Companies: 11,396     total market cap: $149.537 T
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American International Group
AIG
#592
Rank
$42.67 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$82.32
Share price
3.38%
Change (1 day)
7.02%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. American International Group
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

American International Group - 10-Q quarterly report FY2026 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
——————————
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2026
OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from               to
Commission File Number 1-8787
AIG_core_r_rgb_gif.gif
American International Group, Inc.
(Exact name of registrant as specified in its charter)

Delaware13-2592361
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
1271 Avenue of the Americas, New York, New York
10020
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212) 770-7000
——————————
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, Par Value $2.50 Per ShareAIGNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☑
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of October 29, 2026, there were 518,438,878 shares outstanding of the registrant’s common stock.


AMERICAN INTERNATIONAL GROUP, INC.
QUARTERLY REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2026
TABLE OF CONTENTS

FORM 10-Q
Item NumberDescriptionPage
Part I – Financial Information
2
Note 1.
8
Note 2.
Summary of Significant Accounting Policies
9
Note 3.
Segment Information
9
Note 4.
Fair Value Measurements
12
Note 5.
19
Note 6.
Lending Activities
25
Note 7.
27
Note 8.
28
Note 9.
Variable Interest Entities
29
Note 10.
Derivatives and Hedge Accounting
29
Note 11.
Insurance Liabilities
32
Note 12.
Contingencies, Commitments and Guarantees
34
Note 13.
36
Note 14.
Earnings Per Common Share (EPS)
39
Note 15.
Income Taxes
39
41
•Cautionary Note on Forward-Looking Statements
41
•Executive Summary
44
•Critical Accounting Estimates
45
•Consolidated Results of Operations
45
•Business Segment Operations
46
•Use of Non-GAAP Measures
53
•Investments
57
•Insurance Reserves
64
•Liquidity and Capital Resources
67
•Enterprise Risk Management
72
•Glossary
73
•Acronyms
75
ITEM 3
Quantitative and Qualitative Disclosures About Market Risk
75
ITEM 4
Controls and Procedures
75
Part II – Other Information
ITEM 1
Legal Proceedings
76
ITEM 1A
Risk Factors
76
ITEM 2
Unregistered Sales of Equity Securities and Use of Proceeds
76
ITEM 5
76
ITEM 6
77
Signatures
78
AIG | Third Quarter 2026 Form 10-Q
1
TABLE OF CONTENTS
Part I – Financial Information
Item 1. | Financial Statements
American International Group, Inc.
Condensed Consolidated Balance Sheets (unaudited)
(in millions, except for share data)September 30,
2026		December 31,
2025
Assets:
Investments:
Fixed maturity securities:
Bonds available for sale, at fair value, net of allowance for credit losses of $24 in 2026 and $37 in 2025 (amortized cost: 2026 - $74,858; 2025 - $71,772)
$71,642 $71,032 
Other bond securities, at fair value649 741 
Equity securities, at fair value1,058 502 
Mortgage and other loans receivable, net of allowance for credit losses of $37,724 in 2026 and $37,747 in 2025
2,298 2,887 
Other invested assets (portion measured at fair value: 2026 - $3,144; 2025 - $5,011)
6,961 6,696 
Short-term investments, including restricted cash of $56 in 2026 and $55 in 2025 (portion measured at fair value: 2026 - $4,530; 2025 - $5,909)
10,183 11,141 
Total investments92,791 92,999 
Cash1,724 1,274 
Accrued investment income731 691 
Premiums and other receivables, net of allowance for credit losses and disputes of $135 in 2026 and $131 in 2025
11,516 10,441 
Reinsurance assets - Fortitude Re
3,006 3,167 
Reinsurance assets - other, net of allowance for credit losses and disputes of $259 in 2026 and $248 in 2025
34,217 34,829 
Deferred income tax assets4,807 5,096 
Deferred policy acquisition costs2,333 2,106 
Goodwill3,423 3,435 
Deposit accounting assets, net of allowance for credit losses of $49 in 2026 and $49 in 2025
2,596 2,443 
Other assets, including restricted cash of $7 in 2026 and $16 in 2025 (portion measured at fair value: 2026 - $11; 2025 - $135)
4,717 4,773 
Total assets$161,861 $161,254 
Liabilities:
Liability for unpaid losses and loss adjustment expenses, including allowance for credit losses of $14 in 2026 and $14 in 2025
$70,182 $70,666 
Unearned premiums19,677 17,991 
Future policy benefits1,269 1,385 
Other policyholder funds312 352 
Fortitude Re funds withheld payable (portion measured at fair value: 2026 - $(184); 2025 - $(92))
2,739 3,038 
Premiums and other related payables6,431 5,448 
Deposit accounting liabilities3,408 3,295 
Commissions and premium taxes payable1,472 1,556 
Current and deferred income tax liabilities639 661 
Other liabilities (portion measured at fair value: 2026 - $132; 2025 - $162)
6,413 6,509 
Long-term debt10,256 9,035 
Debt of consolidated investment entities154 156 
Total liabilities122,952 120,092 
Contingencies, commitments and guarantees (See Note 12)
AIG shareholders’ equity:
Common stock, $2.50 par value; 5,000,000,000 shares authorized; shares issued: 2026 - 1,906,671,492 and 2025 - 1,906,671,492
4,766 4,766 
Treasury stock, at cost; 2026 - 1,387,952,697 shares; 2025 - 1,368,489,324 shares of common stock
(72,774)(71,199)
Additional paid-in capital75,380 75,373 
Retained earnings38,965 37,186 
Accumulated other comprehensive loss(7,454)(4,987)
Total AIG shareholders’ equity38,883 41,139 
Non-redeemable noncontrolling interests26 23 
Total equity38,909 41,162 
Total liabilities and equity$161,861 $161,254 
See accompanying Notes to Condensed Consolidated Financial Statements.
2
AIG | Third Quarter 2026 Form 10-Q
TABLE OF CONTENTS



American International Group, Inc.
Condensed Consolidated Statements of Income (Loss) (unaudited)
Three Months Ended
September 30,		Nine Months Ended
September 30,
(dollars in millions, except per common share data)2026202520262025
Revenues:
Premiums$6,453 $6,073 $18,746 $17,720 
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets1,084 743 2,864 3,235 
Net investment income - Fortitude Re funds withheld assets16 29 75 108 
Total net investment income1,100 772 2,939 3,343 
Net realized gains (losses):
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative(167)(431)(507)(683)
Net realized losses on Fortitude Re funds withheld assets(28)(5)(47)(59)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative85 (54)44 (109)
Total net realized losses(110)(490)(510)(851)
Other income (loss)— (4)3 13 
Total revenues7,443 6,351 21,178 20,225 
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred4,023 3,391 11,082 10,678 
Amortization of deferred policy acquisition costs934 850 2,658 2,522 
General operating and other expenses1,266 1,297 3,634 3,574 
Interest expense101 99 301 291 
(Gain) loss on extinguishment of debt— — — (5)
Net (gain) loss on divestitures and other— — 133 (53)
Total benefits, losses and expenses6,324 5,637 17,808 17,007 
Income before income tax expense1,119 714 3,370 3,218 
Income tax expense270 190 810 852 
Net income849 524 2,560 2,366 
Less: Net income attributable to noncontrolling interests5 5 5 5 
Net income attributable to AIG common shareholders$844 $519 $2,555 $2,361 
Net income per common share attributable to AIG common shareholders:
Basic$1.61 $0.94 $4.82 $4.12 
Diluted$1.60 $0.93 $4.78 $4.08 
Weighted average shares outstanding:
Basic522,963,373 553,308,504 530,133,311 573,176,050 
Diluted527,224,651 558,519,830 534,267,676 578,421,227 
See accompanying Notes to Condensed Consolidated Financial Statements.
AIG | Third Quarter 2026 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2026202520262025
Net income$849 $524 $2,560 $2,366 
Other comprehensive income (loss), net of tax
Change in unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken4 — 4 (2)
Change in unrealized appreciation (depreciation) of all other investments(1,960)547 (2,468)1,464 
Change in the discount rates used to measure traditional and limited payment long-duration insurance contracts12 5 21 12 
Change in foreign currency translation adjustments90 (56)(42)567 
Change in retirement plan liabilities adjustment6 6 18 13 
Other comprehensive income (loss)(1,848)502 (2,467)2,054 
Comprehensive income (loss)(999)1,026 93 4,420 
Less: Comprehensive income attributable to noncontrolling interests5 5 5 6 
Comprehensive income (loss) attributable to AIG$(1,004)$1,021 $88 $4,414 
See accompanying Notes to Condensed Consolidated Financial Statements.
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AIG | Third Quarter 2026 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Equity (unaudited)
(in millions, except per share data)Common
Stock		Treasury
Stock		Additional
Paid-in
Capital		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Total
AIG
Share-
holders'
Equity		Non- redeemable Non-
controlling Interests		Total
Equity
Three Months Ended September 30, 2026
Balance, beginning of period$4,766 $(72,283)$75,341 $38,388 $(5,606)$40,606 $20 $40,626 
Common stock issued under stock plans— 41 (4)— — 37 — 37 
Purchase of common stock— (532)— — — (532)— (532)
Net income attributable to AIG or noncontrolling interests— — — 844 — 844 5 849 
Dividends on common stock ($0.50 per share)
— — — (260)— (260)— (260)
Other comprehensive loss— — — — (1,848)(1,848)— (1,848)
Other— — 43 (7)— 36 1 37 
Balance, end of period$4,766 $(72,774)$75,380 $38,965 $(7,454)$38,883 $26 $38,909 
Three Months Ended September 30, 2025
Balance, beginning of period$4,766 $(69,430)$75,289 $36,424$(5,548)$41,501 $28 $41,529 
Common stock issued under stock plans— 9 (1)— — 8 — 8 
Purchase of common stock— (1,246)— — — (1,246)— (1,246)
Net income attributable to AIG or noncontrolling interests— — — 519 — 519 5 524 
Dividends on common stock ($0.45 per share)
— — — (246)— (246)— (246)
Other comprehensive income— — — — 502 502 — 502 
Other— — 46 1 — 47 (1)46 
Balance, end of period$4,766 $(70,667)$75,334 $36,698 $(5,046)$41,085 $32 $41,117 
Nine Months Ended September 30, 2026
Balance, beginning of year$4,766 $(71,199)$75,373 $37,186 $(4,987)$41,139 $23 $41,162 
Common stock issued under stock plans— 129 (160)— — (31)— (31)
Purchase of common stock— (1,704)— — — (1,704)— (1,704)
Net income attributable to AIG or noncontrolling interests— — — 2,555 — 2,555 5 2,560 
Dividends on common stock ($1.45 per share)
— — — (764)— (764)— (764)
Other comprehensive loss— — — — (2,467)(2,467)— (2,467)
Distributions to noncontrolling interests— — — — — — (4)(4)
Other— — 167 (12)— 155 2 157 
Balance, end of period$4,766 $(72,774)$75,380 $38,965 $(7,454)$38,883 $26 $38,909 
Nine Months Ended September 30, 2025
Balance, beginning of year$4,766 $(65,573)$75,348 $35,079 $(7,099)$42,521 $29 $42,550 
Common stock issued under stock plans— 208 (174)— — 34 — 34 
Purchase of common stock— (5,302)— — — (5,302)— (5,302)
Net income attributable to AIG or noncontrolling interests— — — 2,361 — 2,361 5 2,366 
Dividends on common stock ($1.30 per share)
— — — (734)— (734)— (734)
Other comprehensive income— — — — 2,053 2,053 1 2,054 
Distributions to noncontrolling interests— — — — — — (5)(5)
Other— — 160 (8)— 152 2 154 
Balance, end of period$4,766 $(70,667)$75,334 $36,698 $(5,046)$41,085 $32 $41,117 
See accompanying Notes to Condensed Consolidated Financial Statements.
AIG | Third Quarter 2026 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)
Nine Months Ended September 30,
(in millions)20262025
Cash flows from operating activities:
Net income$2,560 $2,366 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Noncash revenues, expenses, gains and losses included in income (loss):
Net losses on sales of securities available for sale and other assets406 539 
Net (gain) loss on divestitures and other133 (53)
Gain on extinguishment of debt— (5)
Unrealized (gains) losses in earnings - net205 (537)
Equity in income from equity method investments, net of dividends or distributions(131)(16)
Depreciation and other amortization2,760 2,580 
Impairments of assets101 286 
Changes in operating assets and liabilities:
Insurance reserves1,552 540 
Premiums and other receivables and payables - net(836)(932)
Reinsurance assets, net731 (272)
Capitalization of deferred policy acquisition costs(2,894)(2,576)
Current and deferred income taxes - net379 717 
Other, net(404)41 
Total adjustments2,002 312 
Net cash provided by operating activities4,562 2,678 
Cash flows from investing activities:
Proceeds from (payments for)
Sales or distributions of:
Available for sale securities9,926 9,866 
Other securities954 128 
Other invested assets1,533 2,371 
Maturities of fixed maturity securities available for sale7,750 6,368 
Principal payments received on and sales of mortgage and other loans receivable688 880 
Purchases of:
Available for sale securities(20,803)(19,887)
Other securities(789)(137)
Other invested assets(2,648)(656)
Mortgage and other loans receivable(144)(245)
Net change in short-term investments890 5,150 
Other, net(278)(579)
Net cash provided by (used in) investing activities(2,921)3,259 
Cash flows from financing activities:
Proceeds from (payments for)
Issuance of long-term debt1,267 1,241 
Repayments of long-term debt(15)(1,087)
Repayments of debt of consolidated investment entities(2)(2)
Purchase of common stock(1,682)(5,252)
Dividends on common stock(764)(734)
Other, net(70)90 
Net cash used in financing activities(1,266)(5,744)
Effect of exchange rate changes on cash and restricted cash67 29 
Net increase in cash and restricted cash442 222 
Cash and restricted cash at beginning of year1,345 1,372 
Cash and restricted cash at end of period$1,787 $1,594 
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AIG | Third Quarter 2026 Form 10-Q
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American International Group, Inc.
Condensed Consolidated Statements of Cash Flows (unaudited)(continued)
Supplementary Disclosure of Condensed Consolidated Cash Flow Information
Nine Months Ended September 30,
(in millions)20262025
Cash$1,724 $1,589 
Restricted cash included in Short-term investments*56 3 
Restricted cash included in Other assets*7 2 
Total cash and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$1,787 $1,594 
Cash paid during the period for:
Interest$273 $268 
Taxes$431 $135 
Non-cash investing activities:
Fixed maturity securities and other invested assets transferred in connection with reinsurance transactions$— $(17)
*Includes funds held for tax sharing payments to AIG Parent, security deposits, and replacement reserve deposits related to real estate.
See accompanying Notes to Condensed Consolidated Financial Statements.
AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation

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 nine months ended September 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 September 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.
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.
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AIG | Third Quarter 2026 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 1. Basis of Presentation

These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.
DEBT
On September 24, 2026, AIG issued €625 million aggregate principal amount of 4.250% Notes Due 2031 and €500 million aggregate principal amount of 4.750% Notes Due 2036, which was equivalent to approximately $1.3 billion in the aggregate.
2. Summary of Significant Accounting Policies
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
In September 2025, the FASB issued targeted improvements to modernize the accounting for software development costs. Under the new guidance, qualifying costs will be capitalized when management authorizes a project and it is probable the project will be completed and used to perform the intended function, rather than when a project reaches the application development stage under existing guidance. The effective date for the standard is for annual periods beginning after December 15, 2027 and interim reporting periods within those fiscal years. Early adoption is permitted. The amendments can be applied either prospectively, retrospectively or utilizing a modified transition approach. We are assessing the impact and approach towards adopting the standard.
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.
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.
AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

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 September 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$2,481 $2,362 $1,641 $242 $54 $258 $167 
International Commercial2,387 2,407 1,388 324 92 320 283 
Global Personal1,783 1,666 874 362 96 220 114 
Total General Insurance(c)
$6,651 $6,435 $3,903 $928 $242 $798 $564 $1,032 $1,586 
Interest expense— (101)
Other Operations45 (40)
Elimination and consolidations(2)— 
Total1,075 1,445 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge(3)(3)
Other income (expense) - net2 — 
Net investment income on Fortitude Re funds withheld assets16 16 
Net realized losses on Fortitude Re funds withheld assets— (28)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 85 
Net realized losses(d)
— (170)
Net loss reserve discount benefit (charge)— (91)
Net results of businesses in run-off(f)
10 (12)
Integration and transaction costs associated with acquiring or divesting businesses— (20)
Restructuring and other costs— (100)
Non-recurring costs related to regulatory or accounting changes— (3)
Total AIG Consolidated$1,100 $1,119 
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AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

Three Months Ended September 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$2,435 $2,198 $1,303 $221 $44 $246 $384 
International Commercial2,115 2,188 1,167 285 96 310 330 
Global Personal1,680 1,654 909 345 97 224 79 
Total General Insurance(c)
$6,230 $6,040 $3,379 $851 $237 $780 $793 $945 $1,734 
Interest expense— (100)
Other Operations77 (14)
Elimination and consolidations2 2 
Total1,024 1,622 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge(288)(288)
Net investment income on Fortitude Re funds withheld assets29 29 
Net realized losses on Fortitude Re funds withheld assets— (5)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (54)
Net realized losses(d)
(2)(433)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— 9 
Net loss reserve discount benefit (charge)— 2 
Net results of businesses in run-off(f)
9 1 
Non-operating pension expenses— (6)
Integration and transaction costs associated with acquiring or divesting businesses— (7)
Restructuring and other costs— (153)
Non-recurring costs related to regulatory or accounting changes— (3)
Total AIG Consolidated$772 $714 
Nine Months Ended September 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$7,211 $6,939 $4,472 $703 $160 $738 $866 
International Commercial7,425 6,866 3,978 906 279 942 761 
Global Personal5,130 4,878 2,567 1,031 256 627 397 
Total General Insurance(c)
$19,766 $18,683 $11,017 $2,640 $695 $2,307 $2,024 $2,767 $4,760 
Interest expense— (300)
Other Operations133 (108)
Elimination and consolidations(2)— 
Total2,898 4,352 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge(67)(67)
Other income (expense) - net5 — 
Net investment income on Fortitude Re funds withheld assets75 75 
Net realized losses on Fortitude Re funds withheld assets— (47)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 44 
Net realized losses(d)
— (514)
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 charge— (71)
Net results of businesses in run-off(f)
28 (18)
Non-operating pension expenses— 2 
Integration and transaction costs associated with acquiring or divesting businesses— (68)
Restructuring and other costs— (247)
Non-recurring costs related to regulatory or accounting changes— (13)
Total AIG Consolidated$2,939 $3,370 
AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 3. Segment Information

