senior multi-sector CLO with a net notional amount of $38 million and $38 million (fair value liability of $24 million and $25 million, respectively). The net notional amount represents the maximum exposure to loss on the portfolio.

(c)Represents netting of derivative exposures covered by a qualifying master netting agreement.

(d)Represents cash collateral posted and received that is eligible for netting.

(e)Freestanding derivatives only, excludes embedded derivatives. Derivative instrument assets and liabilities are recorded in Other assets and Other liabilities, respectively. Fair value of assets related to bifurcated embedded derivatives was $2.9 billion at June 30, 2026 and $3.0 billion at December 31, 2025. Fair value of liabilities related to bifurcated embedded derivatives was zero at both June 30, 2026 and December 31, 2025. A bifurcated embedded derivative is generally presented with the host contract in the Condensed Consolidated Balance Sheets. Embedded derivatives are primarily related to the funds withheld arrangement with Fortitude Re. For additional information, see Note 7.

COLLATERAL

We engage in derivative transactions that are not subject to a clearing requirement directly with unaffiliated third parties, in most cases, under International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements. An ISDA Master Agreement is an agreement governing multiple derivative transactions between two counterparties. Many of the ISDA Master Agreements also include Credit Support Annex provisions, which provide for collateral postings that may vary at various ratings and threshold levels. We attempt to reduce our risk with certain counterparties by entering into agreements that enable collateral to be obtained from a counterparty on an upfront or contingent basis. We minimize the risk that counterparties might be unable to fulfill their contractual obligations by monitoring counterparty credit exposure and collateral value and generally requiring additional collateral to be posted upon the occurrence of certain events or circumstances. In addition, certain derivative transactions have provisions that require collateral to be posted by us upon a downgrade of our long-term debt ratings or give the counterparty the right to terminate the transaction. In the case of some of the derivative transactions, upon a downgrade of our long-term debt ratings, as an alternative to posting collateral and subject to certain conditions, we may assign the transaction to an obligor with higher debt ratings or arrange for a substitute guarantee of our obligations by an obligor with higher debt ratings or take other similar action. The actual amount of collateral required to be posted to counterparties in the event of such downgrades, or the aggregate amount of payments that we could be required to make, depends on market conditions, the fair value of outstanding affected transactions and other factors prevailing at and after the time of the downgrade.

Collateral posted by us to third parties for derivative transactions was $327 million and $362 million at June 30, 2026 and December 31, 2025, respectively. In the case of collateral posted under derivative transactions that are not subject to clearing, this collateral can generally be repledged or resold by the counterparties. Collateral provided to us from third parties for derivative transactions was $232 million and $222 million at June 30, 2026 and December 31, 2025, respectively. In the case of collateral provided to us under derivative transactions that are not subject to clearing, we generally can repledge or resell collateral.

OFFSETTING

We have elected to present all derivative receivables and derivative payables, and the related cash collateral received and paid, on a net basis on our Condensed Consolidated Balance Sheets when a legally enforceable ISDA Master Agreement exists between us and our derivative counterparty. The ISDA Master Agreement generally provides for the net settlement of all, or a specified group, of these derivative transactions, as well as transferred collateral, through a single payment, and in a single currency, as applicable. The net settlement provisions apply in the event of a default on, or affecting any, one derivative transaction or a termination event affecting all, or a specified group of, derivative transactions governed by the ISDA Master Agreement.

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HEDGE ACCOUNTING

We designate certain derivatives entered into with third parties as fair value hedges of available for sale investment securities held by our insurance subsidiaries. The fair value hedges include foreign currency forwards and cross currency swaps designated as hedges of the change in fair value of foreign currency denominated available for sale securities attributable to changes in foreign exchange rates.

We use foreign currency denominated debt as hedging instruments in net investment hedge relationships to mitigate the foreign exchange risk associated with our non-U.S. dollar functional currency foreign subsidiaries. For net investment hedge relationships where issued debt is used as a hedging instrument, we assess the hedge effectiveness and measure the amount of ineffectiveness based on changes in spot rates. For the three and six months ended June 30, 2026, we recognized gains (losses) of $22 million and $50 million, respectively, and for the three and six months ended June 30, 2025, we recognized gains (losses) of $(101) million and $(172) million, respectively, included in Change in foreign currency translation adjustments in OCI related to the net investment hedge relationships.

A qualitative methodology is utilized to assess hedge effectiveness.