Nine Months Ended September 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$6,472 $6,455 $4,169 $654 $137 $681 $814 
International Commercial6,467 6,363 3,515 799 274 905 870 
Global Personal4,697 4,869 2,889 1,069 259 674 (22)
Total General Insurance(c)
$17,636 $17,687 $10,573 $2,522 $670 $2,260 $1,662 $2,552 $4,201 
Interest expense— (292)
Other Operations273 13 
Elimination and consolidations(1)— 
Total2,824 3,922 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge393 393 
Gain on extinguishment of debt— 5 
Net investment income on Fortitude Re funds withheld assets108 108 
Net realized losses on Fortitude Re funds withheld assets— (59)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (109)
Net realized losses(d)
(4)(690)
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— (53)
Net loss reserve discount charge— (27)
Net results of businesses in run-off(f)
22 8 
Non-operating pension expenses— (16)
Integration and transaction costs associated with acquiring or divesting businesses— (13)
Restructuring and other costs— (307)
Non-recurring costs related to regulatory or accounting changes— (10)
Total AIG Consolidated$3,343 $3,218 
(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 $10 million and $4 million for the three months ended September 30, 2026 and 2025, respectively, and $31 million and $13 million for the nine months ended September 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 nine months ended September 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 the global personal travel and assistance business.
(f)In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.
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.
•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.
12
AIG | Third Quarter 2026 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
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:
September 30, 2026Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
Assets:
Bonds available for sale:
U.S. government and government sponsored entities
$586 $3,038 $— $— $— $3,624 
Obligations of states, municipalities and political subdivisions
— 2,325 4 — — 2,329 
Non-U.S. governments232 5,941 — — — 6,173 
Corporate debt— 38,249 34 — — 38,283 
RMBS— 9,680 1,350 — — 11,030 
CMBS— 4,720 30 — — 4,750 
CLO/ABS— 3,463 1,990 — — 5,453 
Total bonds available for sale
818 67,416 3,408 — — 71,642 
Other bond securities:
Obligations of states, municipalities and political subdivisions— 47 — — — 47 
Non-U.S. governments— 21 — — — 21 
Corporate debt— 200 — — — 200 
RMBS— 39 50 — — 89 
CMBS— 35 — — — 35 
CLO/ABS— 151 106 — — 257 
Total other bond securities
— 493 156 — — 649 
Equity securities(b)
973 4 81 — — 1,058 
Other invested assets(c)
— 137 78 — — 215 
Derivative assets(d)
— 272 24 (142)(143)11 
Short-term investments
4,282 248 — — — 4,530 
Total$6,073 $68,570 $3,747 $(142)$(143)$78,105 
Liabilities:
Derivative liabilities(d)
$— $306 $24 $(142)$(138)$50 
Fortitude Re funds withheld payable
— — (184)— — (184)
Other liabilities(d)
— 1 81 — — 82 
Total$— $307 $(79)$(142)$(138)$(52)
December 31, 2025Level 1Level 2Level 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. governments66 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 
RMBS— 46 51 — — 97 
CMBS— 42 — — — 42 
CLO/ABS— 135 119 — — 254 
Total other bond securities
— 571 170 — — 741 
AIG | Third Quarter 2026 Form 10-Q
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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
December 31, 2025Level 1Level 2Level 3
Counterparty
Netting(a)
Cash
Collateral		Total
(in millions)
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 September 30, 2026, includes AIG's ownership interests in Onex of $540 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 September 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 nine months ended September 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 September 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)		PurchasesSales
Issuances
and
Settlements(b)
Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period
Three Months Ended September 30, 2026
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$5 $— $(1)$— $— $— $— $— $— $4 
Corporate debt
76 (3)9 — — (4)— (44)— 34 
RMBS
1,450 7 (42)— (15)(48)— (2)— 1,350 
CMBS
39 — — 14 — — — (3)(20)30 
CLO/ABS1,858 (2)(33)348 (127)(56)25 (43)20 1,990 
Total bonds available for sale
3,428 2 (67)362 (142)(108)25 (92)— 3,408 
Other bond securities:
RMBS53 (1)— — (1)(1)— — — 50 
CLO/ABS105 — — 2 — (1)— — — 106 
Total other bond securities
158 (1)— 2 (1)(2)— — — 156 
Equity securities
14 1 — 67 (1)— — — — 81 
Other invested assets
96 (18)— — — — — — — 78 
Total
$3,696 $(16)$(67)$431 $(144)$(110)$25 $(92)$— $3,723 
(in millions)
Fair Value
Beginning
of Period
Net Realized
and Unrealized
(Gains) Losses
Included in Income(a)
Other
Comprehensive
(Income) Loss		PurchasesSales
Issuances
and
Settlements(b)
Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period
Liabilities:
Fortitude Re funds withheld payable$(75)$(85)$— $— $— $(24)$— $— $— $(184)
Other Liabilities81 — — — — — — — — 81 
Total$6 $(85)$— $— $— $(24)$— $— $— $(103)
14
AIG | Third Quarter 2026 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
(in millions)
Fair Value
Beginning
of Period
Net Realized
and Unrealized
Gains (Losses)
Included in Income(a)
Other
Comprehensive
Income (Loss)		PurchasesSales
Issuances
and
Settlements(b)
Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period
Three Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $— $— $— $— $— $— $3 
Non-U.S. governments
6 — — — — — 1 — — 7 
Corporate debt
147 (2)(15)— (2)(2)— (6)— 120 
RMBS
1,633 7 8 46 — (51)— (17)— 1,626 
CMBS
26 (5)5 — — (4)— — — 22 
CLO/ABS1,200 1 9 437 (14)(146)— (1)— 1,486 
Total bonds available for sale
3,015 1 7 483 (16)(203)1 (24)— 3,264 
Other bond securities:
Corporate debt
1 — — — — — — — — 1 
RMBS50 — — 3 — — — — — 53 
CLO/ABS123 1 — 11 — (1)— (2)— 132 
Total other bond securities
174 1 — 14 — (1)— (2)— 186 
Equity securities
46 2 — 21 (16)— 8 — — 61 
Other invested assets
93 (5)— 6 — (1)— — — 93 
Other assets
129 — — — — — — — — 129 
Total
$3,457 $(1)$7 $524 $(32)$(205)$9 $(26)$— $3,733 
(in millions)
Fair Value
Beginning
of Period
Net Realized
and Unrealized
(Gains) Losses
Included in Income(a)
Other
Comprehensive
(Income) Loss		PurchasesSales
Issuances
and
Settlements(b)
Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period
Liabilities:
Fortitude Re funds withheld payable$(185)$54 $— $— $— $28 $— $— $— $(103)
Other liabilities81 (9)— — — — — — — 72 
Total$(104)$45 $— $— $— $28 $— $— $— $(31)
(in millions)
Fair Value
Beginning
of Year
Net Realized
and Unrealized
Gains (Losses)
Included in Income(a)
Other
Comprehensive
Income (Loss)		PurchasesSales
Issuances
and
Settlements(b)
Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period
Nine Months Ended September 30, 2026
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$4 $— $(1)$2 $(1)$— $— $— $— $4 
Non-U.S. governments
23 1 — 3 (3)(3)— (14)(7)— 
Corporate debt
113 (2)1 6 (7)(5)9 (70)(11)34 
RMBS
1,546 20 (83)14 (15)(139)8 (2)1 1,350 
CMBS
24 (1)1 14 (8)(2)25 (3)(20)30 
CLO/ABS1,741 — (39)881 (263)(317)31 (62)18 1,990 
Total bonds available for sale
3,451 18 (121)920 (297)(466)73 (151)(19)3,408 
Other bond securities:
RMBS51 (1)— 2 (1)(3)— — 2 50 
CLO/ABS119 (1)— 2 (9)(6)— — 1 106 
Total other bond securities
170 (2)— 4 (10)(9)— — 3 156 
Equity securities
55 1 — 97 (49)— — — (23)81 
Other invested assets
92 (17)— 3 — (2)— — 2 78 
Other assets
130 — — — — — — — (130)— 
Total
$3,898 $— $(121)$1,024 $(356)$(477)$73 $(151)$(167)$3,723 
(in millions)
Fair Value
Beginning
of Year
Net Realized
and Unrealized
(Gains) Losses
Included in Income(a)
Other
Comprehensive
(Income) Loss		PurchasesSales
Issuances
and
Settlements(b)
Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period
Liabilities:
Fortitude Re funds withheld payable$(92)$(44)$— $— $— $(48)$— $— $— $(184)
Other Liabilities73 8 — — — — — — — 81 
Total$(19)$(36)$— $— $— $(48)$— $— $— $(103)
AIG | Third Quarter 2026 Form 10-Q
15
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
(in millions)
Fair Value
Beginning
of Year
Net Realized
and Unrealized
Gains (Losses)
Included in Income(a)
Other
Comprehensive
Income (Loss)		PurchasesSales
Issuances
and
Settlements(b)
Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period
Nine Months Ended September 30, 2025
Assets:
Bonds available for sale:
Obligations of states, municipalities and political subdivisions$3 $— $— $— $— $— $— $— $— $3 
Non-U.S. governments
7 — — — — (1)1 — — 7 
Corporate debt
240 (10)(4)5 (8)(152)49 (38)38 120 
RMBS
1,894 22 50 54 (3)(152)3 (242)— 1,626 
CMBS
26 (4)6 — (4)(5)4 (1)— 22 
CLO/ABS840 7 20 969 (84)(200)— (7)(59)1,486 
Total bonds available for sale
3,010 15 72 1,028 (99)(510)57 (288)(21)3,264 
Other bond securities:
Corporate debt1 — — — — — — — — 1 
RMBS50 2 — 3 — (2)— — — 53 
CLO/ABS113 5 — 12 — (6)33 (25)— 132 
Total other bond securities
164 7 — 15 — (8)33 (25)— 186 
Equity securities
15 6 — 56 (33)— 17 — — 61 
Other invested assets
163 (5)— 7 — (31)1 (63)21 93 
Other assets
129 — — — — — — — — 129 
Total
$3,481 $23 $72 $1,106 $(132)$(549)$108 $(376)$— $3,733 
(in millions)
Fair Value
Beginning
of Year
Net Realized
and Unrealized
(Gains) Losses
Included in Income(a)
Other
Comprehensive
(Income) Loss		PurchasesSales
Issuances
and
Settlements(b)
Gross
Transfers
In		Gross
Transfers
Out		OtherFair
Value
End of
Period
Liabilities:
Fortitude Re funds withheld payable$(128)$109 $— $— $— $(84)$— $— $— $(103)
Other liabilities100 (28)— — — — — — — 72 
Total
$(28)$81 $— $— $— $(84)$— $— $— $(31)
(a)Includes Net realized gains (losses) related to assets of $(8) million and $(7) million for the three months ended September 30, 2026 and 2025, respectively, and $(7) million and $(6) million for the nine months ended September 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 nine months ended September 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 September 30,Nine Months Ended September 30,
2026202520262025
(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
$— $8 $— $(13)$— $2 $— $(13)
RMBS
— (44)— 15 — (83)— 30 
CMBS
— — — 5 — 1 — 5 
CLO/ABS— (33)— 10 — (50)— 29 
Total bonds available for sale
— (69)— 17 — (130)— 51 
Other bond securities:
RMBS(1)— — — (1)— 1 — 
CLO/ABS(1)— 4 — (2)— 9 — 
Total other bond securities
(2)— 4 — (3)— 10 — 
Equity securities
1 — — — (2)— 2 — 
Other invested assets
(15)— (1)— (13)— (2)— 
Total
$(16)$(69)$3 $17 $(18)$(130)$10 $51 
Liabilities:
Fortitude Re funds withheld payable$79 $— $(30)$— $78 $— $(64)$— 
Total
$79 $— $(30)$— $78 $— $(64)$— 
16
AIG | Third Quarter 2026 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
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 September 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 nine months ended September 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.
September 30, 2026December 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 buyoutDebt 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$878 $388 $1,184 $527 
Real assetsInvestments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets375 30 516 81 
Growth equityFunds that make investments in established companies for the purpose of growing their businesses26 1 172 11 
Private equity secondariesInvestments in a pool of diversified funds across sectors and vintage years560 88 71 98 
OtherIncludes multi-strategy funds, co-investments and credit funds in opportunistic and distressed strategies961 549 1,147 549 
Total private equity funds2,800 1,056 3,090 1,266 
Hedge fundsFunds 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 direction129 — 174 — 
Total$2,929 $1,056 $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.
AIG | Third Quarter 2026 Form 10-Q
17
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 4. Fair Value Measurements
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 September 30,		Gain (Loss) Nine Months
Ended September 30,
(in millions)2026202520262025
Other bond securities(a)
$(8)$10 $2 $37 
Alternative investments(b)
(8)98 (96)185 
Retained investment in Corebridge(c)
— (348)(154)316 
Total gain (loss)$(16)$(240)$(248)$538 
(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 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 ValueCarrying
Value
(in millions)Level 1Level 2Level 3Total
September 30, 2026
Assets:
Mortgage and other loans receivable$— $199 $2,052 $2,251 $2,298 
Other invested assets— 523 10 533 533 
Other assets7 — — 7 7 
Liabilities:
Long-term debt— 9,371 — 9,371 10,256 
December 31, 2025
Assets:
Mortgage and other loans receivable$— $334 $2,500 $2,834 $2,887 
Other invested assets— 480 13 493 493 
Other assets16 — — 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.
18
AIG | Third Quarter 2026 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

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
September 30, 2026
Bonds available for sale:
U.S. government and government sponsored entities$3,758 $— $3 $(137)$3,624 
Obligations of states, municipalities and political subdivisions2,440 — 13 (124)2,329 
Non-U.S. governments6,603 — 30 (460)6,173 
Corporate debt40,216 (22)117 (2,028)38,283 
Mortgage-backed, asset-backed and collateralized:
RMBS11,471 (2)142 (581)11,030 
CMBS4,854 — 4 (108)4,750 
CLO/ABS5,516 — 7 (70)5,453 
Total mortgage-backed, asset-backed and collateralized21,841 (2)153 (759)21,233 
Total bonds available for sale(b)
$74,858 $(24)$316 $(3,508)$71,642 
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 subdivisions2,757 — 71 (53)2,775 
Non-U.S. governments6,799 (1)86 (368)6,516 
Corporate debt37,746 (31)576 (1,056)37,235 
Mortgage-backed, asset-backed and collateralized:
RMBS10,137 (4)294 (259)10,168 
CMBS4,585 — 67 (36)4,616 
CLO/ABS6,395 (1)53 (23)6,424 
Total mortgage-backed, asset-backed and collateralized21,117 (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 Other comprehensive income (loss) (OCI).
(b)At September 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 $5.9 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 Months12 Months or MoreTotal
(in millions)Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
September 30, 2026
Bonds available for sale:
U.S. government and government sponsored entities$3,198 $35 $265 $102 $3,463 $137 
Obligations of states, municipalities and political subdivisions1,623 60 457 64 2,080 124 
Non-U.S. governments3,366 92 1,449 368 4,815 460 
Corporate debt25,344 968 7,116 1,047 32,460 2,015 
RMBS8,793 373 947 199 9,740 572 
CMBS3,404 84 337 23 3,741 107 
CLO/ABS3,391 58 234 12 3,625 70 
Total bonds available for sale$49,119 $1,670 $10,805 $1,815 $59,924 $3,485 
AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

Less than 12 Months12 Months or MoreTotal
(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 subdivisions232 8 515 45 747 53 
Non-U.S. governments1,524 33 1,347 336 2,871 369 
Corporate debt6,031 125 8,165 927 14,196 1,052 
RMBS769 8 1,764 241 2,533 249 
CMBS580 6 523 30 1,103 36 
CLO/ABS883 5 232 18 1,115 23 
Total bonds available for sale$10,186 $193 $12,868 $1,675 $23,054 $1,868 
At September 30, 2026, we held 17,099 individual fixed maturity securities that were in an unrealized loss position and for which no allowance for credit losses has been recorded (including 4,267 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 September 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:
September 30, 2026Total Fixed Maturity Securities
Available for Sale
(in millions)Amortized Cost,
Net of Allowance		Fair Value
Due in one year or less$5,400 $5,375 
Due after one year through five years23,132 22,615 
Due after five years through ten years16,634 15,854 
Due after ten years7,829 6,565 
Mortgage-backed, asset-backed and collateralized21,839 21,233 
Total$74,834 $71,642 
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)September 30, 2026December 31, 2025
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Fixed maturity securities:
Obligations of states, municipalities and political subdivisions$47 3 %$51 4 %
Non-U.S. governments21 1 23 2 
Corporate debt200 12 274 22 
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AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

(in millions)September 30, 2026December 31, 2025
Fair
Value		Percent
of Total		Fair
Value		Percent
of Total
Mortgage-backed, asset-backed and collateralized:
RMBS89 5 97 8 
CMBS35 2 42 3 
CLO/ABS and other collateralized securities257 15 254 20 
Total mortgage-backed, asset-backed and collateralized
381 22 393 31 
Total fixed maturity securities649 38 741 59 
Equity securities*1,058 62 502 41 
Total$1,707 100 %$1,243 100 %
*At September 30, 2026, includes AIG’s interest in Onex of $540 million that is restricted from sale or transfer until February 6, 2029, except in the event of a change in control at Onex or to remain in compliance with applicable ownership limitations.
OTHER INVESTED ASSETS
The following table summarizes the carrying amounts of other invested assets:
(in millions)September 30, 2026December 31, 2025
Alternative investments(a)
$3,099 $3,456 
Retained investment in Corebridge using fair value option(b)
— 1,512 
Investment in Convex
2,227 — 
All other investments(c)
1,635 1,728 
Total$6,961 $6,696 
(a)At September 30, 2026, includes hedge funds of $129 million and private equity funds of $2.8 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 September 30, 2026 and December 31, 2025, the accumulated depreciation was $110 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 September 30, 2026 and December 31, 2025, respectively.
NET INVESTMENT INCOME
The following table presents the components of Net investment income:
Three Months Ended September 30,20262025
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$939 $20 $959 $873 $13 $886 
Other fixed maturity securities
— (8)(8)— 11 11 
Equity securities(a)
2 — 2 62 — 62 
Interest on mortgage and other loans27 4 31 40 6 46 
Alternative investments(b)
92 — 92 137 — 137 
Other investments(c)
67 — 67 (331)(1)(332)
Total investment income1,127 16 1,143 781 29 810 
Investment expenses43 — 43 38 — 38 
Net investment income$1,084 $16 $1,100 $743 $29 $772 
Nine Months Ended September 30,20262025
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Available for sale fixed maturity securities, including short-term investments$2,735 $60 $2,795 $2,539 $51 $2,590 
Other fixed maturity securities
1 1 2 — 38 38 
Equity securities(a)
99 — 99 85 — 85 
Interest on mortgage and other loans89 13 102 130 20 150 
AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

Nine Months Ended September 30,20262025
(in millions)Excluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		TotalExcluding Fortitude
Re Funds
Withheld Assets		Fortitude Re
Funds Withheld
Assets		Total
Alternative investments(b)
115 — 115 228 — 228 
Other investments(c)
(50)1 (49)368 (1)367 
Total investment income2,989 75 3,064 3,350 108 3,458 
Investment expenses125 — 125 115 — 115 
Net investment income$2,864 $75 $2,939 $3,235 $108 $3,343 
(a)Includes gain/loss on sale of AIG's remaining interest in Corebridge of $103 million for the nine months ended September 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 and changes in the fair value of AIG's investment in Corebridge of $6 million and $(154) million, respectively, for the three months ended March 31, 2026, $20 million and $(348) million, respectively, for the three months ended September 30, 2025, and $78 million and $316 million, respectively, for the nine months ended September 30, 2025.
NET REALIZED GAINS AND LOSSES
The following table presents the components of Net realized gains (losses):
Three Months Ended September 30,20262025
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales and impairments of fixed maturity securities$(202)$(29)$(231)$(96)$(6)$(102)
Change in allowance for credit losses on fixed maturity securities11 — 11 2 — 2 
Change in allowance for credit losses on loans(10)— (10)(52)1 (51)
Foreign exchange transactions
(12)— (12)(10)(1)(11)
Derivatives and hedge accounting22 1 23 (11)2 (9)
Sales of alternative investments(11)— (11)(2)— (2)
Other*35 — 35 (262)(1)(263)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(167)(28)(195)(431)(5)(436)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 85 85 — (54)(54)
Net realized gains (losses)$(167)$57 $(110)$(431)$(59)$(490)
Nine Months Ended September 30,20262025
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales and impairments of fixed maturity securities$(376)$(48)$(424)$(453)$(62)$(515)
Change in allowance for credit losses on fixed maturity securities12 1 13 (5)— (5)
Change in allowance for credit losses on loans22 1 23 (2)10 8 
Foreign exchange transactions(39)(2)(41)183 18 201 
Derivatives and hedge accounting4 3 7 (137)(20)(157)
Sales of alternative investments(27)— (27)1 — 1 
Other*(103)(2)(105)(270)(5)(275)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(507)(47)(554)(683)(59)(742)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 44 44 — (109)(109)
Net realized losses$(507)$(3)$(510)$(683)$(168)$(851)
*Other includes impairments on investments in private equity and real estate funds.
For the three and nine months ended September 30, 2026, the aggregate fair value of available for sale securities sold was $3.3 billion and $9.8 billion, respectively, which resulted in gross realized gains of $18 million and $56 million and gross realized losses of $249 million and $480 million, respectively.
For the three and nine months ended September 30, 2025, the aggregate fair value of available for sale securities sold was $2.5 billion and $9.9 billion, respectively, which resulted in gross realized gains of $15 million and $45 million and gross realized losses of $117 million and $560 million, respectively.
22
AIG | Third Quarter 2026 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

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
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Increase (decrease) in unrealized appreciation (depreciation) of investments:
Fixed maturity securities$(1,989)$543 $(2,489)$1,370 
Other investments— — (38)— 
Total increase (decrease) in unrealized appreciation (depreciation) of investments$(1,989)$543 $(2,527)$1,370 
The following table summarizes the unrealized gains and losses recognized in Net investment income during the reporting period on equity securities and other investments still held at the reporting date:
Three Months Ended September 30,20262025
(in millions)EquitiesOther
Invested
Assets		Total*EquitiesOther
Invested
Assets		Total*
Net gains (losses) recognized during the period on equity securities and other investments$(4)$40 $36 $62 $(244)$(182)
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period29 9 38 2 (65)(63)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(33)$31 $(2)$60 $(179)$(119)
Nine Months Ended September 30,20262025
(in millions)EquitiesOther
Invested
Assets		Total*EquitiesOther
Invested
Assets		Total*
Net gains (losses) recognized during the period on equity securities and other investments$87 $(113)$(26)$85 $501 $586 
Less: Net gains (losses) recognized during the period on equity securities and other investments sold during the period148 (153)(5)3 (32)(29)
Unrealized gains (losses) recognized during the reporting period on equity securities and other investments still held at the reporting date$(61)$40 $(21)$82 $533 $615 
*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
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Balance, beginning of period$35 $45 $37 $38 
Additions:
Securities for which allowance for credit losses was not previously recorded(3)2 11 22 
Reductions:
Securities sold during the period(4)— (9)(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(1)3 (12)5 
Write-offs charged against the allowance(3)(5)(3)(14)
Other— (2)— (2)
Balance, end of period$24 $43 $24 $43 
AIG | Third Quarter 2026 Form 10-Q
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TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

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 nine months ended September 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 September 30, 2026 and December 31, 2025, the fair value of securities pledged to us under reverse repurchase agreements totaled $2.8 billion and $3.6 billion, respectively, and the carrying value of reverse repurchase agreements totaled $2.8 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 $7.8 billion and $7.7 billion at September 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 September 30, 2026 and December 31, 2025, respectively. In addition, our subsidiaries have pledged securities available for sale with a fair value of $2.3 billion at September 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 September 30, 2026, and bonds available for sale and short-term investments at December 31, 2025.
24
AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 5. Investments

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)September 30, 2026December 31, 2025
Commercial mortgages(a)
$2,096 $2,495 
Commercial loans, other loans and notes receivable(b)
290 503 
Total mortgage and other loans receivable(c)
2,386 2,998 
Allowance for credit losses(c)
(88)(111)
Mortgage and other loans receivable, net(c)
$2,298 $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 16 percent and 14 percent, respectively, at September 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 September 30, 2026 and December 31, 2025.
(c)Excludes $37.6 billion at both September 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 September 30, 2026 and December 31, 2025, $192 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 September 30, 2026 and December 31, 2025, accrued interest receivable associated with commercial mortgage loans was $9 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:
September 30, 202620262025202420232022PriorTotal
(in millions)
Less than 65%$106 $14 $38 $150 $79 $971 $1,358 
65% to 80%— — — — 7 429 436 
Greater than 80%20 — — 5 23 254 302 
Total commercial mortgages$126 $14 $38 $155 $109 $1,654 $2,096 
December 31, 202520252024202320222021PriorTotal
(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 66 percent and 71 percent at September 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.
AIG | Third Quarter 2026 Form 10-Q
25
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 6. Lending Activities

The following table presents supplementary credit quality information related to commercial mortgages:
Number
of
Loans		ClassPercent
of
Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
September 30, 2026
Past Due Status:
In good standing120$600 $778 $264 $126 $163 $55 $1,986 95 %
90 days or less delinquent
1— 66 — — — — 66 3 
>90 days delinquent or in process of foreclosure3— 21 23 — — — 44 2 
Total*
124$600 $865 $287 $126 $163 $55 $2,096 100 %
Allowance for credit losses$4 $58 $10 $— $16 $— $88 4 %
December 31, 2025
Past Due Status:
In good standing140$793 $947 $297 $158 $191 $10 $2,396 96 %
90 days or less delinquent1— 9 — — — — 9 — 
>90 days delinquent or in process of foreclosure4— 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
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Allowance, beginning of period$78 $106 $111 $164 
Loans charged off— (8)— (60)
Net charge-offs— (8)— (60)
Addition to (release of) allowance for loan losses10 6 (23)— 
Allowance, end of period
$88 $104 $88 $104 
(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 nine months ended September 30, 2026 and 2025, that had been previously modified with borrowers experiencing financial difficulties.
AIG closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. All loans with borrowers experiencing financial difficulty that were modified in the 12 months prior to September 30, 2026 are current and performing in accordance with their modified terms.
26
AIG | Third Quarter 2026 Form 10-Q
TABLE OF CONTENTS

ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Reinsurance

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 September 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:
September 30, 2026December 31, 2025
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value		Corresponding Accounting Policy
Fixed maturity securities - available for sale(a)
$1,559 $1,559 $1,780 $1,780 Fair value through other comprehensive income (loss)
Fixed maturity securities - fair value option639 639 734 734 Fair value through net investment income
Commercial mortgage and other loans225 217 359 344 Amortized cost
Short-term investments299 299 43 43 Fair value through net investment income
Funds withheld investment assets2,722 2,714 2,916 2,901 
Derivative assets, net(b)
— — — — Fair value through net realized gains (losses)
Other(c)
25 25 137 137 Amortized cost
Total$2,747 $2,739 $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 $(73) million ($(58) million after-tax) and $85 million ($67 million after-tax), respectively, for the nine months ended September 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 $2 million and $29 million, respectively, as of September 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
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Net investment income - Fortitude Re funds withheld assets$16 $29 $75 $108 
Net realized gains (losses) on Fortitude Re funds withheld assets:
Net realized losses - Fortitude Re funds withheld assets(28)(5)(47)(59)
Net realized gains (losses) - Fortitude Re funds withheld embedded derivative85 (54)44 (109)
Net realized gains (losses) on Fortitude Re funds withheld assets57 (59)(3)(168)
Income (loss) before income tax expense (benefit)73 (30)72 (60)
Income tax expense (benefit)(a)
15 (7)15 (13)
Net income (loss)
58 (23)57 (47)
Change in unrealized appreciation (depreciation) on available for sale securities(a)
(58)23 (58)46 
Comprehensive loss$— $— $(1)$(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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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 7. Reinsurance

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 September 30, 2026 were $40.1 billion. As of that date, utilizing AIG’s Obligor Risk Ratings (ORRs), (i) approximately 80 percent of the reinsurance recoverables were investment grade; (ii) approximately 17 percent of the reinsurance recoverables were non-investment grade and (iii) approximately 3 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 September 30, 2026 and December 31, 2025, approximately 90 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
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Balance, beginning of period$296 $276 $297 $269 
Addition to (release of) allowance for expected credit losses and disputes, net10 — 15 (1)
Write-offs charged against the allowance for credit losses and disputes— — (6)(1)
Other changes2 (1)2 8 
Balance, end of period$308 $275 $308 $275 
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:
Nine Months Ended September 30,
(in millions)20262025
Balance, beginning of year$2,106 $2,065 
Capitalization2,873 2,536 
Amortization expense(2,658)(2,522)
Other, including foreign exchange12 56 
Balance, end of period$2,333 $2,135 
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AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 9. Variable Interest Entities

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
September 30, 2026
Private equity funds and other investments
$288,270 $2,828 $1,146 
(c)
$3,974 
Other(a)
5,148 128 281 
(d)
409 
Total$293,418 $2,956 $1,427 $4,383 
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 September 30, 2026 and December 31, 2025, excludes approximately $759 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 $747 million and $1.1 billion, respectively. For additional information, see Note 7 to the Consolidated Financial Statements in the 2025 Annual Report.
(b)At September 30, 2026 and December 31, 2025, $3.0 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.
(d)These amounts represent our estimate of the maximum exposure to loss under certain insurance policies issued to VIEs if a hypothetical loss occurred to the extent of the full amount of the insured value. Our insurance policies cover defined risks and our estimate of liability is included in our insurance reserves on the balance sheet.
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.
AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 10. Derivatives and Hedge Accounting

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:
September 30, 2026December 31, 2025
Gross Derivative AssetsGross Derivative LiabilitiesGross Derivative AssetsGross 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$930 $22 $598 $49 $206 $21 $1,438 $88 
Derivatives not designated as hedging instruments:(a)
Interest rate contracts913 182 990 212 935 227 1,012 258 
Foreign exchange contracts2,347 68 1,839 45 1,154 64 2,576 93 
Credit contracts(b)
41 24 46 24 42 26 47 26 
Total derivatives, gross$4,231 $296 $3,473 $330 $2,337 $338 $5,073 $465 
Counterparty netting(c)
(142)(142)(164)(164)
Cash collateral(d)
(143)(138)(169)(212)
Total derivatives on Condensed Consolidated Balance Sheets(e)
$11 $50 $5 $89 
(a)Fair value amounts are shown before the effects of counterparty netting adjustments and offsetting cash collateral.
(b)As of September 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 $23 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 $2.7 billion at September 30, 2026 and $3.0 billion at December 31, 2025. Fair value of liabilities related to bifurcated embedded derivatives was zero at both September 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 $245 million and $362 million at September 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 $189 million and $222 million at September 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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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 10. Derivatives and Hedge Accounting

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 nine months ended September 30, 2026, we recognized gains (losses) of $(16) million and $34 million, respectively, and for the three and nine months ended September 30, 2025, we recognized gains (losses) of $15 million and $(157) 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 September 30, 2026
Foreign exchange contracts:
Net realized gains/(losses)$30 $16 $(30)$16 
Three Months Ended September 30, 2025
Foreign exchange contracts:
Net realized gains/(losses)$(25)$(4)$25 $(4)
Nine Months Ended September 30, 2026
Foreign exchange contracts:
Net realized gains/(losses)$9 $11 $(9)$11 
Nine Months Ended September 30, 2025
Foreign exchange contracts:
Net realized gains/(losses)$(52)$(23)$52 $(23)
(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
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
By Derivative Type:
Interest rate contracts$2 $— $1 $(5)
Foreign exchange contracts22 (8)5 (152)
Embedded derivatives85 (54)44 (109)
Total$109 $(62)$50 $(266)
By Classification:
Net investment income - Fortitude Re funds withheld assets$— $— $— $(1)
Net realized gains (losses) - excluding Fortitude Re funds withheld assets
23 (10)3 (136)
Net realized gains (losses) on Fortitude Re funds withheld assets*
86 (52)47 (129)
Total$109 $(62)$50 $(266)
*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.
AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 10. Derivatives and Hedge Accounting

CREDIT RISK-RELATED CONTINGENT FEATURES
We estimate that at September 30, 2026, based on our outstanding financial derivative transactions, a downgrade of our long-term senior debt ratings to BBB or BBB– by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and/or a downgrade to Baa2 or Baa3 by Moody’s Investors Service, Inc. would permit counterparties to make additional collateral calls and permit certain counterparties to elect early termination of contracts, resulting in corresponding collateral postings and termination payments in the total amount of up to approximately $5 million. The aggregate fair value of our derivatives that were in a net liability position and that contain such credit risk-related contingencies which can be triggered below our long-term senior debt ratings of BBB+ or Baa1 was approximately $23 million and $25 million at September 30, 2026 and December 31, 2025, respectively. The aggregate fair value of assets posted as collateral under these contracts at September 30, 2026 and December 31, 2025, was approximately $23 million and $25 million, respectively.
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 $19.6 billion and $13.8 billion at September 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 September 30, 2026 and December 31, 2025 we held collateral of approximately $11.5 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 September 30, 2026 and December 31, 2025.
The following table presents the rollforward of activity in loss reserves:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Liability for unpaid loss and loss adjustment expenses, beginning of period$69,852 $69,754 $70,666 $69,168 
Reinsurance recoverable(27,858)(27,866)(28,871)(29,026)
Net Liability for unpaid loss and loss adjustment expenses, beginning of period41,994 41,888 41,795 40,142 
Losses and loss adjustment expenses incurred:
Current year4,018 3,572 11,458 10,904 
Prior years, excluding discount and amortization of deferred gain(70)(161)(442)(169)
Prior years, discount charge (benefit)113 34 131 119 
Prior years, amortization of deferred gain on retroactive reinsurance(a)
(38)(54)(65)(176)
Total losses and loss adjustment expenses incurred4,023 3,391 11,082 10,678 
Losses and loss adjustment expenses paid:
Current year(1,020)(1,262)(2,385)(2,714)
Prior years(2,108)(2,371)(7,357)(7,901)
Total losses and loss adjustment expenses paid(3,128)(3,633)(9,742)(10,615)
Other changes:
Foreign exchange effect29 (102)(191)1,277 
Losses and loss adjustment expenses recognized within net (gain) loss on divestitures
(2)13 (3)60 
Retroactive reinsurance adjustment (net of discount)(b)
(9)77 107 92 
Other, net of reinsurance recoverables(c)
8 — (133)— 
Total other changes26 (12)(220)1,429 
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AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Insurance Liabilities

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Liability for unpaid loss and loss adjustment expenses, end of period:
Net liability for unpaid losses and loss adjustment expenses42,915 41,634 42,915 41,634 
Reinsurance recoverable
27,267 28,248 27,267 28,248 
Total$70,182 $69,882 $70,182 $69,882 
(a)Includes $8 million and $14 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 September 30, 2026 and 2025, respectively, and $31 million and $26 million for the nine months ended September 30, 2026 and 2025, respectively.
(b)Includes benefit (charge) from change in discount on retroactive reinsurance of $54 million and $7 million for the three months ended September 30, 2026 and 2025 respectively, and $126 million and $27 million for the nine months ended September 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 September 30, 2026, we recognized favorable prior year loss reserve development of $70 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 UK/Europe Casualty and Financial Lines and U.S. Other Product Lines. During the nine months ended September 30, 2026, we recognized favorable prior year loss reserve development of $442 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 September 30, 2025, we recognized favorable prior year loss reserve development of $161 million, net of external reinsurance but before ADC cessions. The development in this period was primarily driven by favorable development in Other Product Lines (North America and International) and U.S. Property and Special Risks, partially offset by adverse development in UK/Europe Casualty and Financial Lines. During the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $169 million, net of external reinsurance but before ADC cessions. The development in this period was largely driven by favorable development in Other Product Lines (North America and International), U.S. Workers’ Compensation, U.S. Other Casualty and U.S. Property and Special Risks, partially offset by adverse development on U.S. Excess Casualty and UK/Europe Casualty and Financial Lines.
Discounting of Loss Reserves
At September 30, 2026 and December 31, 2025, the loss reserves reflect a net loss reserve discount of $1.2 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 September 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.
AIG | Third Quarter 2026 Form 10-Q
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11. Insurance Liabilities

At September 30, 2026 and December 31, 2025, the discount consists of $166 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 nine months ended September 30, 2026 and 2025, the benefit / (charge) from changes in discount of $(71) million and $(27) million, respectively, were recorded as part of Losses and loss adjustment expenses incurred in the Condensed Consolidated Statements of Income (Loss).
The following table presents the components of the loss reserve discount discussed above:
(in millions)September 30, 2026December 31, 2025
U.S. workers' compensation$1,992 $2,063 
Retroactive reinsurance(765)(891)
Total reserve discount(a)(b)
$1,227 $1,172 
(a)Excludes $141 million and $166 million of discount related to certain long-tail liabilities in the UK at September 30, 2026 and December 31, 2025, respectively.
(b)Includes gross discount of $676 million and $693 million, which was 100 percent ceded to Fortitude Re at September 30, 2026 and December 31, 2025, respectively.
The following table presents the net loss reserve discount benefit (charge):
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Current accident year$22 $36 $60 $92 
Accretion and other adjustments to prior year discount(113)(34)(131)(119)
Net reserve discount benefit (charge)(91)2 (71)(27)
Change in discount on loss reserves ceded under retroactive reinsurance54 7 126 27 
Net change in total reserve discount*$(37)$9 $55 $— 
*Excludes $(22) million and $(35) million discount related to certain long-tail liabilities in the UK for the three months ended September 30, 2026 and 2025, respectively, and excludes $(25) million and $(18) million discount related to certain long-tail liabilities in the UK for the nine months ended September 30, 2026 and 2025, respectively.
Amortization of Deferred Gain on Retroactive Reinsurance
Amortization of the deferred gain on retroactive reinsurance includes $30 million and $40 million related to the adverse development reinsurance cover with NICO for the three months ended September 30, 2026 and 2025, respectively, and $34 million and $150 million for the nine months ended September 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 $713 million and $797 million at September 30, 2026 and December 31, 2025, respectively, certain other long-duration contracts of $548 million and $583 million at September 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.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 12. Contingencies, Commitments and Guarantees

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.
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 September 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 September 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 into 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.
•For additional information on derivatives, see Note 10.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Equity

13. Equity
SHARES OUTSTANDING
Common Stock
The following table presents a rollforward of outstanding shares:
Nine Months Ended September 30, 2026
Common
Stock Issued		Treasury
Stock		Common Stock
Outstanding
(in millions)
Shares, beginning of year1,906.7 (1,368.5)538.2 
Shares issued— 2.5 2.5 
Shares repurchased— (22.0)(22.0)
Shares, end of period1,906.7 (1,388.0)518.7 
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 October 29, 2026, $2.1 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 October 1, 2026 to October 29, 2026, we repurchased approximately 1 million shares of AIG Common Stock for an aggregate purchase price of approximately $88 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 November 3, 2026, our Board of Directors declared a cash dividend on AIG Common Stock of $0.50 per share, payable on December 30, 2026 to shareholders of record as of December 16, 2026.