The following table presents the gain (loss) recognized in income on our derivative instruments in fair value hedging relationships in the Condensed Consolidated Statements of Income (Loss):

						Gains/(Losses) Recognized in Income for:
(in millions)						Hedging Derivatives(a)						Excluded Components(b)						Hedged Items						Net Impact
Three Months Ended June 30, 2026
Foreign exchange contracts:
Net realized gains/(losses)						$	(7)					$	(17)					$	7					$	(17)
Three Months Ended June 30, 2025
Foreign exchange contracts:
Net realized gains/(losses)						$	(26)					$	(18)					$	26					$	(18)
Six Months Ended June 30, 2026
Foreign exchange contracts:
Net realized gains/(losses)						$	(21)					$	(5)					$	21					$	(5)
Six Months Ended June 30, 2025
Foreign exchange contracts:
Net realized gains/(losses)						$	(27)					$	(19)					$	27					$	(19)

(a)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are included in the assessment of hedge effectiveness.

(b)Gains and losses on derivative instruments designated and qualifying in fair value hedges that are excluded from the assessment of hedge effectiveness and recognized in income on a mark-to-market basis.

DERIVATIVES NOT DESIGNATED AS HEDGING INSTRUMENTS

The following table presents the effect of derivative instruments not designated as hedging instruments in the Condensed Consolidated Statements of Income (Loss):

						Gains (Losses) Recognized in Income
						Three Months Ended June 30,															Six Months Ended June 30,
(in millions)						2026						2025									2026						2025
By Derivative Type:
Interest rate contracts						$	(2)					$	(4)								$	(1)					$	(5)
Foreign exchange contracts						(22)						(111)									(17)						(144)
Embedded derivatives						(51)						(14)									(41)						(55)
Total						$	(75)					$	(129)								$	(59)					$	(204)
By Classification:
Net investment income - Fortitude Re funds withheld assets						$	—					$	(1)								$	—					$	(1)
Net realized losses - excluding Fortitude Re funds withheld assets						(22)						(98)									(20)						(126)
Net realized losses on Fortitude Re funds withheld assets*						(53)						(30)									(39)						(77)
Total						$	(75)					$	(129)								$	(59)					$	(204)

*Includes over-the-counter derivatives supporting the funds withheld arrangements with Fortitude Re and the embedded derivative contained within the funds withheld payable with Fortitude Re.

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CREDIT RISK-RELATED CONTINGENT FEATURES

11. Insurance Liabilities

LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)

Loss reserves represent the accumulation of estimates of unpaid claims, including estimates for claims incurred but not reported and loss adjustment expenses, less applicable discount. We regularly review and update the methods used to determine loss reserve estimates. Any adjustments resulting from this review are reflected currently in pre-tax income, except to the extent such adjustment impacts a deferred gain under a retroactive reinsurance agreement, in which case the ceded portion would be amortized into pre-tax income in subsequent periods. Because these estimates are subject to the outcome of future events, changes in estimates are common given that loss trends vary and time is often required for changes in trends to be recognized and confirmed. Reserve changes that increase previous estimates of ultimate cost are referred to as unfavorable or adverse development or reserve strengthening. Reserve changes that decrease previous estimates of ultimate cost are referred to as favorable development or reserve releases.

Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $16.1 billion and $13.8 billion at June 30, 2026 and December 31, 2025, respectively. These recoverable amounts are related to certain policies with high deductibles (in excess of high dollar amounts retained by the insured through self-insured retentions, deductibles, retrospective programs, or captive arrangements, each referred to generically as deductibles), primarily for U.S. Commercial casualty business. With respect to the deductible portion of the claim, we manage and pay the entire claim on behalf of the insured and are reimbursed by the insured for the deductible portion of the claim. Thus, these recoverable amounts represent a credit exposure to us. At June 30, 2026 and December 31, 2025 we held collateral of approximately $10.2 billion and $9.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements. Allowance for credit losses for the unsecured portion of these recoverable amounts was $14 million at both June 30, 2026 and December 31, 2025.