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Equity

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, June 30, 2026, net of tax$(3)$(1,881)$96 $(3,113)$(705)$(5,606)
Change in unrealized appreciation (depreciation) of investments
5 (2,051)— — — (2,046)
Change in other— 5 — — — 5 
Change in discount rates— — 15 — — 15 
Change in foreign currency translation adjustments
— — — 78 — 78 
Change in net actuarial loss
— — — — 7 7 
Change in prior service cost
— — — — 1 1 
Change in deferred tax asset (liability)
(1)86 (3)12 (2)92 
Total other comprehensive income (loss)4 (1,960)12 90 6 (1,848)
Balance, September 30, 2026, net of tax$1 $(3,841)$108 $(3,023)$(699)$(7,454)
Balance, June 30, 2025, net of tax$(6)$(1,951)$75 $(2,899)$(767)$(5,548)
Change in unrealized appreciation (depreciation) of investments
— 543 — — — 543 
Change in other— 20 — — — 20 
Change in discount rates— — 7 — — 7 
Change in foreign currency translation adjustments
— — — (52)— (52)
Change in net actuarial loss
— — — — 8 8 
Change in prior service cost
— — — — 1 1 
Change in deferred tax asset (liability)
— (16)(2)(4)(3)(25)
Total other comprehensive income (loss)— 547 5 (56)6 502 
Balance, September 30, 2025, net of tax$(6)$(1,404)$80 $(2,955)$(761)$(5,046)
Balance, December 31, 2025, net of tax$(3)$(1,373)$87 $(2,981)$(717)$(4,987)
Change in unrealized appreciation (depreciation) of investments
5 (2,615)— — — (2,610)
Change in other— (15)— — — (15)
Change in discount rates— — 28 — — 28 
Change in foreign currency translation adjustments— — — (45)— (45)
Change in net actuarial loss— — — — 21 21 
Change in prior service cost
— — — — 3 3 
Change in deferred tax asset (liability)(1)162 (7)3 (6)151 
Total other comprehensive income (loss)4 (2,468)21 (42)18 (2,467)
Balance, September 30, 2026, net of tax$1 $(3,841)$108 $(3,023)$(699)$(7,454)
Balance, December 31, 2024, net of tax$(4)$(2,868)$68 $(3,521)$(774)$(7,099)
Change in unrealized appreciation (depreciation) of investments(3)1,373 — — — 1,370 
Change in other— 17 — — — 17 
Change in discount rates— — 16 — — 16 
Change in foreign currency translation adjustments— — — 537 — 537 
Change in net actuarial loss— — — — 18 18 
Change in prior service cost— — — — 1 1 
Change in deferred tax asset (liability)
1 74 (4)30 (6)95 
Total other comprehensive income (loss)(2)1,464 12 567 13 2,054 
Less: Noncontrolling interests— — — 1 — 1 
Balance, September 30, 2025, net of tax$(6)$(1,404)$80 $(2,955)$(761)$(5,046)
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 13. Equity

The following table presents the other comprehensive income (loss) reclassification adjustments for the three and nine months ended September 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 September 30, 2026
Unrealized change arising during period$— $(2,220)$15 $78 $(3)$(2,130)
Less: Reclassification adjustments included in net income(5)(174)— — (11)(190)
Total other comprehensive income (loss), before income tax expense (benefit)5 (2,046)15 78 8 (1,940)
Less: Income tax expense (benefit)1 (86)3 (12)2 (92)
Total other comprehensive income (loss), net of income tax expense (benefit)$4 $(1,960)$12 $90 $6 $(1,848)
Three Months Ended September 30, 2025
Unrealized change arising during period$— $461 $7 $(52)$— $416 
Less: Reclassification adjustments included in net income
— (102)— — (9)(111)
Total other comprehensive income (loss), before income tax expense (benefit)— 563 7 (52)9 527 
Less: Income tax expense (benefit)— 16 2 4 3 25 
Total other comprehensive income (loss), net of income tax expense (benefit)$— $547 $5 $(56)$6 $502 
Nine Months Ended September 30, 2026
Unrealized change arising during period$— $(2,997)$28 $(45)$(2)$(3,016)
Less: Reclassification adjustments included in net income(5)(367)— — (26)(398)
Total other comprehensive income (loss), before income tax expense (benefit)5 (2,630)28 (45)24 (2,618)
Less: Income tax expense (benefit)1 (162)7 (3)6 (151)
Total other comprehensive income (loss), net of income tax expense (benefit)$4 $(2,468)$21 $(42)$18 $(2,467)
Nine Months Ended September 30, 2025
Unrealized change arising during period$(3)$875 $16 $537 $(5)$1,420 
Less: Reclassification adjustments included in net income— (515)— — (24)(539)
Total other comprehensive income (loss), before income tax expense (benefit)(3)1,390 16 537 19 1,959 
Less: Income tax expense (benefit)(1)(74)4 (30)6 (95)
Total other comprehensive income (loss), net of income tax expense (benefit)$(2)$1,464 $12 $567 $13 $2,054 
The following table presents the effect of the reclassification of significant items out of AOCI on the respective line items in the Condensed Consolidated Statements of Income (Loss)(a):
Amount Reclassified from AOCIAffected Line Item in the
Three Months Ended September 30,Nine Months Ended September 30,Condensed Consolidated
(in millions)2026202520262025Statements of Income (Loss)
Unrealized appreciation (depreciation) of fixed maturity securities on which allowance for credit losses was taken
Investments$(5)$— $(5)$— Net realized gains (losses)
Total(5)— (5)— 
Unrealized appreciation (depreciation) of all other investments
Investments$(174)$(102)$(367)$(515)Net realized gains (losses)
Total(174)(102)(367)(515)
Change in retirement plan liabilities adjustment
Prior-service credit(1)(1)(3)(2)
(b)
Actuarial losses(10)(8)(23)(22)
(b)
Total(11)(9)(26)(24)
Total reclassifications for the period$(190)$(111)$(398)$(539)
(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.
(b)These AOCI components are included in the computation of net periodic pension cost.
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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 14. Earnings Per Common Share (EPS)

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
September 30,		Nine Months Ended
September 30,
(dollars in millions, except per common share data)2026202520262025
Numerator for EPS:
Net income$849 $524 $2,560 $2,366 
Less: Net income attributable to noncontrolling interests5 5 5 5 
Net income attributable to AIG common shareholders$844 $519 $2,555 $2,361 
Denominator for EPS:
Weighted average common shares outstanding - basic522,963,373 553,308,504 530,133,311 573,176,050 
Dilutive common shares4,261,278 5,211,326 4,134,365 5,245,177 
Weighted average common shares outstanding - diluted(a)
527,224,651 558,519,830 534,267,676 578,421,227 
Net income per common share attributable to AIG common shareholders:
Basic$1.61 $0.94 $4.82 $4.12 
Diluted$1.60 $0.93 $4.78 $4.08 
(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 1,115,913 and 982,281 for the three and nine months ended September 30, 2026, respectively, and 139,655 and 140,042 for the three and nine months ended September 30, 2025, respectively, 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 are recorded in the period in which the change occurs.

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ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 15. Income Taxes

INTERIM TAX EXPENSE (BENEFIT)
For the three months ended September 30, 2026, the effective tax rate on income was 24.1 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, partially offset by the decrease in deferred tax asset valuation allowance associated with certain foreign jurisdictions and other net discrete benefits. 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 nine months ended September 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 and the decrease 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 three months ended September 30, 2025, the effective tax rate on income was 26.6 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, partially offset by a tax benefit related to prior year tax return adjustments. 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 nine months ended September 30, 2025, the effective tax rate on income was 26.5 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 prior year tax return adjustments, 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 nine months ended September 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 September 30, 2026, based on all available evidence, we concluded that a valuation allowance of $622 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 nine months ended September 30, 2026, we recorded an increase in valuation allowance of $422 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 nine months ended September 30, 2026, we recognized a net $21 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 nine months ended September 30, 2026.
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ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations

Glossary and Acronyms of Selected Insurance Terms and References
Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A), we use certain terms and abbreviations, which are summarized in the Glossary and Acronyms.
This discussion contains a number of cross-references to additional information included throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025 (the 2025 Annual Report) to assist readers seeking additional information related to a particular subject.
In this Quarterly Report on Form 10-Q, unless the context indicates otherwise, we use the terms “AIG,” “we,” “us,” “our” or "the Company" to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries. We use the term “AIG Parent” to refer solely to American International Group, Inc., and not to any of its consolidated subsidiaries.

Cautionary Note on Forward-Looking Statements
This Quarterly Report on Form 10-Q and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” "strive," “plan,” “strategy,” “prospects,” “project,” “should,” “guidance,” “outlook,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.

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All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:
•the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pandemics, and geopolitical events or conflicts;
•the occurrence of catastrophic events, both natural and man-made, which may be exacerbated by the effects of climate change;
•disruptions in the availability or accessibility of our or a third party’s information technology systems, including hardware and software, infrastructure or networks, and the inability to safeguard the confidentiality and integrity of customer, employee or company data due to cyberattacks, data security breaches or infrastructure vulnerabilities;
•our ability to effectively implement technological advancements, including the use of artificial intelligence (AI), and respond to competitors' AI and other technology initiatives;
•our reliance on third parties to provide certain business and administrative services;
•the effects of changes in laws and regulations, including those relating to privacy, data protection, cybersecurity and AI, and the regulation of insurance, in the U.S. and other countries in which we operate;
•concentrations in our investment portfolios;
•changes in the valuation of our investments;
•our reliance on third-party investment managers;
•nonperformance or defaults by counterparties;
•our ability to adequately assess risk and estimate related losses as well as the effectiveness of our enterprise risk management policies and procedures;
•changes in judgments or assumptions concerning insurance underwriting and insurance liabilities;
•concentrations of our insurance, reinsurance and other risk exposures;
•availability of adequate reinsurance or access to reinsurance on acceptable terms;
•the effects of sanctions and the failure to comply with those sanctions;
•changes to tax laws in the countries in which we operate;
•the effectiveness of strategies to retain and recruit key personnel and to implement effective succession plans;
•the outcome of significant legal, regulatory or governmental proceedings;
•our ability to successfully complete strategic transactions, including to successfully dispose of, monetize and/or acquire businesses or assets or successfully integrate acquired businesses, and the anticipated benefits thereof;
•difficulty in marketing and distributing products through current and future distribution channels;
•actions by rating agencies with respect to our credit and financial strength ratings as well as those of our businesses and subsidiaries;
•changes in judgments concerning the recognition of deferred tax assets and the impairment of goodwill;
•our ability to address evolving global stakeholder expectations and regulatory requirements including with respect to environmental, social and governance matters and to effectively execute on sustainability targets and standards;
•our ability to effectively implement restructuring initiatives and potential cost-savings opportunities;
•changes to sources of or access to liquidity;
•changes in accounting principles and financial reporting requirements or their applicability to us; and
•such other factors discussed in:
–Part I, Item 2. MD&A of this Quarterly Report on Form 10-Q;
–Part I, Item 1A. Risk Factors and Part II, Item 7. MD&A of the 2025 Annual Report; and
–our other filings with the Securities and Exchange Commission (SEC).

Forward-looking statements speak only as of the date of this report, or in the case of any document incorporated by reference, the date of that document. We are not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in our other filings with the SEC.
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INDEX TO ITEM 2
Page
44
44
44
45
45
46
47
52
53
57
57
58
58
63
64
Loss Reserves
64
67
67
68
Analysis of Sources and Uses of Cash
68
Liquidity and Capital Resources of AIG Parent and Subsidiaries
69
Credit Facilities
70
Contractual Obligations
70
Off-Balance Sheet Arrangements and Commercial Commitments
70
70
71
Credit Ratings
71
Regulation and Supervision
72
72
72
72
73
75
AIG | Third Quarter 2026 Form 10-Q
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ITEM 2 | Executive Summary

Executive Summary
OVERVIEW
This overview of the MD&A highlights selected information and may not contain all of the information that is important to current or potential investors in our securities. You should read this Quarterly Report on Form 10-Q, together with the 2025 Annual Report, in their entirety for a more detailed description of events, trends, uncertainties, risks and critical accounting estimates affecting us.
OPERATING STRUCTURE
We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc. (Corebridge) dividend income, corporate General operating expenses, and Interest expense. 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.
General Insurance includes the following major operating companies: National Union Fire Insurance Company of Pittsburgh, Pa. (National Union); American Home Assurance Company (American Home); Lexington Insurance Company (Lexington); AIG General Insurance Company, Ltd.; AIG Asia Pacific Insurance Pte. Ltd.; AIG Europe S.A.; American International Group UK Limited; Talbot Underwriting Ltd. (Talbot); Western World Insurance Company and Glatfelter Insurance Group (Glatfelter).
Commercial Lines Products
Property & Short Tail: Products include commercial and industrial property, including business interruption, as well as package insurance products and services that cover exposures to man-made and natural disasters.
Casualty: Products include general liability, environmental, commercial automobile liability, workers’ compensation, excess casualty and crisis management insurance products. Casualty also includes risk-sharing and other customized structured programs for large corporate and multinational customers.
Financial Lines: Products include professional liability insurance for a range of businesses and risks, including directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions insurance.
Global Specialty: Products include marine, energy-related property insurance products, aviation, political risk, trade credit and trade finance.
Personal Insurance Products
Global Accident & Health: Products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals.
Personal Lines: Products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.
Competition
General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types. Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions. General Insurance seeks to differentiate itself in the markets where we participate by providing leading expertise and insight to clients, distribution partners and other stakeholders, delivering underwriting excellence and value-driven insurance solutions and providing high quality, tailored end-to-end support to stakeholders. In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility.
For additional information on our segments, see Note 3 to the Condensed Consolidated Financial Statements.
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ITEM 2 | Critical Accounting Estimates

Critical Accounting Estimates
The preparation of financial statements in accordance with GAAP requires the application of accounting policies that often involve a significant degree of judgment.
The accounting policies that we believe are most dependent on the application of estimates and assumptions, which are critical accounting estimates, 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.
These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.
For a detailed discussion of our critical accounting estimates, see Part II, Item 7. MD&A – Critical Accounting Estimates in the 2025 Annual Report.
Consolidated Results of Operations
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and nine months ended September 30, 2026 and 2025. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.
The following table presents our consolidated results of operations and other key financial metrics:
Three Months Ended
September 30,		PercentageNine Months Ended
September 30,		Percentage
(in millions)20262025Change20262025Change
Revenues:
Premiums$6,453 $6,073 6 %$18,746 $17,720 6 %
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets
1,084 743 46 2,864 3,235 (11)
Net investment income - Fortitude Re funds withheld assets16 29 (45)75 108 (31)
Total net investment income1,100 772 42 2,939 3,343 (12)
Net realized gains (losses):
Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative(167)(431)61 (507)(683)26 
Net realized losses on Fortitude Re funds withheld assets(28)(5)(460)(47)(59)20 
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative85 (54)NM44 (109)NM
Total net realized losses(110)(490)78 (510)(851)40 
Other income (loss)— (4)NM3 13 (77)
Total revenues7,443 6,351 17 21,178 20,225 5 
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred4,023 3,391 19 11,082 10,678 4 
Amortization of deferred policy acquisition costs934 850 10 2,658 2,522 5 
General operating and other expenses1,266 1,297 (2)3,634 3,574 2 
Interest expense101 99 2 301 291 3 
(Gain) loss on extinguishment of debt— — NM— (5)NM
Net (gain) loss on divestitures and other— — NM133 (53)NM
Total benefits, losses and expenses6,324 5,637 12 17,808 17,007 5 
AIG | Third Quarter 2026 Form 10-Q
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ITEM 2 | Consolidated Results of Operations

Three Months Ended
September 30,		PercentageNine Months Ended
September 30,		Percentage
(in millions)20262025Change20262025Change
Income before income tax expense1,119 714 57 3,370 3,218 5 
Income tax expense270 190 42 810 852 (5)
Net income849 524 62 2,560 2,366 8 
Less: Net income attributable to noncontrolling interests5 5 — 5 5 — 
Net income attributable to AIG common shareholders$844 $519 63 %$2,555 $2,361 8 %
NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS
Three Months Ended September 30, 2026 and 2025 Comparison
Net income (loss) attributable to AIG common shareholders increased $325 million due to the following:
•higher Net investment income of $328 million primarily due to changes in the fair value of AIG's investments of $288 million and higher income from available for sale fixed maturity securities of $73 million, partially offset by lower income on Alternative investments and Mortgage loans of $60 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements;
•lower Net realized losses excluding Fortitude Re funds withheld assets of $264 million primarily due to lower other realized losses as a result of impairment losses on investments in real estate funds of $297 million, partially offset by higher losses on fixed maturity securities of $106 million;
•lower Net realized losses on Fortitude Re funds withheld embedded derivatives of $139 million; and
•lower underwriting income of $229 million primarily driven by higher catastrophe losses of $183 million and lower net favorable prior year reserve development of $89 million. For additional information, see Business Segment Operations – General Insurance.
Nine Months Ended September 30, 2026 and 2025 Comparison
Net income (loss) attributable to AIG common shareholders increased $194 million primarily driven by:
•higher underwriting income of $362 million primarily driven by higher premiums earned from strategic transactions, reinsurance program changes and organic growth across Commercial Lines and Personal Insurance, lower catastrophe losses of $122 million and higher net favorable prior year reserve development of $12 million. For additional information, see Business Segment Operations – General Insurance.
•lower Net investment income of $404 million primarily due to changes in the fair value of AIG's investments of $456 million and lower income on Alternative investments and Mortgage loans of $161 million, partially offset by higher income from available for sale fixed maturity securities of $205 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements.
•lower Net realized losses on Fortitude Re funds withheld embedded derivatives of $153 million; and
•lower Net realized losses excluding Fortitude Re funds withheld assets of $176 million primarily due to lower other realized losses as a result of impairment losses on investments in real estate funds of $167 million.
Business Segment Operations
We report the results of our businesses through three segments and Other Operations. The three segments are North America Commercial, International Commercial and Global Personal. Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.
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ITEM 2 | Business Segment Operations | General Insurance


General Insurance
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.
GENERAL INSURANCE
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)20262025Change20262025Change
Underwriting results:
Net premiums written$6,651 $6,230 7 %$19,766 $17,636 12 %
Net premiums written, on constant dollar basis8 11 
(Increase) decrease in unearned premiums(216)(190)(14)(1,083)51 NM
Net premiums earned6,435 6,040 7 18,683 17,687 6 
Losses and loss adjustment expenses incurred(a)
3,903 3,379 16 11,017 10,573 4 
Acquisition expenses:
Amortization of deferred policy acquisition costs928 851 9 2,640 2,522 5 
Other acquisition expenses242 237 2 695 670 4 
Total acquisition expenses1,170 1,088 8 3,335 3,192 4 
General operating expenses798 780 2 2,307 2,260 2 
Underwriting income564 793 (29)2,024 1,662 22 
Net investment income1,032 945 9 2,767 2,552 8 
Amortization of intangible assets including renewal rights(b)
(10)(4)(150)(31)(13)(138)
Adjusted pre-tax income$1,586 $1,734 (9)%$4,760 $4,201 13 %
Loss ratio(a)
60.7 55.9 4.8 59.0 59.8 (0.8)
Acquisition ratio18.2 18.0 0.2 17.9 18.0 (0.1)
General operating expense ratio12.4 12.9 (0.5)12.3 12.8 (0.5)
Expense ratio30.6 30.9 (0.3)30.2 30.8 (0.6)
Combined ratio(a)
91.3 86.8 4.5 89.2 90.6 (1.4)
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums(4.4)(1.6)(2.8)(3.6)(4.5)0.9 
Prior year development, net of prior year premiums
1.5 3.1 (1.6)2.1 2.1 — 
Accident year loss ratio, as adjusted57.8 57.4 0.4 57.5 57.4 0.1 
Accident year combined ratio, as adjusted88.4 88.3 0.1 87.7 88.2 (0.5)
(a)Consistent with our definition of Adjusted pre-tax income (APTI), excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.
(b)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.
The following tables present General Insurance accident year catastrophes(a) by segment:
(dollars in millions)North America
Commercial
International
Commercial
Global
Personal
Total
Three Months Ended September 30, 2026
Flooding, rainstorms and other(b)
$— $57 $8 $65 
Windstorms and hailstorms167 26 14 207 
Winter storms— — 11 11 
Total catastrophe-related charges$167 $83 $33 $283 
Three Months Ended September 30, 2025
Flooding, rainstorms and other$— $4 $10 $14 
Windstorms and hailstorms74 17 3 94 
Winter storms4 — — 4 
Wildfires(10)(2)— (12)
Total catastrophe-related charges$68 $19 $13 $100 
AIG | Third Quarter 2026 Form 10-Q
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ITEM 2 | Business Segment Operations | General Insurance

(dollars in millions)North America
Commercial
International
Commercial
Global
Personal
Total
Nine Months Ended September 30, 2026
Flooding, rainstorms and other(b)
$42 $166 $17 $225 
Windstorms and hailstorms204 44 21 269 
Winter storms123 4 50 177 
Reinstatement premiums— 2 — 2 
Total catastrophe-related charges$369 $216 $88 $673 
Nine Months Ended September 30, 2025
Flooding, rainstorms and other$— $4 $10 $14 
Windstorms and hailstorms178 24 44 246 
Winter storms40 — 1 41 
Wildfires204 47 192 443 
Earthquakes— 44 2 46 
Reinstatement premiums5 (1)1 5 
Total catastrophe-related charges$427 $118 $250 $795 
(a)Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold.
(b)Includes net losses related to the Middle East conflict of $40 million and $142 million for the three and nine months ended September 30, 2026, respectively.
NORTH AMERICA COMMERCIAL
The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda. Products include Property, Casualty and Financial Lines with clients ranging from small and medium-sized businesses to multinational companies.
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)20262025Change20262025Change
Underwriting results:
Net premiums written$2,481 $2,435 2 %$7,211 $6,472 11 %
Net premiums written, on constant dollar basis
2 11 
Increase in unearned premiums(119)(237)50 (272)(17)NM
Net premiums earned2,362 2,198 7 6,939 6,455 7 
Losses and loss adjustment expenses incurred(a)
1,641 1,303 26 4,472 4,169 7 
Acquisition expenses:
Amortization of deferred policy acquisition costs242 221 10 703 654 7 
Other acquisition expenses54 44 23 160 137 17 
Total acquisition expenses296 265 12 863 791 9 
General operating expenses258 246 5 738 681 8 
Underwriting income$167 $384 (57)%$866 $814 6 %
Loss ratio(a)
69.5 59.3 10.2 64.4 64.6 (0.2)
Acquisition ratio12.5 12.1 0.4 12.4 12.3 0.1 
General operating expense ratio10.9 11.2 (0.3)10.6 10.5 0.1 
Expense ratio23.4 23.3 0.1 23.0 22.8 0.2 
Combined ratio(a)
92.9 82.6 10.3 87.4 87.4 — 
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums
(7.1)(3.1)(4.0)(5.3)(6.6)1.3 
Prior year development, net of prior year premiums
1.4 5.9 (4.5)4.3 4.5 (0.2)
Accident year loss ratio, as adjusted63.8 62.1 1.7 63.4 62.5 0.9 
Accident year combined ratio, as adjusted87.2 85.4 1.8 86.4 85.3 1.1 
(a)Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.