The following table presents the rollforward of activity in loss reserves:

			Three Months Ended June 30,															Six Months Ended June 30,
(in millions)						2026						2025									2026						2025
Liability for unpaid loss and loss adjustment expenses, beginning of period						$	69,963					$	68,896								$	70,666					$	69,168
Reinsurance recoverable						(28,198)						(27,799)									(28,871)						(29,026)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period						41,765						41,097									41,795						40,142
Losses and loss adjustment expenses incurred:
Current year						3,779						3,523									7,440						7,332
Prior years, excluding discount and amortization of deferred gain						(246)						25									(372)						(8)
Prior years, discount charge (benefit)						43						45									18						85
Prior years, amortization of deferred gain on retroactive reinsurance(a)						8						(100)									(27)						(122)
Total losses and loss adjustment expenses incurred						3,584						3,493									7,059						7,287
Losses and loss adjustment expenses paid:
Current year						(885)						(1,023)									(1,365)						(1,452)
Prior years						(2,396)						(2,569)									(5,249)						(5,530)
Total losses and loss adjustment expenses paid						(3,281)						(3,592)									(6,614)						(6,982)
Other changes:
Foreign exchange effect						(26)						895									(220)						1,379
Losses and loss adjustment expenses recognized within net (gain) loss on divestitures						(5)						15									(1)						47
Retroactive reinsurance adjustment (net of discount)(b)						98						(20)									116						15
Other, net of reinsurance recoverables(c)						(141)						—									(141)						—
Total other changes						(74)						890									(246)						1,441

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			Three Months Ended June 30,															Six Months Ended June 30,
(in millions)						2026						2025									2026						2025
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses						41,994						41,888									41,994						41,888
Reinsurance recoverable						27,858						27,866									27,858						27,866
Total						$	69,852					$	69,754								$	69,852					$	69,754

(a)Includes $8 million and $7 million for the retroactive reinsurance agreement with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc. (Berkshire), covering U.S. asbestos exposures for the three months ended June 30, 2026 and 2025, respectively, and $23 million and $12 million for the six months ended June 30, 2026 and 2025, respectively.

(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $19 million and $19 million for the three months ended June 30, 2026 and 2025 respectively, and $72 million and $20 million for the six months ended June 30, 2026 and 2025, respectively.

(c)Represents held for sale businesses reclassified to Other liabilities.

On January 20, 2017, we entered into an adverse development reinsurance agreement with NICO, under which we transferred to NICO 80 percent of the reserve risk on substantially all of our U.S. commercial long-tail exposures for accident years 2015 and prior. Under this agreement, we ceded to NICO 80 percent of the paid losses on subject business paid on or after January 1, 2016 in excess of $25 billion of net paid losses, up to an aggregate limit of $25 billion. At NICO’s 80 percent share, NICO’s limit of liability under the contract is $20 billion. We account for this transaction as retroactive reinsurance. We paid total consideration, including interest, of $10.2 billion. The consideration was placed into a collateral trust account as security for NICO’s claim payment obligations, and Berkshire has provided a parental guarantee to secure the obligations of NICO under the agreement.

Prior Year Development

During the three months ended June 30, 2026, we recognized favorable prior year loss reserve development of $246 million, net of external reinsurance but before adverse development reinsurance agreement (ADC) cessions. The development in this period was largely driven by favorable development in U.S. Workers’ Compensation, partially offset by adverse development in U.S. Excess Casualty and U.S. Other Casualty. During the six months ended June 30, 2026, we recognized favorable prior year loss reserve development of $372 million, net of external reinsurance but before ADC cessions. The development in this period was largely driven by favorable experience in U.S. Workers’ Compensation, U.S Property and U.S. Personal Insurance, partially offset by adverse development in U.S. Excess Casualty and U.S. Other Casualty.

During the three months ended June 30, 2025, we recognized unfavorable prior year loss reserve development of $25 million, net of external reinsurance but before ADC cessions. The development in this period was primarily driven by adverse development on U.S. Excess Casualty partially offset by favorable experience in U.S. Workers’ Compensation, U.S. Other Casualty and U.S. Property and Special Risks. During the six months ended June 30, 2025, we recognized favorable prior year loss reserve development of $8 million, net of external reinsurance but before ADC cessions. The development in this period was largely driven by favorable development in U.S. Workers’ Compensation, U.S. Other Casualty, U.S. Property and Special Risks and Global Specialty, partially offset by adverse development on U.S. Excess Casualty.

Discounting of Loss Reserves

At June 30, 2026 and December 31, 2025, the loss reserves reflect a net loss reserve discount of $1.3 billion and $1.2 billion, respectively, including tabular and non-tabular calculations based upon the following assumptions:

•The non-tabular workers’ compensation discount is calculated separately for companies domiciled in New York, Pennsylvania and Delaware, and follows the statutory regulations (prescribed or historically permitted) for each state.

–For New York companies, the discount is based on a 5 percent interest rate and the companies’ own payout patterns.