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ITEM 2 | Business Segment Operations | General Insurance

Premiums Three Months Ended September 30, 2026 and 2025 Comparison
Net premiums written increased by $46 million, or 2 percent, primarily due to growth in Retail Casualty and Financial Lines, partially offset by lower production in certain Property lines. The increase in Net premiums earned is primarily driven by these same factors.
Premiums Nine Months Ended September 30, 2026 and 2025 Comparison
Net premiums written increased by $739 million, or 11 percent, primarily due to reinsurance program changes and growth in Retail Casualty, Financial Lines and Property. The increase in Net premiums earned is primarily driven by these same factors.
Underwriting Results Three Months Ended September 30, 2026 and 2025 Comparison
North America Commercial produced underwriting income of $167 million from a combined ratio of 92.9, which was a 10.3 point increase. This was driven by a higher loss ratio (10.2 points) from:
•lower net favorable prior year reserve development (4.5 points), with favorable development across multiple lines;
•higher catastrophe losses (4.0 points); and
•higher accident year loss ratio, as adjusted (1.7 points) primarily due to changes in business mix.
The expense ratio increased by 0.1 points, from a primarily mix-driven increase in the acquisition ratio (0.4 points) partially offset by a lower general operating expense ratio (0.3 points).
For additional information on prior year development, see Insurance Reserves.
Underwriting Results Nine Months Ended September 30, 2026 and 2025 Comparison
North America Commercial produced underwriting income of $866 million from a combined ratio of 87.4, which was unchanged. The loss ratio was lower (0.2 points) from lower catastrophe losses (1.3 points), partially offset by:
•higher accident year loss ratio, as adjusted (0.9 points) primarily due to changes in business mix; and
•lower net favorable prior year reserve development (0.2 points), with favorable development primarily driven by Casualty and Property.
The expense ratio increased by 0.2 points, from a primarily mix-driven increase in the acquisition ratio (0.1 points) and a higher general operating expense ratio (0.1 points).
For additional information on prior year development, see Insurance Reserves.
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. Products include Property, Casualty and Financial Lines, with clients ranging from small and medium-sized businesses to multinational companies. Global Specialty products include aviation, political risk, trade credit and trade finance.
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)20262025Change20262025Change
Underwriting results:
Net premiums written$2,387 $2,115 13 %$7,425 $6,467 15 %
Net premiums written, on constant dollar basis
13 12 
(Increase) decrease in unearned premiums20 73 (73)(559)(104)(438)
Net premiums earned2,407 2,188 10 6,866 6,363 8 
Losses and loss adjustment expenses incurred1,388 1,167 19 3,978 3,515 13 
Acquisition expenses:
Amortization of deferred policy acquisition costs324 285 14 906 799 13 
Other acquisition expenses92 96 (4)279 274 2 
Total acquisition expenses416 381 9 1,185 1,073 10 
General operating expenses320 310 3 942 905 4 
Underwriting income$283 $330 (14)%$761 $870 (13)%
Loss ratio57.7 53.3 4.4 57.9 55.2 2.7 
Acquisition ratio17.3 17.4 (0.1)17.3 16.9 0.4 
General operating expense ratio13.3 14.2 (0.9)13.7 14.2 (0.5)
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ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)20262025Change20262025Change
Expense ratio30.6 31.6 (1.0)31.0 31.1 (0.1)
Combined ratio88.3 84.9 3.4 88.9 86.3 2.6 
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums(3.5)(0.8)(2.7)(3.1)(1.8)(1.3)
Prior year development, net of prior year premiums1.0 1.9 (0.9)0.3 1.0 (0.7)
Accident year loss ratio, as adjusted55.2 54.4 0.8 55.1 54.4 0.7 
Accident year combined ratio, as adjusted85.8 86.0 (0.2)86.1 85.5 0.6 
Premiums Three Months Ended September 30, 2026 and 2025 Comparison
Net premiums written, excluding the unfavorable impact of foreign exchange ($6 million), increased by $278 million, or 13 percent, primarily due to broad-based geographic growth. The increase in Net premiums earned is primarily driven by these same factors.
Premiums Nine Months Ended September 30, 2026 and 2025 Comparison
Net premiums written, excluding the favorable impact of foreign exchange ($194 million), increased by $764 million, or 12 percent, primarily due to reinsurance program changes and broad-based geographic growth. The increase in Net premiums earned is primarily driven by these same factors.
Underwriting Results Three Months Ended September 30, 2026 and 2025 Comparison
International Commercial produced underwriting income of $283 million from a combined ratio of 88.3, which was a 3.4 point increase. This was driven by a higher loss ratio (4.4 points) from:
•higher catastrophe losses (2.7 points);
•lower net favorable prior year reserve development (0.9 points), with favorable development driven by Financial Lines; and
•higher accident year loss ratio, as adjusted (0.8 points) primarily due to changes in business mix.
The expense ratio improved by 1.0 points, from a primarily mix-driven decrease in the acquisition ratio (0.1 points) and a lower general operating expense ratio (0.9 points).
For additional information on prior year development, see Insurance Reserves.
Underwriting Results Nine Months Ended September 30, 2026 and 2025 Comparison
International Commercial produced underwriting income of $761 million from a combined ratio of 88.9, which was a 2.6 point increase. This was driven by a higher loss ratio (2.7 points) from:
•higher catastrophe losses (1.3 points);
•higher accident year loss ratio, as adjusted (0.7 points) primarily due to changes in business mix; and
•net adverse prior year reserve development (0.7 points), with unfavorable development driven by prior year premiums.
The expense ratio improved by 0.1 points, as a primarily mix-driven increase in the acquisition ratio (0.4 points) was more than offset by a lower general operating expense ratio (0.5 points).
For additional information on prior year development, see Insurance Reserves.
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. Global Accident & Health products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals. Personal Lines products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net worth individuals offered through PCS in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.
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ITEM 2 | Business Segment Operations | General Insurance

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)20262025Change20262025Change
Underwriting results:
Net premiums written$1,783 $1,680 6 %$5,130 $4,697 9 %
Net premiums written, on constant dollar basis
9 9 
(Increase) decrease in unearned premiums(117)(26)(350)(252)172 NM
Net premiums earned1,666 1,654 1 4,878 4,869 — 
Losses and loss adjustment expenses incurred874 909 (4)2,567 2,889 (11)
Acquisition expenses:
Amortization of deferred policy acquisition costs362 345 5 1,031 1,069 (4)
Other acquisition expenses96 97 (1)256 259 (1)
Total acquisition expenses458 442 4 1,287 1,328 (3)
General operating expenses220 224 (2)627 674 (7)
Underwriting income (loss)$114 $79 44 %$397 $(22)NM%
Loss ratio52.5 55.0 (2.5)52.6 59.3 (6.7)
Acquisition ratio27.5 26.7 0.8 26.4 27.3 (0.9)
General operating expense ratio13.2 13.5 (0.3)12.9 13.8 (0.9)
Expense ratio40.7 40.2 0.5 39.3 41.1 (1.8)
Combined ratio93.2 95.2 (2.0)91.9 100.4 (8.5)
Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:
Catastrophe losses and reinstatement premiums(2.0)(0.8)(1.2)(1.8)(5.1)3.3 
Prior year development, net of prior year premiums2.4 1.1 1.3 1.6 0.4 1.2 
Accident year loss ratio, as adjusted52.9 55.3 (2.4)52.4 54.6 (2.2)
Accident year combined ratio, as adjusted93.6 95.5 (1.9)91.7 95.7 (4.0)
Premiums Three Months Ended September 30, 2026 and 2025 Comparison
Net premiums written, excluding the unfavorable impact of foreign exchange ($39 million), increased by $142 million, or 9 percent, primarily due to growth in U.S. high net worth and Accident & Health. The increase in Net premiums earned is primarily driven by these same factors.
Premiums Nine Months Ended September 30, 2026 and 2025 Comparison
Net premiums written, excluding the favorable impact of foreign exchange ($6 million) increased by $427 million, or 9 percent, primarily due to reinsurance program changes and growth in U.S. high net worth and Accident & Health. The increase in Net premiums earned is primarily driven by these same factors.
Underwriting Results Three Months Ended September 30, 2026 and 2025 Comparison
Global Personal produced underwriting income of $114 million from a combined ratio of 93.2, which was a 2.0 point improvement. This was driven by a lower loss ratio (2.5 points) from:
•lower accident year loss ratio, as adjusted (2.4 points) primarily due to changes in business mix; and
•higher net favorable prior year reserve development (1.3 points), with favorable development driven by U.S. high net worth.
This was partially offset by higher catastrophe losses (1.2 points).
The expense ratio increased by 0.5 points, from a primarily mix-driven increase in the acquisition ratio (0.8 points), partially offset by a lower general operating expense ratio (0.3 points).
For additional information on prior year development, see Insurance Reserves.
Underwriting Results Nine Months Ended September 30, 2026 and 2025 Comparison
Global Personal produced underwriting income of $397 million from a combined ratio of 91.9, which was an 8.5 point improvement. This was driven by a lower loss ratio (6.7 points) from:
•lower catastrophe losses (3.3 points);
•lower accident year loss ratio, as adjusted (2.2 points) primarily due to changes in business mix; and
•higher net favorable prior year reserve development (1.2 points), with favorable development driven by U.S. high net worth.
The expense ratio improved by 1.8 points, reflecting a lower acquisition ratio (0.9 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (0.9 points).
For additional information on prior year development, see Insurance Reserves.
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ITEM 2 | Business Segment Operations | Other Operations


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.
OTHER OPERATIONS
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)20262025Change20262025Change
Net investment income and other$45 $72 (38)%$138 $274 (50)%
Benefits, losses and expenses:
Corporate and other general operating expenses85 86 (1)246 261 (6)
Interest expense101 100 1 300 292 3 
Total benefits, losses and expenses*186 186 — 546 553 (1)
Adjusted pre-tax loss before consolidation and eliminations(141)(114)(24)(408)(279)(46)
Consolidation and eliminations— 2 NM— — NM
Adjusted pre-tax loss$(141)$(112)(26)%$(408)$(279)(46)%
*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.
ADJUSTED PRE-TAX LOSS BEFORE CONSOLIDATION AND ELIMINATIONS
Three Months Ended September 30, 2026 and 2025 Comparison
Adjusted pre-tax loss before consolidation and eliminations increased $27 million primarily due to the following:
•lower net investment income and other of $27 million primarily driven by the $20 million decline in Corebridge dividend income following the final disposition of our remaining interest in May 2026.
Nine Months Ended September 30, 2026 and 2025 Comparison
Adjusted pre-tax loss before consolidation and eliminations increased $129 million primarily due to the following:
•lower net investment income and other of $136 million due to lower average balance with lower yields as a result of declining interest rates and lower Corebridge dividend income of $72 million due to the final disposition of our remaining interest in May 2026; and
•higher interest expense of $8 million primarily driven by new debt issuances of €1.125 billion in the three months ended September 30, 2026 and $1.25 billion in 2025 partially offset by interest savings from $0.8 billion debt repurchases, through cash tender offers, debt redemption and debt maturity in 2025.
This increase was partially offset by lower corporate and other general expenses of $15 million.
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ITEM 2 | Use of Non-GAAP Measures

Use of Non-GAAP Measures
Throughout this MD&A, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for “generally accepted accounting principles” in the United States. The non-GAAP financial measures we present may not be comparable to similarly-named measures reported by other companies.
We use the following operating performance measures because we believe they enhance the understanding of the underlying profitability of operations and trends of our segments. We believe they also allow for more meaningful comparisons with our insurance competitors. When we use these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis in the Consolidated Results of Operations section of this MD&A.
Adjusted pre-tax income (APTI) is derived by excluding the items set forth below from income before income tax:
•changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares;
•net investment income on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets);
•net realized gains and losses on Fortitude Re funds withheld assets;
•loss (gain) on extinguishment of debt;
•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. Earned income on such economic hedges is reclassified from net realized gains and losses to specific APTI line items based on the economic risk being hedged (e.g. net investment income);
•income or loss from discontinued operations;
•net loss reserve discount benefit (charge);
•net results of businesses in run-off;
•non-operating pension expenses;
•net gain or loss on divestitures and other;
•non-operating litigation reserves and settlements;
•restructuring and other costs related to initiatives designed to reduce operating expenses, improve efficiency and simplify our organization;
•the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain;
•integration and transaction costs associated with acquiring or divesting businesses;
•losses from the impairment of goodwill; and
•non-recurring costs associated with the implementation of non-ordinary course legal or regulatory changes or changes to accounting principles.
Adjusted after-tax income attributable to AIG common shareholders is derived by excluding the tax effected APTI adjustments described above, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:
•deferred income tax valuation allowance releases and charges; and
•changes in uncertain tax positions and other tax items related to legacy matters having no relevance to our current businesses or operating performance.

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ITEM 2 | Use of Non-GAAP Measures

The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to AIG to adjusted pre-tax income (loss)/adjusted after-tax income (loss) attributable to AIG:
Three Months Ended September 30,20262025
(in millions, except per common share data)Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
After
Tax		Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
After
Tax
Pre-tax income/Net income, including noncontrolling interests$1,119 $270 $— $849 $714 $190 $— $524 
Noncontrolling interests
(5)(5)(5)(5)
Pre-tax income/Net income attributable to AIG common shareholders1,119 270 (5)$844 714 190 (5)$519 
Changes in uncertain tax positions and other tax adjustments
5 — (5)(5)— 5 
Deferred income tax valuation allowance releases
14 — (14)— — — 
Changes in the fair values of equity securities and AIG's investment in Corebridge3 1 — 2 288 60 — 228 
Net investment income on Fortitude Re funds withheld assets(16)(4)— (12)(29)(6)— (23)
Net realized losses on Fortitude Re funds withheld assets28 6 — 22 5 1 — 4 
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative(85)(18)— (67)54 11 — 43 
Net realized losses(a)
170 32 — 138 433 107 — 326 
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements— — — — (9)(2)— (7)
Net loss reserve discount (benefit) charge91 19 — 72 (2)— — (2)
Net results of businesses in run-off(b)
12 3 — 9 (1)(1)— — 
Non-operating pension expenses— — — — 6 1 — 5 
Integration and transaction costs associated with acquiring or divesting businesses20 4 — 16 7 2 — 5 
Restructuring and other costs
100 21 — 79 153 32 — 121 
Non-recurring costs related to regulatory or accounting changes3 1 — 2 3 1 — 2 
Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders$1,445 $354 $(5)$1,086 $1,622 $391 $(5)$1,226 
Weighted average diluted shares outstanding527.2 558.5 
Income per common share attributable to AIG common shareholders (diluted)$1.60 $0.93 
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)
$2.06 $2.20 
Nine Months Ended September 30,20262025
(in millions, except per common share data)Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
After
Tax		Pre-taxTotal Tax
(Benefit)
Charge
Non-
controlling
Interests
After
Tax
Pre-tax income/Net income, including noncontrolling interests$3,370 $810 $— $2,560 $3,218 $852 $— $2,366 
Noncontrolling interests
(5)(5)(5)(5)
Pre-tax income/Net income attributable to AIG common shareholders3,370 810 (5)2,555 3,218 852 (5)2,361 
Changes in uncertain tax positions and other tax adjustments
91 — (91)(1)— 1 
Deferred income tax valuation allowance charges
(67)— 67 (9)— 9 
Changes in the fair values of equity securities and AIG's investment in Corebridge67 14 — 53 (393)(83)— (310)
Gain on extinguishment of debt— — — — (5)(1)— (4)
Net investment income on Fortitude Re funds withheld assets(75)(16)— (59)(108)(23)— (85)
Net realized losses on Fortitude Re funds withheld assets47 10 — 37 59 12 — 47 
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative(44)(9)— (35)109 23 — 86 
Net realized losses(a)
514 113 — 401 690 102 — 588 
Net (gain) loss on divestitures and other(c)
133 28 — 105 (53)(11)— (42)
Non-operating litigation reserves and settlements— — — — (13)(3)— (10)
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements(75)(16)— (59)53 11 — 42 
Net loss reserve discount charge71 15 — 56 27 6 — 21 
Net results of businesses in run-off(b)
18 4 — 14 (8)(2)— (6)
Non-operating pension expenses(2)— — (2)16 3 — 13 
Integration and transaction costs associated with acquiring or divesting businesses68 14 — 54 13 3 — 10 
Restructuring and other costs
247 52 — 195 307 64 — 243 
Non-recurring costs related to regulatory or accounting changes13 3 — 10 10 2 — 8 
Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders$4,352 $1,046 $(5)$3,301 $3,922 $945 $(5)$2,972 
Weighted average diluted shares outstanding
534.3 578.4 
Income per common share attributable to AIG common shareholders (diluted)
$4.78 $4.08 
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)
$6.18 $5.14 
(a)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.
(b)In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.
(c)In the nine months ended September 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 the global personal travel and assistance business.
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ITEM 2 | Use of Non-GAAP Measures

The following table presents a reconciliation of General Insurance and Other Operations Net investment income and other/pre-tax income (loss) to Net investment income and other, APTI basis/adjusted pre-tax income (loss):
General InsuranceThree Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Net
Investment
Income
and Other		Pre-tax
Income
(Loss)		Net
Investment
Income
and Other		Pre-tax
Income
(Loss)		Net
Investment
Income
and Other		Pre-tax
Income
(Loss)		Net
Investment
Income
and Other		Pre-tax
Income
(Loss)
Net investment income and other/Pre-tax income (loss)(a)
$1,029 $1,198 $991 $1,184 $2,755 $3,882 $2,619 $3,170 
Other income (expense) - net(2)— — — (5)— — — 
Changes in the fair values of equity securities and AIG's investment in Corebridge5 5 (46)(46)17 17 (70)(70)
Net investment income on Fortitude Re funds withheld assets— — — — — — 1 1 
Net realized (gains) losses on Fortitude Re funds withheld assets— — — (1)— (1)— 6 
Net realized losses— 176 — 456 — 534 2 779 
Net (gain) loss on divestitures and other— (2)— (1)— 9 — (38)
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements— 8 — 7 — (44)— 81 
Net loss reserve discount (benefit) charge— 91 — (2)— 71 — 27 
Non-operating pension expenses— 1 — 4 — 3 — 13 
Integration and transaction costs associated with acquiring or divesting businesses— 35 — — — 100 — — 
Restructuring and other costs— 71 — 130 — 176 — 222 
Non-recurring costs related to regulatory or accounting changes— 3 — 3 — 13 — 10 
Net investment income and other, APTI basis/Adjusted pre-tax income (loss)$1,032 $1,586 $945 $1,734 $2,767 $4,760 $2,552 $4,201 
Other OperationsThree Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)Net
Investment
Income
and Other		Pre-tax
Income
(Loss)		Net
Investment
Income
and Other		Pre-tax
Income
(Loss)		Net
Investment
Income
and Other		Pre-tax
Income
(Loss)		Net
Investment
Income
and Other		Pre-tax
Income
(Loss)
Net investment income and other/Pre-tax income (loss)(a)
$70 $(79)$(226)$(470)$185 $(512)$734 $48 
Consolidation and Eliminations2 — (2)— 2 — 1 — 
Other income (expense) - net1 — 2 — 4 — (9)— 
Changes in the fair values of equity securities and AIG's investment in Corebridge(2)(2)334 334 50 50 (323)(323)
Gain on extinguishment of debt— — — — — — — (5)
Net investment income on Fortitude Re funds withheld assets(16)(16)(29)(29)(75)(75)(109)(109)
Net realized (gains) losses on Fortitude Re funds withheld assets— 28 — 6 — 48 — 53 
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative— (85)— 54 — (44)— 109 
Net realized (gains) losses— (6)2 (23)— (20)2 (89)
Net (gain) loss on divestitures and other— 2 — 1 — 124 — (15)
Non-operating litigation reserves and settlements
— — — — — — — (13)
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements— (8)— (16)— (31)— (28)
Net results of businesses in run-off(10)12 (9)(1)(28)18 (22)(8)
Non-operating pension expenses— (1)— 2 — (5)— 3 
Integration and transaction costs associated with acquiring or divesting businesses— (15)— 7 — (32)— 13 
Restructuring and other costs— 29 — 23 — 71 — 85 
Net investment income and other, APTI basis/Adjusted pre-tax income (loss)$45 $(141)$72 $(112)$138 $(408)$274 $(279)
(a)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.
Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
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ITEM 2 | Use of Non-GAAP Measures

Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
The following table presents reconciliations of Book value per share to Adjusted book value per share and Core operating book value per share, which are non-GAAP measures.
September 30,December 31,
(in millions, except per share data)
20262025
Total AIG common shareholders' equity
$38,883 $41,139 
Less: Investments related AOCI
(3,840)(1,376)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets
(580)(523)
Subtotal: Investments AOCI(3,260)(853)
AIG adjusted common shareholders' equity$42,143 $41,992 
Total AIG common shareholders' equity
$38,883 $41,139 
Less: AIG's ownership interest in Corebridge— 1,512 
Less: Investments related AOCI - AIG
(3,840)(1,376)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG
(580)(523)
Subtotal: Investments AOCI - AIG(3,260)(853)
Less: Deferred tax assets2,684 3,278 
AIG core operating shareholders' equity$39,459 $37,202 
Total common shares outstanding518.7 538.2 
Book value per share$74.96 $76.44 
Adjusted book value per share81.25 78.02 
Core operating book value per share76.07 69.12 
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric provides investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.
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ITEM 2 | Use of Non-GAAP Measures

The following table presents reconciliations of Return on equity to Adjusted return on equity and Core operating return on equity, which are non-GAAP measures.
Three Months Ended
September 30,		Nine Months Ended
September 30,
(dollars in millions)
2026 2025 2026 2025 
Actual or annualized net income (loss) attributable to AIG common shareholders
$3,376 $2,076 $3,407 $3,148 
Actual or annualized adjusted after-tax income attributable to AIG common shareholders
$4,344 $4,904 $4,401 $3,963 
Average AIG common shareholders' equity
$39,745 $41,293 $40,258 $41,635 
Less: Average Investments AOCI(2,311)(1,128)(1,733)(1,560)
Average AIG adjusted common shareholders' equity$42,056 $42,421 $41,991 $43,195 
Average AIG common shareholders' equity
$39,745 $41,293 $40,258 $41,635 
Less: Average AIG's ownership interest in Corebridge— 3,347 530 3,631 
Less: Average Investments AOCI - AIG(2,311)(1,128)(1,733)(1,560)
Less: Average deferred tax assets2,798 3,093 3,002 3,261 
Average AIG core operating shareholders' equity$39,258 $35,981 $38,459 $36,303 
Return on equity8.5 %5.0 %8.5 %7.6 %
Adjusted return on equity10.3 11.6 10.5 9.2 
Core operating return on equity11.1 13.6 11.4 10.9 
Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.
Accident year loss and accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses and related reinstatement premiums, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results.
Results from discontinued operations are excluded from all of these measures.

Investments
OVERVIEW
Our investment strategies are tailored to the specific business needs of each segment by targeting an asset allocation mix that supports estimated cash flow needs of our outstanding liabilities and provides diversification from an asset class, sector, issuer, and geographic perspective. The primary objectives are generation of investment income, preservation of capital, liquidity management and growth of surplus. The majority of assets backing our insurance liabilities consist of fixed maturity securities.
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.
AIG | Third Quarter 2026 Form 10-Q
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ITEM 2 | Investments

INVESTMENT HIGHLIGHTS
Blended investment yields on new investments were higher than blended rates on investments that were sold, matured or called during this period. We continued to make investments in structured securities and other fixed maturity securities with attractive risk-adjusted return characteristics to improve yields and increase net investment income.
Total Net investment income decreased for the nine months ended September 30, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investments and lower income from alternative investments and mortgage loans, partially offset by higher income on available for sale fixed maturity securities.
INVESTMENT STRATEGIES
Investment strategies are assessed at the segment level and involve considerations that include local and general market and economic conditions, duration and cash flow management, risk appetite and volatility constraints, rating agency and regulatory capital considerations, tax, regulatory and legal investment limitations, and, where appropriate, environmental, social and governance considerations.
Some of our key investment strategies are as follows:
•Our fundamental strategy across the portfolios is to seek investments with similar duration and cash flow characteristics to the associated insurance liabilities to the extent practicable.
•Within General Insurance, investments generally consist of a split between reserve backing and surplus portfolios.
–Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, currency, risk-return, capital, tax, liquidity, credit quality and diversification objectives. We assess asset classes based on their fundamental underlying risk factors, including credit (public and private), commercial real estate and residential real estate, regardless of whether such investments are bonds, loans, or structured products.
–Surplus investments seek to enhance portfolio returns and are generally comprised of a mix of fixed maturity investment grade and below investment grade securities and various alternative asset classes, including private equity and private credit.
•We seek to purchase private equity and private credit assets that offer enhanced yield through illiquidity premiums and other portfolio diversification benefits. The private credit assets typically provide credit protections such as covenants along with other features that support insurance company needs.
•Given our global presence, we seek investments that provide diversification from investments available in local markets. To the extent we purchase these investments, we generally hedge any currency risk using derivatives, which could provide opportunities to earn higher risk adjusted returns compared to investments in the functional currency.
•AIG Parent, included in Other Operations, actively manages its assets and liabilities, counterparties and duration. AIG Parent’s liquidity sources are held primarily in the form of cash and short-term investments. This strategy allows us to both diversify our sources of liquidity and reduce the cost of maintaining sufficient liquidity.
Asset-Liability Management
The investment strategy within the General Insurance companies focuses on growth of surplus, maintenance of sufficient liquidity for unanticipated insurance claims, and preservation of capital. General Insurance invests primarily in fixed maturity securities issued by corporations, municipalities and other governmental agencies; structured securities collateralized by, among other assets, residential and commercial real estate; and commercial mortgage loans. Fixed maturity securities of the General Insurance companies have an average duration of 4 years.
While assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have also continued to allocate a portion of our portfolio to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations. In addition, we continue to invest in both fixed rate and floating rate asset-backed investments to manage our exposure to potential changes in interest rates and inflation. We seek to diversify the portfolio across asset classes, sectors and issuers to mitigate idiosyncratic portfolio risks.
In addition, a portion of the surplus of General Insurance companies is invested in a diversified portfolio of alternative investments that seek to balance liquidity, volatility and growth of surplus. Although these alternative investments are subject to periodic earnings fluctuations, they have historically achieved yields in excess of the fixed maturity portfolio yields and have provided added diversification to the broader portfolio.
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ITEM 2 | Investments

Available-for-Sale Investments
The following table presents the fair value of our available-for-sale securities:
(in millions)September 30, 2026December 31, 2025
Bonds available for sale:
U.S. government and government sponsored entities$3,624 $3,298 
Obligations of states, municipalities and political subdivisions2,329 2,775 
Non-U.S. governments6,173 6,516 
Corporate debt38,283 37,235 
Mortgage-backed, asset-backed and collateralized:
RMBS - agency5,595 5,988 
RMBS - non-agency
5,435 4,180 
CMBS4,750 4,616 
CLO/ABS5,453 6,424 
Total mortgage-backed, asset-backed and collateralized21,233 21,208 
Total bonds available for sale*$71,642 $71,032 
*At September 30, 2026 and December 31, 2025, the fair value of bonds available for sale we held that were below investment grade or not rated totaled $5.9 billion and $5.9 billion, respectively.
The following table presents the fair value of our aggregate credit exposures to non-U.S. governments for our fixed maturity securities:
(in millions)September 30, 2026December 31, 2025
Canada$1,105 $1,207 
Japan435 489 
United Kingdom392 344 
Germany389 444 
Australia331 284 
Israel260 322 
Korea, Republic of243 214 
Malaysia225 216 
France207 134 
Singapore193 206 
Other2,414 2,679 
Total$6,194 $6,539 
The following table presents the fair value of our aggregate European credit exposures by major sector for our fixed maturity securities:
September 30, 2026December 31,
2025
Total
(in millions)SovereignFinancial
 Institution		Non-Financial
Corporates		Structured
Products		Total
Euro-Zone countries:
France$207 $1,442 $576 $37 $2,262 $2,258 
Germany389 240 1,029 40 1,698 1,660 
Netherlands60 541 215 46 862 1,061 
Ireland5 166 102 357 630 733 
Spain1 392 93 22 508 494 
Italy12 119 329 25 485 480 
Denmark157 107 46 — 310 337 
Luxembourg18 149 69 18 254 205 
Belgium9 85 51 14 159 216 
Poland70 — — — 70 85 
Other Euro-Zone119 90 30 38 277 318 
Total Euro-Zone$1,047 $3,331 $2,540 $597 $7,515 $7,847 
Remainder of Europe:
United Kingdom$392 $1,460 $1,883 $437 $4,172 $4,017 
Switzerland18 143 264 — 425 534 
Sweden89 111 29 — 229 372 
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September 30, 2026December 31,
2025
Total
(in millions)SovereignFinancial
 Institution		Non-Financial
Corporates		Structured
Products		Total
Norway63 81 10 — 154 136 
Croatia16 — — — 16 17 
Other - Remainder of Europe24 31 20 41 116 100 
Total - Remainder of Europe$602 $1,826 $2,206 $478 $5,112 $5,176 
Total$1,649 $5,157 $4,746 $1,075 $12,627 $13,023 
Investments in Municipal Bonds
At September 30, 2026, the U.S. municipal bond portfolio was composed primarily of essential service revenue bonds and high-quality tax-exempt bonds with 98 percent of the portfolio rated A or higher.
The following table presents the fair values of our available for sale U.S. municipal bond portfolio by state and municipal bond type:
September 30, 2026
(in millions)State
General
Obligation		Local
General
Obligation		RevenueTotal
Fair
Value		December 31, 2025
Total Fair Value
California$182 $120 $278 $580 $690 
New York28 83 225 336 401 
Massachusetts36 8 98 142 167 
Texas9 31 67 107 144 
Connecticut26 — 78 104 111 
Florida1 — 94 95 127 
Pennsylvania22 — 69 91 118 
Illinois4 17 47 68 84 
Hawaii63 — — 63 66 
Oregon2 41 18 61 67 
Virginia— 3 50 53 60 
Maryland— 10 35 45 46 
Michigan— — 44 44 51 
All other states
39 15 486 540 643 
Total
$412 $328 $1,589 $2,329 $2,775 
Investments in Corporate Debt Securities
The following table presents the fair value of our available for sale corporate debt securities by industry categories:
(in millions)September 30, 2026December 31, 2025
Financial institutions:
Banks$8,044 $8,086 
Insurance1,566 1,378 
Securities firms and other finance companies994 856 
Other financial institutions5,469 5,733 
Utilities3,386 3,231 
Communications2,402 2,188 
Consumer noncyclical2,640 2,706 
Capital goods1,737 1,805 
Energy2,149 2,010 
Consumer cyclical3,821 3,649 
Basic materials2,323 2,093 
Other3,752 3,500 
Total*$38,283 $37,235 
*At September 30, 2026 and December 31, 2025, approximately 88 percent and 88 percent, respectively, of these investments were rated investment grade.
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ITEM 2 | Investments

Commercial Mortgage Loans
At September 30, 2026, we had direct commercial mortgage loan exposure of $2.1 billion.
The following table presents the commercial mortgage loan exposure by location and class of loan based on amortized cost:
Number
of Loans		ClassPercent
of Total
(dollars in millions)ApartmentsOfficesRetailIndustrialHotelOthersTotal
September 30, 2026
State:
California17 $88 $192 $25 $17 $15 $— $337 16 %
New York15 30 174 44 19 32 — 299 14 
Texas17 50 133 1 29 — 40 253 12 
Massachusetts7 — 124 47 6 — — 177 8 
Florida10 36 — 59 7 38 — 140 7 
Pennsylvania9 30 59 15 18 — — 122 6 
Illinois5 88 8 — — — 5 101 5 
New Jersey4 55 — — — — 10 65 3 
Washington3 49 — — — — — 49 2 
Ohio3 15 — 27 — — — 42 2 
Other states16 79 23 29 3 — — 134 7 
Foreign18 80 152 40 27 78 — 377 18 
Total*124 $600 $865 $287 $126 $163 $55 $2,096 100 %
December 31, 2025
State:
California17 $89 $190 $27 $18 $31 $— $355 14 %
New York17 48 188 44 19 33 — 332 13 
Texas19 72 135 1 30 10 — 248 10 
Massachusetts7 — 175 48 7 — — 230 9 
Florida11 68 — 60 8 37 — 173 7 
Pennsylvania9 28 57 15 18 — — 118 5 
Illinois5 88 13 — — — — 101 4 
New Jersey8 55 — — 3 — 10 68 3 
Washington3 49 — — — — — 49 2 
Colorado3 7 20 16 — — — 43 2 
Other states23 109 12 68 28 — — 217 9 
Foreign23 180 196 78 27 80 — 561 22 
Total*145 $793 $986 $357 $158 $191 $10 $2,495 100 %
*Does not reflect allowance for credit losses.
For additional information on commercial mortgage loans, see Note 6 to the Condensed Consolidated Financial Statements.
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Net Realized Gains and Losses
The following table presents the components of Net realized gains (losses):
Three Months Ended September 30,20262025
(in millions)Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales and impairments of fixed maturity securities$(202)$(29)$(231)$(96)$(6)$(102)
Change in allowance for credit losses on fixed maturity securities11 — 11 2 — 2 
Change in allowance for credit losses on loans(10)— (10)(52)1 (51)
Foreign exchange transactions
(12)— (12)(10)(1)(11)
Derivatives and hedge accounting22 1 23 (11)2 (9)
Sales of alternative investments(11)— (11)(2)— (2)
Other*35 — 35 (262)(1)(263)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(167)(28)(195)(431)(5)(436)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 85 85 — (54)(54)
Net realized gains (losses)$(167)$57 $(110)$(431)$(59)$(490)
Nine Months Ended September 30,20262025
(in millions)
Excluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		TotalExcluding
Fortitude
Re Funds
Withheld
Assets		Fortitude
Re
Funds
Withheld
Assets		Total
Sales and impairments of fixed maturity securities$(376)$(48)$(424)$(453)$(62)$(515)
Change in allowance for credit losses on fixed maturity securities12 1 13 (5)— (5)
Change in allowance for credit losses on loans22 1 23 (2)10 8 
Foreign exchange transactions(39)(2)(41)183 18 201 
Derivatives and hedge accounting4 3 7 (137)(20)(157)
Sales of alternative investments(27)— (27)1 — 1 
Other*(103)(2)(105)(270)(5)(275)
Net realized losses – excluding Fortitude Re funds withheld embedded derivative(507)(47)(554)(683)(59)(742)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 44 44 — (109)(109)
Net realized losses$(507)$(3)$(510)$(683)$(168)$(851)
*Other includes impairments on investments in private equity and real estate funds.
Lower Net realized losses excluding Fortitude Re funds withheld assets in the three months ended September 30, 2026 compared to 2025 were primarily due to lower realized losses as a result of impairments on investments in real estate funds, partially offset by higher losses on fixed maturity securities. Lower Net realized losses excluding Fortitude Re funds withheld assets in the nine months ended September 30, 2026 compared to 2025 were primarily due to lower realized losses as a result of impairments on investments in real estate funds.
Net realized gains (losses) on Fortitude Re funds withheld assets primarily reflect changes in the valuation of the modified coinsurance and funds withheld assets. Increases in the valuation of these assets result in losses to AIG as the appreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. Decreases in valuation of the assets result in gains to AIG as the depreciation on the assets under those reinsurance arrangements must be transferred to Fortitude Re. For additional information on the impact of the funds withheld arrangements with Fortitude Re, see Note 7 to the Condensed Consolidated Financial Statements.
For additional information on our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.
Unrealized Gains and Losses on Investments
Net unrealized investment losses included in shareholders’ equity were $3.8 billion at September 30, 2026 compared with $1.4 billion at September 30, 2025. The change in net unrealized gains and losses on investments in the nine months ended September 30, 2026 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to higher interest rates and slight widening of credit spreads. The change in net unrealized gains and losses on investments in the nine months ended September 30, 2025 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to lower interest rates and narrowing of credit spreads.
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ITEM 2 | Investments