–The Pennsylvania and Delaware regulators have approved use of a consistent benchmark discount rate and spread (U.S. Treasury rate plus a liquidity premium), subject to a 4.5 percent maximum as stipulated by Delaware, to all of our workers’ compensation reserves in our Pennsylvania domiciled and Delaware domiciled companies, as well as our use of updated payout patterns specific to our primary and excess workers compensation portfolios. In 2020, the regulators also approved that the discount rate will be updated on an annual basis, which was 4.5 percent at June 30, 2026 and December 31, 2025.

•The tabular workers’ compensation discount is calculated based on the mortality rate used in the 2007 U.S. Life table and interest rates prescribed or permitted by each state (i.e. New York is based on 5 percent interest rate and Pennsylvania and Delaware are based on U.S. Treasury rate plus a liquidity premium).

The discount for asbestos reserves has been fully accreted.

At June 30, 2026 and December 31, 2025, the discount consists of $157 million and $141 million of tabular discount, respectively, and $1.1 billion and $1.0 billion of non-tabular discount for workers’ compensation, respectively. During the six months ended June 30, 2026 and 2025, the benefit / (charge) from changes in discount of $20 million and $(29) million, respectively, were recorded as part of Losses and loss adjustment expenses incurred in the Condensed Consolidated Statements of Income (Loss).

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The following table presents the components of the loss reserve discount discussed above:

(in millions)						June 30, 2026						December 31, 2025
U.S. workers' compensation			$			2,083			$			2,063
Retroactive reinsurance						(819)						(891)
Total reserve discount(a)(b)			$			1,264			$			1,172

(a)Excludes $163 million and $166 million of discount related to certain long-tail liabilities in the UK at June 30, 2026 and December 31, 2025, respectively.

(b)Includes gross discount of $681 million and $693 million, which was 100 percent ceded to Fortitude Re at June 30, 2026 and December 31, 2025, respectively.

The following table presents the net loss reserve discount benefit (charge):

			Three Months Ended June 30,															Six Months Ended June 30,
(in millions)						2026						2025									2026						2025
Current accident year			$			15			$			33						$			38			$			56
Accretion and other adjustments to prior year discount						(43)						(45)									(18)						(85)
Net reserve discount benefit (charge)						(28)						(12)									20						(29)
Change in discount on loss reserves ceded under retroactive reinsurance						19						19									72						20
Net change in total reserve discount*			$			(9)			$			7						$			92			$			(9)

*Excludes $1 million and $11 million discount related to certain long-tail liabilities in the UK for the three months ended June 30, 2026 and 2025, respectively, and excludes $(3) million and $17 million discount related to certain long-tail liabilities in the UK for the six months ended June 30, 2026 and 2025, respectively.

Amortization of Deferred Gain on Retroactive Reinsurance

Amortization of the deferred gain on retroactive reinsurance includes $(16) million and $93 million related to the adverse development reinsurance cover with NICO for the three months ended June 30, 2026 and 2025, respectively, and $4 million and $110 million for the six months ended June 30, 2026 and 2025, respectively.

Amounts recognized reflect the amortization of the initial deferred gain at inception, as amended for subsequent changes in the deferred gain due to changes in subject reserves.

FUTURE POLICY BENEFITS

Future policy benefits primarily include reserves for certain long-duration contracts that are 100 percent ceded of $763 million and $797 million at June 30, 2026 and December 31, 2025, respectively, certain other long-duration contracts of $532 million and $583 million at June 30, 2026 and December 31, 2025, respectively, and Global Accident & Health contracts.

12. Contingencies, Commitments and Guarantees

In the normal course of business, we enter into various contingent liabilities and commitments. In addition, AIG Parent guarantees various obligations of certain subsidiaries.

Although we cannot currently quantify our ultimate liability for unresolved litigation and investigation matters, including those referred to below, it is possible that such liability could have a material adverse effect on our consolidated financial condition or consolidated results of operations or consolidated cash flows for an individual reporting period.

LEGAL CONTINGENCIES

In the ordinary course of business, we are subject to regulatory and government investigations and actions, and litigation and other forms of dispute resolution in proceedings pending in various domestic and foreign jurisdictions. Certain of these matters may involve considerable risk of loss due to the potential for significant jury awards (including in certain cases the possibility of punitive damages or other penalties) and settlements, especially in the case of class actions. It is inherently difficult to predict the size or scope of potential future losses arising from such matters. In our insurance and reinsurance operations, litigation and arbitration concerning the scope of coverage under insurance and reinsurance contracts, and litigation and arbitration in which our subsidiaries defend or indemnify their insureds under insurance contracts, are considered in the establishment of our loss reserves.

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Separately, AIG Parent, our subsidiaries and their respective officers and directors are subject to additional types of legal proceedings brought by holders of AIG securities, customers, employees and others, alleging, among other things, breach of contractual or fiduciary duties, bad faith, indemnification and violations of federal and state statutes and regulations. With respect to such matters, we establish reserves for loss contingencies when it is probable that a loss will be incurred and the amount of the loss can be reasonably estimated. In many instances, we are unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from legal proceedings may exceed the amount of liabilities that we have recorded in our financial statements covering these matters. While such potential future charges could be material, based on information currently known to management, management does not believe that any such charges are likely to have a material adverse effect on our financial position or results of operations.

Additionally, from time to time, various regulatory and governmental agencies review our transactions and practices in connection with industry-wide and other inquiries or examinations into, among other matters, the business practices of current and former operating insurance subsidiaries. These matters could develop into administrative, civil or criminal proceedings or enforcement actions, in which remedies could include fines, penalties, restitution or alterations in our business practices, and could result in additional expenses and limitations on certain business activities.

OTHER COMMITMENTS

In the ordinary course of business, we enter into commitments to invest in limited partnerships, private equity funds and real estate funds. These commitments totaled $1.2 billion and $1.5 billion at June 30, 2026 and December 31, 2025, respectively.

GUARANTEES

Subsidiaries

We have issued unconditional guarantees with respect to the prompt payment, when due, of all present and future payment obligations and liabilities of AIGFP and certain of its subsidiaries. We have also issued guarantees of all present and future payment obligations and liabilities of AIG Markets, Inc.

Due to the deconsolidation of AIGFP and its subsidiaries, as of June 30, 2026, an $80 million guarantee related to the obligations of AIGFP and certain of its subsidiaries was recognized, and is reported in Other liabilities.

We guarantee certain policyholder contracts issued by Corebridge subsidiaries as well as certain debt issued by Corebridge Life Holdings, Inc. (CRBGLH). Pursuant to the Separation Agreement entered in by AIG and Corebridge on September 14, 2022, Corebridge must indemnify, defend and hold us harmless from and against any liability related to these guarantees. Also, under a collateral agreement, in the event of: (i) a ratings downgrade of Corebridge or the guaranteed debt below specified levels or (ii) the failure by CRBGLH to pay principal and interest on the guaranteed debt when due, Corebridge must collateralize an amount equal to the sum of: (i) 100 percent of the principal amount outstanding, (ii) accrued and unpaid interest and (iii) 100 percent of the net present value of scheduled interest payments through the maturity dates of the debt.

Business and Asset Dispositions

We are subject to financial guarantees and indemnity arrangements in connection with completed sales of businesses and assets. We are unable to develop a reasonable estimate of the maximum potential payout under certain of these arrangements. Overall, we believe the likelihood that we will have to make any material payments related to completed sales under these arrangements is remote, and no material liabilities related to these arrangements have been recorded in the Condensed Consolidated Balance Sheets.

Other

•For additional information on commitments and guarantees associated with VIEs, see Note 9.

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13. Equity

SHARES OUTSTANDING

Common Stock

The following table presents a rollforward of outstanding shares:

Six Months Ended June 30, 2026			Common Stock Issued			Treasury Stock			Common Stock Outstanding
(in millions)
Shares, beginning of year			1,906.7			(1,368.5)			538.2
Shares issued			—			1.7			1.7
Shares repurchased			—			(15.2)			(15.2)
Shares, end of period			1,906.7			(1,382.0)			524.7

Dividends

Dividends are payable on AIG common stock, par value $2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors (the Board) in its discretion, from funds legally available for this purpose. In considering whether to pay a dividend on or purchase shares of AIG Common Stock, our Board of Directors considers a number of factors, including, but not limited to: the capital resources available to support our insurance operations and business strategies, AIG’s funding capacity and capital resources in comparison to internal benchmarks, expectations for capital generation, rating agency expectations for capital, regulatory standards for capital and capital distributions, and such other factors as our Board of Directors may deem relevant.

For a discussion of restrictions on payments of dividends to AIG Parent by its subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2025 Annual Report.