At September 30, 2026, the Company had $2.0 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost. At December 31, 2025, the Company had $1.4 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost.
At September 30, 2026 and December 31, 2025, below investment grade securities comprised 8 percent and 8 percent, respectively, of the fair value of our fixed maturity investment portfolio. Included in below investment grade securities at September 30, 2026 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $3.6 billion and a fair value of $3.4 billion, resulting in a net pre-tax unrealized investment loss of $151 million.
For additional information on our investment portfolio, see Note 5 to the Condensed Consolidated Financial Statements.
CREDIT RATINGS
Moody’s Investors Service, Inc. (Moody’s), Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (S&P), Fitch Ratings Inc. (Fitch), or similar foreign rating services rate a significant portion of our foreign entities’ fixed maturity securities portfolio. Rating services are not available for some foreign-issued securities. We closely monitor the credit quality of the foreign portfolio’s non-rated fixed maturity securities.
At September 30, 2026, approximately 63 percent of our fixed maturity securities were held by our U.S. entities. Approximately 91 percent of these securities were rated investment grade by one or more of the major rating agencies.
At September 30, 2026, approximately 93 percent of our fixed maturity securities held by our foreign entities were either rated investment grade or, on the basis of analysis of our investment managers, were equivalent from a credit standpoint to securities rated investment grade. Approximately 16 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.
Composite AIG Credit Ratings
With respect to our fixed maturity securities, the credit ratings in the table below reflect: (i) a composite of the ratings of the three major rating agencies, or when agency ratings are not available, the National Association of Insurance Commissioners (NAIC) Designation assigned by the NAIC Securities Valuation Office (SVO) (96 percent of total fixed maturity securities), or (ii) our internal ratings when these investments have not been rated by any of the major rating agencies or the NAIC. The “Non-rated” category consists of fixed maturity securities that have not been rated by any of the major rating agencies, the NAIC or us.
For information regarding credit risks associated with investments, see Part II, Item 7. MD&A – Enterprise Risk Management in the 2025 Annual Report.
The following table presents the composite AIG credit ratings of our fixed maturity securities calculated on the basis of their fair value:
Available for SaleOther Bond SecuritiesTotal
(in millions)September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
Rating:
Other fixed maturity securities
AAA$3,370 $4,063 $13 $14 $3,383 $4,077 
AA9,090 8,693 47 50 9,137 8,743 
A17,094 17,679 111 173 17,205 17,852 
BBB15,840 14,565 95 100 15,935 14,665 
Below investment grade4,950 4,730 2 11 4,952 4,741 
Non-rated65 94 — — 65 94 
Total$50,409 $49,824 $268 $348 $50,677 $50,172 
Mortgage-backed, asset-backed and collateralized
AAA$11,706 $11,198 $77 $102 $11,783 $11,300 
AA7,222 7,468 47 49 7,269 7,517 
A1,007 1,030 163 135 1,170 1,165 
BBB374 411 64 77 438 488 
Below investment grade924 1,101 28 30 952 1,131 
Non-rated— — 2 — 2 — 
Total$21,233 $21,208 $381 $393 $21,614 $21,601 
Total
AAA$15,076 $15,261 $90 $116 $15,166 $15,377 
AA16,312 16,161 94 99 16,406 16,260 
A18,101 18,709 274 308 18,375 19,017 
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Available for SaleOther Bond SecuritiesTotal
(in millions)September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025		September 30,
2026		December 31,
2025
BBB16,214 14,976 159 177 16,373 15,153 
Below investment grade5,874 5,831 30 41 5,904 5,872 
Non-rated65 94 2 — 67 94 
Total$71,642 $71,032 $649 $741 $72,291 $71,773 
Insurance Reserves
LIABILITY FOR UNPAID LOSSES AND LOSS ADJUSTMENT EXPENSES (LOSS RESERVES)
The following table presents the components of our gross and net loss reserves by segment and major lines of business(a):
September 30, 2026December 31, 2025
(in millions)Net Loss ReservesReinsurance
Recoverable		Gross Loss ReservesNet Loss ReservesReinsurance
Recoverable		Gross Loss Reserves
General Insurance:
North America Commercial:
U.S. Workers' Compensation (net of discount)$2,424 $3,457 $5,881 $2,273 $3,742 $6,015 
U.S. Excess Casualty3,310 2,654 5,964 3,153 2,961 6,114 
U.S. Other Casualty5,053 3,056 8,109 4,651 3,170 7,821 
U.S. Financial Lines5,038 1,328 6,366 5,270 1,516 6,786 
U.S. Property and Special Risks4,508 902 5,410 4,142 990 5,132 
Other product lines(b)
3,905 2,609 6,514 4,356 2,947 7,303 
Total North America Commercial24,238 14,006 38,244 23,845 15,326 39,171 
International Commercial:
UK/Europe Casualty and Financial Lines7,951 2,975 10,926 8,288 2,376 10,664 
UK/Europe Property and Special Risks3,338 1,422 4,760 2,176 2,214 4,390 
Other product lines(b)
2,023 1,351 3,374 1,882 1,272 3,154 
Total International Commercial13,312 5,748 19,060 12,346 5,862 18,208 
Global Personal:
U.S. Personal Insurance782 1,918 2,700 705 1,986 2,691 
UK/Europe and Japan Personal Insurance1,194 727 1,921 1,240 733 1,973 
Other product lines(b)
1,230 822 2,052 1,109 750 1,859 
Total Global Personal3,206 3,467 6,673 3,054 3,469 6,523 
Unallocated loss adjustment expenses(b)
1,549 554 2,103 1,965 629 2,594 
Total General Insurance42,305 23,775 66,080 41,210 25,286 66,496 
Other Operations610 3,492 4,102 585 3,585 4,170 
Total$42,915 $27,267 $70,182 $41,795 $28,871 $70,666 
(a)Includes net loss reserve discount of $1.2 billion and $1.2 billion at September 30, 2026 and December 31, 2025, respectively. For information regarding loss reserve discount, see Note 11 to the Condensed Consolidated Financial Statements.
(b)Other product lines and Unallocated loss adjustment expenses include Gross liability for unpaid losses and loss adjustment expense and Reinsurance recoverable on unpaid losses and loss adjustment expense for the Fortitude Re reinsurance of $2.3 billion and $2.3 billion at September 30, 2026 and December 31, 2025, respectively.
Prior Year Development
The following table summarizes incurred (favorable) unfavorable prior year development net of reinsurance by segment and major lines of business:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
General Insurance:
North America Commercial:
U.S. Workers' Compensation$(1)$(22)$(186)$(139)
U.S. Excess Casualty(6)(7)62 92 
U.S. Other Casualty(5)(13)6 12 
U.S. Financial Lines(1)(9)(28)(19)
U.S. Property and Special Risks(8)(25)(155)(102)
Other Product Lines(25)(63)(17)(152)
Total North America Commercial$(46)$(139)$(318)$(308)
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ITEM 2 | Insurance Reserves

Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
International Commercial:
UK/Europe Casualty and Financial Lines$(17)$216 $(16)$216 
UK/Europe Property and Special Risks2 (5)29 (19)
Other Product Lines(9)(258)(65)(266)
Total International Commercial$(24)$(47)$(52)$(69)
Global Personal:
U.S. Personal Insurance$(14)$(12)$(29)$(12)
UK/Europe and Japan Personal Insurance(10)43 (20)42 
Other Product Lines(17)(50)(17)(50)
Total Global Personal$(41)$(19)$(66)$(20)
Total Prior Year (Favorable) Unfavorable Development*$(111)$(205)$(436)$(397)
*Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $26 million and $31 million for the three months ended September 30, 2026 and 2025, respectively, and $78 million and $93 million for the nine months ended September 30, 2026 and 2025, respectively.
Net Loss Development
In the three months ended September 30, 2026, we recognized favorable prior year loss reserve development of $111 million, primarily driven by:
North America Commercial
•Favorable development in Other Product Lines, primarily driven by favorable development in Canadian Financial Lines and Property.
•Benefit from the amortization of the deferred gain on the adverse development cover.
International Commercial
•Favorable development in European Financial Lines, partially offset by deteriorations in UK Professional Indemnity.
Global Personal
•Favorable reserve development in U.S. Personal Insurance driven by favorable experience on the high net worth business.
•Favorable development in Other Product Lines driven by several lines of business, including A&H in Asia Pacific and Personal Auto in Asia Pacific and Latin America and Caribbean.
In the nine months ended September 30, 2026, we recognized favorable prior year loss reserve development of $436 million, primarily driven by:
North America Commercial
•Favorable development in U.S. Workers’ Compensation driven by Excess of Loss Sensitive and Primary business.
•Favorable development in U.S. Property and Special Risks primarily reflecting development in Programs, along with lower than expected non-catastrophe loss experience in Property Lines.
•Favorable development in U.S. Financial Lines reflecting favorable experience in Directors and Officers in more mature accident years.
•Favorable development in Other Product Lines, primarily driven by favorable development in Canadian Financial Lines and Property.
•Benefit from the amortization of the deferred gain on the adverse development cover.
International Commercial
•Favorable development in European Financial Lines partially offset by deteriorations in UK Professional Indemnity.
•Favorable development in Other Product Lines primarily driven by Energy and Cargo.
•Adverse development in UK/Europe Property and Special Risks due to adverse development on prior year catastrophes and UK Marine, partially offset by favorable experience primarily concentrated in EMEA and UK Property.
Global Personal
•Favorable development in U.S. Personal Insurance attributable to favorable development on prior year catastrophes and favorable experience on the high net worth business.
•Favorable development in Other Product Lines driven by several lines of business, including A&H in Asia Pacific and Personal Auto in Asia Pacific and Latin America and Caribbean.
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ITEM 2 | Insurance Reserves

In the three months ended September 30, 2025, we recognized favorable prior year loss reserve development of $205 million, primarily driven by:
North America Commercial
•Favorable development in Other Product Lines, reflecting experience in several lines, most notably short-tail Property.
•Favorable development in U.S. Property and Special Risks primarily driven by U.S. Property.
•Favorable development in U.S. Workers’ Compensation primarily related to loss sensitive business.
•Benefit from the amortization of the deferred gain on the adverse development cover.
International Commercial
•Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.
•Adverse development in UK/Europe Casualty and Financial Lines driven by UK Financial Lines, and EMEA Casualty, particularly within Auto and General Liability lines, partially offset by favorable development in EMEA Financial Lines.
In the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $397 million, primarily driven by:
North America Commercial
•Favorable development in U.S. Workers’ Compensation primarily driven by favorable experience within Excess of Loss Sensitive offset by adverse development within Primary Guaranteed Cost and Defense Base Act business.
•Favorable development in Other Product Lines, reflecting favorable experience in several lines, most notably short-tail Property.
•Favorable development in U.S. Property and Special Risks primarily driven by U.S. Property and Programs.
•Adverse development in U.S. Excess Casualty primarily driven by unfavorable development in Mass Tort.
•Benefit from the amortization of the deferred gain on the adverse development cover.
International Commercial
•Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.
•Adverse development in UK/Europe Casualty and Financial Lines driven by UK Financial Lines, and EMEA Casualty, particularly within Auto and General Liability lines, partially offset by favorable development in EMEA Financial Lines.
For certain categories of claims (e.g., construction defect claims and environmental claims) and for reinsurance recoverable, losses may sometimes be reclassified to an earlier or later accident year as more information about the date of occurrence becomes available to us.
Significant Reinsurance Agreements
NICO
In the first quarter of 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 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. We account for this transaction as retroactive reinsurance. This transaction resulted in a gain, which under GAAP retroactive reinsurance accounting is deferred and amortized into income over the settlement period. NICO created a collateral trust account as security for their claim payment obligations to us, into which they deposited the consideration paid under the agreement, and Berkshire Hathaway Inc. has provided a parental guarantee to secure NICO’s obligations under the agreement.
For a description of AIG’s catastrophe reinsurance protection for 2026, see Part II, Item 7. MD&A – Enterprise Risk Management – Insurance Risk – Natural Catastrophe Risk in the 2025 Annual Report.
The table below shows the calculation of the deferred gain on the adverse development reinsurance agreement, the effect of discounting of loss reserves and amortization of the deferred gain.
(in millions)September 30, 2026December 31, 2025
Gross Covered Losses
Covered reserves before discount$8,058 $8,907 
Inception to date losses paid33,328 32,588 
Attachment point(25,000)(25,000)
Covered losses above attachment point$16,386 $16,495 
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ITEM 2 | Insurance Reserves

(in millions)September 30, 2026December 31, 2025
Deferred Gain Development
Covered losses above attachment ceded to NICO (80%)$13,109 $13,196 
Consideration paid including interest(10,188)(10,188)
Pre-tax deferred gain before discount and amortization2,921 3,008 
Discount on ceded losses(a)
(765)(891)
Pre-tax deferred gain before amortization2,156 2,117 
Inception to date amortization of deferred gain at inception(1,766)(1,688)
Inception to date amortization attributed to changes in deferred gain(b)
(112)(156)
Deferred gain liability reflected in AIG's balance sheet$278 $273 
(a)The accretion of discount and a reduction in effective interest rates is offset by changes in estimates of the amount and timing of future recoveries.
(b)Excluded from APTI.
The following table presents the rollforward of activity in the deferred gain from the adverse development reinsurance agreement:
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in millions)2026202520262025
Balance at beginning of period, net of discount$241 $316 $273 $284 
(Favorable) unfavorable prior year reserve development ceded to NICO(a)
13 15 (87)137 
Amortization attributed to deferred gain at inception(b)
(26)(31)(78)(93)
Amortization attributed to changes in deferred gain(c)
(4)(9)44 (57)
Changes in discount on ceded loss reserves54 7 126 27 
Balance at end of period, net of discount$278 $298 $278 $298 
(a)Prior year reserve development ceded to NICO under the retroactive reinsurance agreement is deferred under GAAP.
(b)Represents amortization of the deferred gain recognized in APTI.
(c)Excluded from APTI.
The lines of business subject to this agreement include those with longer tails, which carry a higher degree of uncertainty. Since inception, there have been periods of both favorable and unfavorable prior year development. This agreement will continue to reduce the impact of volatility in the development on our ultimate loss estimates over time.
Fortitude Re
Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to our run-off operations. Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity. As of September 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.

Liquidity and Capital Resources
OVERVIEW
Liquidity refers to the ability to generate sufficient cash resources to meet the cash requirements of our business operations and payment obligations.
Capital refers to the long-term financial resources available to support the operation of our businesses, fund business growth and cover financial and operational needs that arise from adverse circumstances. Our primary source of ongoing capital generation is derived from the profitability of our insurance subsidiaries. We must comply with numerous constraints on our capital positions. These constraints drive the requirements for capital adequacy at AIG and the individual businesses and are based on internally defined risk tolerances, regulatory requirements, rating agency and creditor expectations and business needs.
For information regarding our liquidity risk framework, see Part II, Item 7. MD&A – Enterprise Risk Management and Part II, Item 7. MD&A – Enterprise Risk Management – Liquidity Risk in the 2025 Annual Report.
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We believe that we have sufficient liquidity and capital resources to satisfy future requirements and meet our obligations to policyholders, customers, creditors and debt-holders, including those arising from reasonably foreseeable contingencies or events. Nevertheless, some circumstances may cause our cash or capital needs to exceed projected liquidity or readily deployable capital resources.
For information regarding risks associated with our liquidity and capital resources, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit in the 2025 Annual Report.
Depending on market conditions, regulatory and rating agency considerations and other factors, we may take various liability and capital management actions. Liability management actions may include, but are not limited to, repurchasing or redeeming outstanding debt, issuing new debt or engaging in debt exchange offers. Capital management actions may include, but are not limited to, issuing preferred stock, paying dividends to our shareholders on AIG common stock, par value $2.50 per share (AIG Common Stock) and repurchases of AIG Common Stock.
LIQUIDITY AND CAPITAL RESOURCES HIGHLIGHTS
Sources
Liquidity to AIG Parent from Subsidiaries
During the nine months ended September 30, 2026, our General Insurance companies distributed dividends of $2.4 billion to AIG Parent or applicable intermediate holding companies.
Sales of Corebridge Shares by AIG
In February 2026, we sold 24.7 million shares of Corebridge common stock at a per share purchase price of $30.42. The aggregate proceeds to AIG Parent were $750 million.
In May 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.
Debt Issuance
On September 24, 2026, AIG issued €625 million aggregate principal amount of 4.250% Notes Due 2031 and €500 million aggregate principal amount of 4.750% Notes Due 2036, which was equivalent to approximately $1.3 billion in the aggregate.
Uses
General Borrowings
We made interest payments on our general borrowings totaling $267 million during the nine months ended September 30, 2026.
Dividends
We made cash dividend payments in the amount of $0.50 per share on AIG Common Stock for the three month periods ended September 30, 2026 and June 30, 2026 (an increase of 11 percent from prior dividend payments), and $0.45 per share for the three months ended March 31, 2026, totaling $764 million in the aggregate.
Repurchases of Common Stock
During the nine months ended September 30, 2026, AIG Parent repurchased approximately 22 million shares of AIG Common Stock, for an aggregate purchase price of approximately $1.7 billion. Pursuant to a Rule 10b5-1 plan, from October 1, 2026 to October 29, 2026, AIG Parent repurchased approximately 1 million shares of AIG Common Stock for an aggregate purchase price of approximately $88 million.
Acquisition of Convex Group Limited (Convex) and Onex Corporation (Onex)
On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex, for $642 million.
ANALYSIS OF SOURCES AND USES OF CASH
Operating Cash Flow Activities
Insurance companies generally receive most premiums in advance of the payment of claims or policy benefits. The ability of insurance companies to generate positive cash flow is affected by the frequency and severity of losses under their insurance policies, policy retention rates, effective management of their investment portfolio and operating expense discipline.
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Interest payments totaled $273 million and $268 million in the nine months ended September 30, 2026 and 2025, respectively. Excluding interest payments, AIG had operating cash inflows of $4.8 billion and $2.9 billion in the nine months ended September 30, 2026 and 2025, respectively.
Investing Cash Flow Activities
Net cash used in investing activities in the nine months ended September 30, 2026 was $2.9 billion compared to net cash provided by investing activities of $3.3 billion in the prior year period.
Financing Cash Flow Activities
Net cash used in financing activities in the nine months ended September 30, 2026 totaled $1.3 billion, reflecting:
•$764 million to pay dividends of $0.50 per share in the three months ended September 30, 2026 and June 30, 2026, and $0.45 per share for the three months ended March 31, 2026 on AIG Common Stock;
•$1.7 billion to repurchase approximately 22 million shares of AIG Common Stock; and
•$1.3 billion in net inflows from the issuance and repayment of long-term debt.
Net cash used in financing activities in the nine months ended September 30, 2025 totaled $5.7 billion reflecting:
•$734 million to pay dividends of $0.45 per share in the three months ended September 30, 2025 and June 30, 2025, and $0.40 per share for the three months ended March 31, 2025 on AIG Common Stock;
•$5.3 billion to repurchase approximately 66 million shares of AIG Common Stock; and
•$154 million in net inflows from the issuance and repayment of long-term debt.
LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES
AIG Parent
As of September 30, 2026 and December 31, 2025, respectively, AIG Parent had approximately $8.7 billion and $9.3 billion in liquidity sources held in the form of cash, short-term investments and AIG Parent's committed, revolving syndicated credit facility of $3.0 billion. AIG Parent’s primary sources of liquidity are dividends, distributions, loans and other payments from subsidiaries and credit facilities. AIG Parent’s primary uses of liquidity are for debt service, capital and liability management, operating expenses and dividends on AIG Common Stock.
We expect to access the debt and preferred equity markets from time to time to meet funding requirements as needed.
We utilize our capital resources to support our businesses, with the majority of capital allocated to our insurance operations. Should we have or generate more capital than is needed to support our business strategies (including organic or inorganic growth opportunities) or mitigate risks inherent to our business, we may develop plans to distribute such capital to shareholders via dividends or AIG Common Stock repurchase authorizations or deploy such capital towards liability management.
Insurance Companies
We expect that our insurance companies will be able to continue to satisfy reasonably foreseeable future liquidity requirements and meet their obligations, including those arising from reasonably foreseeable contingencies or events, through cash from operations and, to the extent necessary, monetization of invested assets.
Our insurance companies’ liquidity resources are primarily held in the form of cash, short-term investments and publicly traded, investment grade rated fixed maturity securities. Each of our material insurance companies’ liquidity is monitored through various internal liquidity risk measures. The primary sources of liquidity are premiums, fees, reinsurance recoverables and investment income and maturities. Certain of our insurance companies have access to Federal Home Loan Bank (FHLB) borrowings as an additional source of funding.
The primary uses of liquidity are paid losses, reinsurance payments, interest payments, dividends, expenses, investment purchases and collateral requirements. Payments of dividends to AIG Parent or intermediate holding companies by insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities. For information regarding restrictions on payments of dividends by our subsidiaries, see Note 18 to the Consolidated Financial Statements in the 2025 Annual Report.
Our insurance companies may require additional funding to meet capital or liquidity needs under certain circumstances. For example, large catastrophes may require us to provide additional support to the affected operations of our insurance companies.
We are party to several letter of credit agreements with various financial institutions, which issue letters of credit from time to time in support of our insurance companies. These letters of credit are subject to reimbursement by us in the event of a drawdown. Letters of credit issued in support of our insurance companies totaled approximately $2.2 billion at September 30, 2026.
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CREDIT FACILITIES
We maintain a syndicated, multicurrency revolving credit facility (the Facility) as a potential source of liquidity for general corporate purposes with aggregate commitments by the bank syndicate to provide AIG Parent with unsecured revolving loans and/or standby letters of credit of up to $3.0 billion. The Facility is scheduled to expire in September 2029.
Our ability to utilize the Facility is conditioned on the satisfaction of certain legal, operating, administrative and financial covenants and other requirements contained in the Facility. These include covenants relating to our maintenance of a specified total consolidated net worth and total consolidated debt to total consolidated capitalization. Failure to satisfy these and other requirements contained in the Facility would restrict our access to the Facility and could have a material adverse effect on our financial condition, results of operations and liquidity.
As of September 30, 2026, a total of $3.0 billion remained available under the Facility.
CONTRACTUAL OBLIGATIONS
As of September 30, 2026, there have been no material changes in our contractual obligations from December 31, 2025, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Contractual Obligations in the 2025 Annual Report.
OFF-BALANCE SHEET ARRANGEMENTS AND COMMERCIAL COMMITMENTS
As of September 30, 2026, there have been no material changes in our off-balance sheet arrangements and commercial commitments from December 31, 2025, a description of which may be found in Part II, Item 7. MD&A – Liquidity and Capital Resources – Off-Balance Sheet Arrangements and Commercial Commitments in the 2025 Annual Report.
DEBT
We expect to service and repay general borrowings through maturing investments and dispositions of invested assets, future cash flows from operations, cash flows generated from invested assets, future debt or preferred stock issuances and other financing arrangements.
The following table provides the rollforward of our total debt outstanding:
Nine Months Ended September 30, 2026Balance,
Beginning
of Year		IssuancesMaturities
and
Repayments		Effect of
Foreign
Exchange		Other
Changes		Balance,
End of
Period
(in millions)
General borrowings:
Notes and bonds payable$8,529 $1,267 $— $(35)$4 $9,765 
Junior subordinated debt481 — — — — 481 
Total general borrowings9,010 1,267 — (35)4 10,246 
Borrowings supported by assets25 — (15)— — 10 
Total long-term debt$9,035 $1,267 $(15)$(35)$4 $10,256 
Debt of consolidated investment entities - not guaranteed by AIG(a)
$156 $— $(2)$— $— $154 
(a)Includes debt of consolidated investment entities related to real estate investments.
Debt Maturities
The following table summarizes maturing long-term debt at September 30, 2026 of AIG for the next four quarters:
Fourth
Quarter		First
Quarter		Second
Quarter		Third
Quarter
(in millions)2026202720272027Total
General borrowings$29 $— $932 $— $961 