Repurchase of AIG Common Stock

The Board has authorized the repurchase of shares of AIG Common Stock and as of July 31, 2026, $2.6 billion remained under the Board's authorization. Shares may be repurchased from time to time in the open market, through private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or through Rule 10b5-1 plans under the Securities Exchange Act of 1934, as amended (the Exchange Act). Pursuant to a Rule 10b5-1 plan, from July 1, 2026 to July 31, 2026, we repurchased approximately 2 million shares of AIG Common Stock for an aggregate purchase price of approximately $195 million.

The timing of any future repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

DIVIDENDS DECLARED

On August 6, 2026, our Board of Directors declared a cash dividend on AIG Common Stock of $0.50 per share, payable on September 30, 2026 to shareholders of record as of September 16, 2026.

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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents a rollforward of Accumulated other comprehensive income (loss):

(in millions)			Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken						Unrealized Appreciation (Depreciation) of All Other Investments									Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts						Foreign Currency Translation Adjustments						Retirement Plan Liabilities Adjustment												Total
Balance, March 31, 2026, net of tax			$			(4)			$			(1,989)									$			91			$			(3,102)			$			(711)									$			(5,715)
Change in unrealized appreciation (depreciation) of investments						1						170												—						—						—												171
Change in other						—						(17)												—						—						—												(17)
Change in discount rates						—						—												8						—						—												8
Change in foreign currency translation adjustments						—						—												—						(4)						—												(4)
Change in net actuarial loss						—						—												—						—						7												7
Change in prior service cost						—						—												—						—						1												1
Change in deferred tax asset (liability)						—						(45)												(3)						(7)						(2)												(57)
Total other comprehensive income (loss)						1						108												5						(11)						6												109
Balance, June 30, 2026, net of tax			$			(3)			$			(1,881)									$			96			$			(3,113)			$			(705)									$			(5,606)
Balance, March 31, 2025, net of tax			$			—			$			(2,443)									$			74			$			(3,328)			$			(767)									$			(6,464)
Change in unrealized appreciation (depreciation) of investments						(7)						512												—						—						—												505
Change in other						—						(9)												—						—						—												(9)
Change in foreign currency translation adjustments						—						—												—						414						—												414
Change in net actuarial loss						—						—												—						—						2												2
Change in deferred tax asset (liability)						1						(11)												1						15						(2)												4
Total other comprehensive income (loss)						(6)						492												1						429						—												916
Balance, June 30, 2025, net of tax			$			(6)			$			(1,951)									$			75			$			(2,899)			$			(767)									$			(5,548)

Balance, December 31, 2025, net of tax			$			(3)			$			(1,373)									$			87			$			(2,981)			$			(717)									$			(4,987)
Change in unrealized appreciation (depreciation) of investments						—						(564)												—						—						—												(564)
Change in other						—						(20)												—						—						—												(20)
Change in discount rates						—						—												13						—						—												13
Change in foreign currency translation adjustments						—						—												—						(123)						—												(123)
Change in net actuarial loss						—						—												—						—						14												14
Change in prior service cost						—						—												—						—						2												2
Change in deferred tax asset (liability)						—						76												(4)						(9)						(4)												59
Total other comprehensive income (loss)						—						(508)												9						(132)						12												(619)
Balance, June 30, 2026, net of tax			$			(3)			$			(1,881)									$			96			$			(3,113)			$			(705)									$			(5,606)

Balance, December 31, 2024, net of tax			$			(4)			$			(2,868)									$			68			$			(3,521)			$			(774)									$			(7,099)
Change in unrealized appreciation (depreciation) of investments						(3)						830												—						—						—												827
Change in other						—						(3)												—						—						—												(3)
Change in discount rates						—						—												9						—						—												9
Change in foreign currency translation adjustments						—						—												—						589						—												589
Change in net actuarial loss						—						—												—						—						10												10
Change in deferred tax asset (liability)						1						90												(2)						34						(3)												120
Total other comprehensive income (loss)						(2)						917												7						623						7												1,552
Less: Noncontrolling interests						—						—												—						1						—												1
Balance, June 30, 2025, net of tax			$			(6)			$			(1,951)									$			75			$			(2,899)			$			(767)									$			(5,548)

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The following table presents the other comprehensive income (loss) reclassification adjustments for the three and six months ended June 30, 2026 and 2025, respectively:

(in millions)			Unrealized Appreciation (Depreciation) of Fixed Maturity Securities on Which Allowance for Credit Losses Was Taken						Unrealized Appreciation (Depreciation) of All Other Investments									Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts						Foreign Currency Translation Adjustments						Retirement Plan Liabilities Adjustment												Total
Three Months Ended June 30, 2026
Unrealized change arising during period			$			1			$			90									$			8			$			(4)			$			1									$			96
Less: Reclassification adjustments included in net income						—						(63)												—						—						(7)												(70)
Total other comprehensive income (loss), before income tax expense (benefit)						1						153												8						(4)						8												166
Less: Income tax expense (benefit)						—						45												3						7						2												57
Total other comprehensive income (loss), net of income tax expense (benefit)			$			1			$			108									$			5			$			(11)			$			6									$			109
Three Months Ended June 30, 2025
Unrealized change arising during period			$			(7)			$			352									$			—			$			414			$			(5)									$			754
Less: Reclassification adjustments included in net income						—						(151)												—						—						(7)												(158)
Total other comprehensive income (loss), before income tax expense (benefit)						(7)						503												—						414						2												912
Less: Income tax expense (benefit)						(1)						11												(1)						(15)						2												(4)
Total other comprehensive income (loss), net of income tax expense (benefit)			$			(6)			$			492									$			1			$			429			$			—									$			916

Six Months Ended June 30, 2026
Unrealized change arising during period			$			—			$			(777)									$			13			$			(123)			$			1									$			(886)
Less: Reclassification adjustments included in net income						—						(193)												—						—						(15)												(208)
Total other comprehensive income (loss), before of income tax expense (benefit)						—						(584)												13						(123)						16												(678)
Less: Income tax expense (benefit)						—						(76)												4						9						4												(59)
Total other comprehensive income (loss), net of income tax expense (benefit)			$			—			$			(508)									$			9			$			(132)			$			12									$			(619)
Six Months Ended June 30, 2025
Unrealized change arising during period			$			(3)			$			414									$			9			$			589			$			(5)									$			1,004
Less: Reclassification adjustments included in net income						—						(413)												—						—						(15)												(428)
Total other comprehensive income (loss), before income tax expense (benefit)						(3)						827												9						589						10												1,432
Less: Income tax expense (benefit)						(1)						(90)												2						(34)						3												(120)
Total other comprehensive income (loss), net of income tax expense (benefit)			$			(2)			$			917									$			7			$			623			$			7									$			1,552

The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):

			Amount Reclassified from AOCI																														Affected Line Item in the
			Three Months Ended June 30,															Six Months Ended June 30,															Condensed Consolidated
(in millions)						2026						2025									2026						2025												Statements of Income (Loss)
Unrealized appreciation (depreciation) of all other investments
Investments						(63)						(151)									(193)						(413)												Net realized gains (losses)
Total						(63)						(151)									(193)						(413)
Change in retirement plan liabilities adjustment
Prior-service credit						(1)						—									(2)						(1)												(b)
Actuarial losses						(6)						(7)									(13)						(14)												(b)
Total						(7)						(7)									(15)						(15)
Total reclassifications for the period			$			(70)			$			(158)						$			(208)			$			(428)

(a)Change in the discount rates used to measure traditional and limited-payment long-duration insurance contracts is not reclassified out of AOCI and included in the Condensed Consolidated Statements of Income (Loss) and thus have been excluded from the table.

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14. Earnings Per Common Share (EPS)

Basic EPS is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding. The diluted EPS computation assumes the issuance of all potentially dilutive common shares outstanding using the treasury stock method or the if-converted method, as applicable, and excludes the effect of anti-dilutive shares.

The following table presents the computation of basic and diluted EPS:

						Three Months Ended June 30,															Six Months Ended June 30,
(dollars in millions, except per common share data)						2026						2025									2026						2025
Numerator for EPS:
Net income						$	948					$	1,144								$	1,711					$	1,842
Less: Net income attributable to noncontrolling interests						—						—									—						—
Net income attributable to AIG common shareholders						$	948					$	1,144								$	1,711					$	1,842
Denominator for EPS:
Weighted average common shares outstanding - basic						529,539,714						572,817,409									533,775,623						583,272,826
Dilutive common shares						4,034,824						5,123,823									4,070,909						5,262,102
Weighted average common shares outstanding - diluted(a)						533,574,538						577,941,232									537,846,532						588,534,928
Net income per common share attributable to AIG common shareholders:
Basic						$	1.79					$	2.00								$	3.21					$	3.16
Diluted						$	1.78					$	1.98								$	3.18					$	3.13

(a)Potential dilutive common shares are due to our share-based employee compensation plans and agreements. The number of potential common shares excluded from diluted shares outstanding was 1,177,254 and 915,465 for the three and six months ended June 30, 2026, respectively, and 118,717 and 140,236 for the three and six months ended June 30, 2025, because the effect of including those common shares in the calculation would have been anti-dilutive.