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The following table presents maturities of long-term debt (including unamortized original issue discount, hedge accounting valuation adjustments and fair value adjustments, when applicable):
September 30, 2026RemainderYear Ending
(in millions)Totalof 202620272028202920302031Thereafter
General borrowings:
Notes and bonds payable
$9,765 $29 $932 $691 $205 $960 $703 $6,245 
Junior subordinated debt481 — — — — — — 481 
Total general borrowings10,246 29 932 691 205 960 703 6,726 
Borrowings supported by assets10 — — — — — — 10 
Total long-term debt*
$10,256 $29 $932 $691 $205 $960 $703 $6,736 
*Does not reflect $154 million of notes issued by consolidated investment entities, for which recourse is limited to the assets of the respective investment entities and for which there is no recourse to the general credit of AIG.
FINANCIAL STRENGTH RATINGS
Financial Strength ratings estimate an insurance company’s ability to pay its obligations under an insurance policy. The following table presents the ratings of our significant insurance subsidiaries as of the date of this filing.
A.M. BestS&PFitchMoody’s
National Union Fire Insurance Company of Pittsburgh, Pa.AAA-AA-A1
Lexington Insurance CompanyAAA-AA-A1
American Home Assurance CompanyAAA-AA-A1
AIG Europe S.A.NRAA-AA-A1
American International Group UK LimitedAAA-AA-A1
AIG General Insurance Company, Ltd.NRAA-NRNR
In July 2026, Fitch assigned a financial strength rating of AA- to AIG Europe S.A. and American International Group UK Limited, the outlook of the ratings assigned is Stable for both subsidiaries. Both entities were previously unrated by Fitch.
These financial strength ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances.
CREDIT RATINGS
Credit ratings estimate a company’s ability to meet its obligations and may directly affect the cost and availability of financing to that company. The following table presents the credit ratings of AIG Parent as of the date of this filing. Figures in parentheses indicate the relative ranking of the ratings within the agency’s rating categories; that ranking refers only to the major rating category and not to the modifiers assigned by the rating agencies.
Short-Term Debt
Senior Debt Rating
Moody'sS&P
Moody's(a)
S&P(b)
Fitch(c)
American International Group, Inc.
P-2 (2nd of 4)A-2 (2nd of 5)
Baa1 (4th of 9) / Stable
A- (3rd of 9) /
Stable
A- (3rd of 9) /
Stable
(a)Moody’s appends numerical modifiers 1, 2 and 3 to the generic rating categories to show relative position within the rating categories.
(b)S&P ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
(c)Fitch ratings may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.
These credit ratings are current opinions of the rating agencies. They may be changed, suspended or withdrawn at any time by the rating agencies as a result of changes in, or unavailability of, information or based on other circumstances. Ratings may also be withdrawn at our request.
We are party to some agreements that contain “ratings triggers.” Depending on the ratings maintained by one or more rating agencies, these triggers could result in (i) the termination or limitation of credit availability or a requirement for accelerated repayment, (ii) the termination of business contracts or (iii) a requirement to post collateral for the benefit of counterparties.
In the event of a downgrade of our long-term senior debt ratings, certain AIG entities would be required to post additional collateral under some derivative and other transactions, or certain of the counterparties of such entities would be permitted to terminate such transactions early.
The actual amount of collateral that we would be required to post 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 the time of the downgrade.
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For information regarding the effects of downgrades in our credit ratings and financial strength ratings, see Part I, Item 1A. Risk Factors – Liquidity, Capital and Credit – “A downgrade by one or more of the rating agencies in the Insurer Financial Strength ratings of our insurance companies could limit their ability to write or prevent them from writing new business and impair their retention of customers and in-force business, and a downgrade in our credit ratings could adversely affect our business, results of operations, financial condition and liquidity” in the 2025 Annual Report and Note 10 to the Condensed Consolidated Financial Statements.
REGULATION AND SUPERVISION
For a discussion of our regulation and supervision by different regulatory authorities in the United States and abroad, including with respect to our liquidity and capital resources, see Part I, Item 1. Business – Regulation and Part I, Item 1A. Risk Factors – Regulation in the 2025 Annual Report.
DIVIDENDS
On November 3, 2026, our Board of Directors (the Board) declared a cash dividend on AIG Common Stock of $0.50 per share, payable on December 30, 2026 to shareholders of record as of December 16, 2026.
The payment of any future dividends will be at the discretion of the Board and will depend on various factors. For further detail on our dividends, see Note 13 to the Condensed Consolidated Financial Statements.
REPURCHASES OF AIG COMMON STOCK
The Board has authorized the repurchase of shares of AIG Common Stock and as of October 29, 2026, $2.1 billion remained under the Board's authorization. During the nine months ended September 30, 2026, AIG Parent repurchased approximately 22 million shares of AIG Common Stock for an aggregate purchase price of $1.7 billion. Pursuant to a Rule 10b5-1 plan, from October 1, 2026 to October 29, 2026, AIG Parent repurchased approximately 1 million shares of AIG Common Stock for an aggregate purchase price of approximately $88 million.
The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors, as discussed further in Note 13 to the Condensed Consolidated Financial Statements.

Enterprise Risk Management
Risk management is an integral part of our business strategy and a key element of our approach to corporate governance. We have an integrated process for managing risks throughout our organization in accordance with our firm-wide risk appetite. Our Board of Directors has oversight responsibility for the management of risk. Our Enterprise Risk Management (ERM) Department oversees and integrates the risk management functions in our business and embeds risk management in our day-to-day business processes, providing senior management with a consolidated view of AIG’s major risk positions. Nevertheless, our risk management efforts may not always be successful and material adverse effects on our business, results of operations, cash flows, liquidity or financial condition may occur. For further information regarding the risks associated with our business and operations, see Part I, Item 1A. Risk Factors in the 2025 Annual Report.
AIG employs a Three Lines model. AIG’s business leaders assume full accountability for the risks and controls in their segments and functions, and ERM and other second line functions have review, challenge and oversight function. The third line consists of our Internal Audit Group that provides independent assurance to AIG’s Board of Directors.
For additional information on AIG’s risk management program, see Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2025 Annual Report.
The scope and magnitude of our market risk exposures is managed under a robust framework that contains defined risk limits and minimum standards for managing market risk in a manner consistent with our risk appetite statement. As of September 30, 2026, there have been no material changes in our market risk exposures, which may be found in Part II, Item 7. MD&A ─ Enterprise Risk Management in the 2025 Annual Report. See Part I, Item 1A. Risk Factors in the 2025 Annual Report on how difficult conditions in the financial markets and the economy generally may materially adversely affect our business and results of our operations.
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Glossary


Glossary
Accident year The annual calendar accounting period in which loss events occurred, regardless of when the losses are actually reported, booked or paid.
Accident year combined ratio, as adjusted (Accident year combined ratio, ex-CAT) The combined ratio excluding catastrophe losses and related reinstatement premiums, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting.
Accident year loss ratio, as adjusted (Accident year loss ratio, ex-CAT) The loss ratio excluding catastrophe losses and related reinstatement premiums, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting.
Acquisition ratio Acquisition costs divided by net premiums earned. Acquisition costs are those costs incurred to acquire new and renewal insurance contracts and also include the amortization of VOBA and DAC. Acquisition costs vary with sales and include, but are not limited to, commissions, premium taxes, direct marketing costs and certain costs of personnel engaged in sales support activities such as underwriting.
Attritional losses are losses recorded in the current accident year, which are not catastrophe losses.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
Casualty insurance Insurance that is primarily associated with the losses caused by injuries to third persons, i.e., not the insured, and the legal liability imposed on the insured as a result.
Combined ratio Sum of the loss ratio and the acquisition and general operating expense ratios.
Credit Support Annex A legal document generally associated with an ISDA Master Agreement that provides for collateral postings which could vary depending on ratings and threshold levels.
DAC Deferred Policy Acquisition Costs Deferred costs that are incremental and directly related to the successful acquisition of new business or renewal of existing business.
Deferred gain on retroactive reinsurance Retroactive reinsurance is a reinsurance contract in which an assuming entity agrees to reimburse a ceding entity for liabilities incurred as a result of past insurable events. If the amount of premium paid by the ceding reinsurer is less than the related ceded loss reserves, the resulting gain is deferred and amortized over the settlement period of the reserves. Any related development on the ceded loss reserves recoverable under the contract would increase the deferred gain if unfavorable, or decrease the deferred gain if favorable.
Expense ratio Sum of acquisition expenses and general operating expenses, divided by net premiums earned.
General operating expense ratio General operating expenses divided by net premiums earned. General operating expenses are those costs that are generally attributed to the support infrastructure of the organization and include but are not limited to personnel costs, projects and bad debt expenses. General operating expenses exclude losses and loss adjustment expenses incurred, acquisition expenses, and investment expenses.
IBNR Incurred But Not Reported Estimates of claims that have been incurred but not reported to us.
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Glossary

ISDA Master Agreement An agreement between two counterparties, which may have multiple derivative transactions with each other governed by such agreement, that generally provides for the net settlement of all or a specified group of these derivative transactions, as well as pledged collateral, through a single payment, in a single currency, 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.
Loan-to-value ratio Principal amount of loan amount divided by appraised value of collateral securing the loan.
Loss adjustment expenses The expenses directly attributed to settling and paying claims of insureds and include, but are not limited to, legal fees, adjuster’s fees and the portion of general expenses allocated to claim settlement costs.
Loss ratio Losses and loss adjustment expenses incurred divided by net premiums earned.
Loss reserve development The increase or decrease in incurred losses and loss adjustment expenses related to prior years as a result of the re-estimation of loss reserves at successive valuation dates for a given group of claims.
Loss reserves Liability for unpaid losses and loss adjustment expenses. The estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date.
Master netting agreement An agreement between two counterparties who have multiple derivative contracts with each other that provides for the net settlement of all contracts covered by such agreement, as well as pledged collateral, through a single payment, in a single currency, in the event of default on or upon termination of any one such contract.
Natural catastrophe losses are generally weather or seismic events having a net impact on AIG in excess of $10 million each and man-made catastrophe losses, such as terrorism and civil unrest that exceed the $10 million threshold.
Net premiums written represent the sales of an insurer, adjusted for reinsurance premiums assumed and ceded, during a given period. Net premiums earned are the revenue of an insurer for covering risk during a given period. Net premiums written are a measure of performance for a sales period, while net premiums earned are a measure of performance for a coverage period.
Noncontrolling interests The portion of equity ownership in a consolidated subsidiary not attributable to the controlling parent company.
Pool A reinsurance arrangement whereby all of the underwriting results of the pool members are combined and then shared by each member in accordance with its pool participation percentage.
Prior year development See Loss reserve development.
Reinstatement premiums Premiums on an insurance policy over and above the initial premium imposed at the beginning of the policy payable to reinsurers or receivable from insurers to restore coverage limits that have been reduced or exhausted as a result of reinsured losses under certain excess of loss reinsurance contracts.
Reinsurance The practice whereby one insurer, the reinsurer, in consideration of a premium paid to that insurer, agrees to indemnify another insurer, the ceding company, for part or all of the liability of the ceding company under one or more policies or contracts of insurance which it has issued.
Reinsurance recoverables are comprised of paid losses recoverable, ceded loss reserves, ceded reserves for unearned premiums.
Retroactive reinsurance See Deferred gain on retroactive reinsurance.
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric provides investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.
Subrogation The amount of recovery for claims we have paid our policyholders, generally from a negligent third party or such party’s insurer.
Unearned premium reserve Liabilities established by insurers and reinsurers to reflect unearned premiums, which are usually refundable to policyholders if an insurance or reinsurance contract is canceled prior to expiration of the contract term.
VOBA Value of Business Acquired Present value of future pre-tax profits from in-force policies of acquired businesses discounted at yields applicable at the time of purchase. VOBA is reported in DAC in the Condensed Consolidated Balance Sheets.
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Acronyms


Acronyms
A&HAccident and Health InsuranceISDAInternational Swaps and Derivatives Association, Inc.
ABSAsset-Backed SecuritiesMoody'sMoody's Investors Service, Inc.
APTIAdjusted pre-tax incomeNAICNational Association of Insurance Commissioners
CDSCredit Default SwapNMNot Meaningful
CLOCollateralized Loan ObligationsORRObligor Risk Ratings
CMBSCommercial Mortgage-Backed SecuritiesRMBSResidential Mortgage-Backed Securities
ERMEnterprise Risk ManagementS&PStandard & Poor's Financial Services LLC
FASBFinancial Accounting Standards BoardSECSecurities and Exchange Commission
GAAPAccounting Principles Generally Accepted in the United States of AmericaVIEVariable Interest Entity

ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk
The information required by this item is set forth in the Enterprise Risk Management section of Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations and is incorporated herein by reference.

ITEM 4 | Controls and Procedures
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (the Exchange Act), is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. In connection with the preparation of this Quarterly Report on Form 10-Q, an evaluation was carried out by American International Group, Inc. (AIG) management, with the participation of AIG’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of September 30, 2026. Based on this evaluation, AIG’s Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2026.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f)) that have occurred during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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Part II – Other Information
ITEM 1 | Legal Proceedings
For a discussion of legal proceedings, see Note 12 to the Condensed Consolidated Financial Statements, which is incorporated herein by reference.

ITEM 1A | Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A. Risk Factors in the 2025 Annual Report.

ITEM 2 | Unregistered Sales of Equity Securities and Use of Proceeds
The following table provides information about purchases made by or on behalf of AIG or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the Exchange Act)) of AIG Common Stock during the three months ended September 30, 2026:
PeriodTotal Number
of Shares
Repurchased		Average Price
Paid per Share*		Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs		Approximate Dollar Value
of Shares that May Yet Be
Purchased Under the Plans
or Programs (in millions)
July 1-312,463,935 $79.21 2,463,935 $2,557 
August 1-312,182,145 77.30 2,182,145 2,388 
September 1-302,165,494 75.35 2,165,494 2,225 
Total6,811,574 $77.37 6,811,574 $2,225 
*Excludes excise tax of $5 million due to the Inflation Reduction Act of 2022 for the three months ended September 30, 2026.
During the three months ended September 30, 2026, American International Group, Inc. repurchased approximately 7 million shares of AIG common stock, par value $2.50 per share (AIG Common Stock) for an aggregate purchase price of $0.5 billion. From October 1, 2026 to October 29, 2026, we repurchased approximately 1 million shares of AIG Common Stock for an aggregate purchase price of approximately $88 million.
Shares may be repurchased from time to time in the open market, private purchases, through forward, derivative, accelerated repurchase or automatic repurchase transactions or otherwise. Certain of our share repurchases have been and may from time to time be effected through Rule 10b5-1 plans. The timing of any future share repurchases will depend on market conditions, our business and strategic plans, financial condition, results of operations, liquidity and other factors.

ITEM 5 | Other Information
None.

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AIG | Third Quarter 2026 Form 10-Q
TABLE OF CONTENTS



ITEM 6 | Exhibits
Exhibit Index
Exhibit
Number
Description
Location
4Incorporated by reference to Exhibit 4.1 to AIG’s Current Report on Form 8-K, filed with the SEC on September 24, 2026 (File No. 1-8787).
Incorporated by reference to Exhibit 4.2 to AIG’s Current Report on Form 8-K, filed with the SEC on September 24, 2026 (File No. 1-8787).
Incorporated by reference to Exhibit 4.3 to AIG’s Current Report on Form 8-K, filed with the SEC on September 24, 2026 (File No. 1-8787).
Incorporated by reference to Exhibit 4.4 to AIG’s Current Report on Form 8-K, filed with the SEC on September 24, 2026 (File No. 1-8787).
10Filed herewith.
22Guaranteed SecuritiesNone.
31Filed herewith.
32Furnished herewith.
101
Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025, (ii) the Condensed Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2026 and 2025, (iii) the Condensed Consolidated Statements of Equity for the three and nine months ended September 30, 2026 and 2025, (iv) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025, (v) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2026 and 2025 and (vi) the Notes to the Condensed Consolidated Financial Statements
Filed herewith.
104Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101)Filed herewith.
*This exhibit is a management contract or a compensatory plan or arrangement.
**This information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

AIG | Third Quarter 2026 Form 10-Q
77
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
AMERICAN INTERNATIONAL GROUP, INC.
(Registrant)
/S/ KEITH WALSH
Keith Walsh
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/S/ KATHLEEN CARBONE
Kathleen Carbone
Vice President and
Chief Accounting Officer
(Principal Accounting Officer)


Dated: November 4, 2026
78
AIG | Third Quarter 2026 Form 10-Q

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