For information regarding our repurchases of AIG Common Stock, see Note 13.

15. Income Taxes

BASIS OF PRESENTATION

We file a consolidated U.S. federal income tax return with our eligible U.S. subsidiaries. Income earned by subsidiaries operating outside the U.S. is taxed, and income tax expense is recorded, based on applicable U.S. and foreign laws.

We consider our foreign earnings with respect to certain operations in Canada, South Africa, Japan, Latin America, Bermuda as well as the European, Asia Pacific and Middle East regions to be indefinitely reinvested. These earnings relate to ongoing operations and have been reinvested in active business operations. A deferred tax liability has not been recorded for those foreign subsidiaries whose earnings are considered to be indefinitely reinvested. If recorded, such deferred tax liability would not be material to our consolidated financial condition. Deferred taxes, if necessary, have been provided on earnings of non-U.S. affiliates whose earnings are not indefinitely reinvested.

INTERIM TAX CALCULATION METHOD

We use the estimated annual effective tax rate method in computing our interim tax provision. Certain items, including those deemed to be unusual, infrequent or that cannot be reliably estimated, are excluded from the estimated annual effective tax rate. In these cases, the actual tax expense or benefit is reported in the same period as the related item. Certain tax effects are also not reflected in the estimated annual effective tax rate, primarily certain changes in uncertain tax positions and realizability of deferred tax assets and are recorded in the period in which the change occurs.

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INTERIM TAX EXPENSE (BENEFIT)

For the three months ended June 30, 2026, the effective tax rate on income was 25.0 percent. The effective tax rate on income differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, and state and local income taxes. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.

For the six months ended June 30, 2026, the effective tax rate on income was 24.0 percent. The effective tax rate on income differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, and state and local income taxes. The charges are partially offset by the impact of excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.

For the three months ended June 30, 2025, the effective tax rate on income was 25.9 percent. The effective tax rate on income differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, state and local income taxes, and an increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.

For the six months ended June 30, 2025, the effective tax rate on income was 26.4 percent. The effective tax rate on income differs from the statutory tax rate of 21 percent primarily due to tax charges associated with the effect of foreign operations, certain non-deductible expenses, state and local income taxes, and an increase in deferred tax asset valuation allowance associated with certain foreign jurisdictions. The charges are partially offset by tax benefits related to closure of tax audits in Germany and California, and excess tax benefits related to share-based compensation payments recorded through the income statement. The effect of foreign operations is primarily related to income of our foreign operations taxed at statutory tax rates higher than 21 percent, other foreign taxes, and foreign income subject to U.S. taxation.

ASSESSMENT OF DEFERRED TAX ASSET VALUATION ALLOWANCE

For the six months ended June 30, 2026, recent changes in market conditions, including changes in interest rates, impacted the unrealized tax gains and losses in the available for sale securities portfolios of our U.S. general insurance and non-insurance companies, resulting in an increase to deferred tax assets related to net unrealized tax capital losses. The deferred tax assets relate to the unrealized tax capital losses for which the carryforward period has not yet begun. As of June 30, 2026, based on all available evidence, we concluded that a valuation allowance of $249 million is necessary on deferred tax assets related to unrealized tax capital losses that are not more-likely-than-not to be realized. For the six months ended June 30, 2026, we recorded an increase in valuation allowance of $49 million associated with the unrealized tax capital losses in AIG's available for sale securities portfolio. The valuation allowance increase was allocated to Other comprehensive income.

For the six months ended June 30, 2026, we recognized a net $7 million decrease in deferred tax asset valuation allowance associated with certain foreign jurisdictions, and established a state valuation allowance of $88 million related to the initial recognition and corresponding increase in New York State (NYS) net operating loss deferred tax asset as a result of the completion of NYS audit activity.

TAX EXAMINATIONS

We are currently under examination by the Internal Revenue Service (IRS) for the tax years 2011 through 2019. We continue to engage in the IRS Appeals process for certain disagreed issues related to tax years 2007 through 2010. These tax years are still subject to ongoing computational review by IRS Appeals.

ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES

There were no significant changes in our unrecognized tax benefits, interest and penalties for the six months ended June 30, 2026.

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The Rule 10b5-1 trading arrangement described above was adopted and precleared in accordance with AIG’s Insider Trading Policy and actual sale transactions made pursuant to such trading arrangement will be disclosed publicly in future Section 16 filings with the SEC.

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