American International Group, Inc. (AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in approximately 190 countries and jurisdictions protect their assets and manage risks through AIG operations and network partners. AIG is building on its industry leadership and is positioned to become a top-performing company recognized for the value it provides stakeholders in an environment of profound, complex and dynamic risk. AIG’s core business model focuses on providing a broad range of insurance products and services through a diversified, multichannel distribution network. The company’s primary revenue streams are insurance premiums, policy fees and investment income. AIG is among the leaders in their geographies and segments, providing differentiated service and expertise. AIG has a broad base of loyal customers, including millions of clients and policyholders ranging from multi-national Fortune 500 companies to individuals throughout the world. The company also has broad and long-standing distribution relationships with brokers, agents, advisors, banks and other distributors. AIG has a highly engaged global workforce of more than 25,000 colleagues committed to excellence.

• Employees: 25,200 (as of December 31, 2023)
• Geographic Footprint: Approximately 50 countries
• Headquarters: New York, New York
• Founded: Not stated
• Number of locations/facilities: Approximately 370 offices
• Revenue: $46.8 billion (FY2023)
• Market capitalization: $36.9 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: National Union Fire Insurance Company of Pittsburgh, Pa., American Home Assurance Company, Lexington Insurance Company, AIG General Insurance Company, Ltd., AIG Asia Pacific Insurance, Pte, Ltd., AIG Europe S.A., American International Group UK Ltd., Talbot Holdings Ltd., Western World Insurance Company and Glatfelter Insurance Group, American General Life Insurance Company, The Variable Annuity Life Insurance Company, The United States Life Insurance Company in the City of New York and AIG Life.

• CEO: Peter Zaffino
• CFO: Sabra Purtill
• Other Key Executives: Don Bailey (Executive Vice President and Chief Executive Officer, North America Insurance), Thomas Bolt (Executive Vice President, Chief Risk Officer), Ed Dandridge (Executive Vice President and Chief Marketing & Communications Officer), Ted Devine (Executive Vice President, Chief Administrative Officer), Charlie Fry (Executive Vice President, Reinsurance and Risk Capital Optimization), Rose Marie Glazer (Executive Vice President, General Counsel and Interim Chief Human Resources & Diversity Officer), Jon Hancock (Executive Vice President, Chief Executive Officer, International Insurance)

The key executives have extensive experience in the insurance and financial services industries.

• Annual Revenue: $46.8 billion (FY2023)
• Net Income: $3.6 billion (FY2023)
• Market Cap: $36.9 billion (as of June 30, 2023)
• Total Assets: Not stated
• Number of Employees: 25,200 (as of December 31, 2023)
• Key Financial Highlights: General Insurance achieved $2.3 billion in underwriting income, up 15 percent year over year. 2023 combined ratio of 90.6 compared to 91.9 in 2022. 2023 accident year combined ratio, as adjusted of 87.7 improved 1.0 point compared to 88.7 in 2022.

AIG offers a wide range of insurance products and services.

• General Insurance: Provides insurance products and services for commercial and personal insurance customers, including property casualty networks.
• Life and Retirement: Offers life insurance, retirement and institutional products through a multichannel distribution network.
• Other Operations: Primarily consists of income from assets held by AIG Parent and other corporate subsidiaries, deferred tax assets related to tax attributes, corporate expenses and intercompany eliminations, our institutional asset management business and results of our consolidated investment entities, General Insurance portfolios in run-off as well as the historical results of our legacy insurance lines ceded to Fortitude Re.

AIG reports the results of its businesses through three segments.

• General Insurance: Consists of two operating segments - North America and International.
• Life and Retirement: Consists of four operating segments - Individual Retirement, Group Retirement, Life Insurance and Institutional Markets.
• Other Operations: Primarily comprised of corporate, our institutional asset management business and consolidation and eliminations.

AIG’s current strategic priorities include:

• Repositioning AIG's portfolio of businesses for sustainable, profitable growth
• Creating a leaner future-state business model and establishing enterprise-wide standards to drive better outcomes for all stakeholders
• Continuing balanced capital management supporting financial strength, growth and shareholder return
• Progress towards deconsolidation and separation of Corebridge

AIG’s long-term business goals include building on its industry leadership and becoming a top-performing company. AIG is focused on delivering exceptional client service, enhanced shareholder value and a better experience for everyone it serves. The company is also focused on innovation and future outlook, including the use of artificial intelligence and other technology innovations.

AIG operates in the global insurance industry. Key market trends affecting the business include:

• Deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening in global capital markets
• Changes in interest rates
• The effects of natural and man-made catastrophic events
• Increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters

AIG faces intense competition in each of its business lines. The company competes with other large multinational insurance organizations, as well as banks, investment banks and other nonbank financial institutions.

• Market Risks: Deterioration of economic conditions, geopolitical tensions, changes in market conditions or weakening in global capital markets may materially affect our businesses, results of operations, financial condition and liquidity. Changes in interest rates have materially and adversely affected and may continue to materially and adversely affect our profitability.
• Reserves and Exposures: The amount and timing of insurance and reinsurance liability claims are difficult to predict and such claims may exceed the related liability for unpaid losses and loss adjustment expenses or future policy benefits, or the liabilities associated with certain guaranteed benefits and indexed features accounted for as embedded derivatives at fair value. Reinsurance may be unavailable or too expensive relative to its benefit, and may not be adequate to protect us against losses. Our consolidated results of operations, liquidity, financial condition and ratings are subject to the effects of natural and man-made catastrophic events as well as mass torts. Climate change may adversely affect our business and financial condition.
• Investment Portfolio and Concentration of Investments: Our investment portfolio is concentrated in certain segments of the economy, and the performance and value of our investment portfolio are subject to a number of risks and uncertainties. We rely on investment management and advisory arrangements with third-party investment managers for the majority of our investment portfolio. Our valuation of investments and derivatives involves the application of methodologies and assumptions to derive estimates, which may differ from actual experience and could result in changes to investment valuations that may materially adversely affect our business, results of operations, financial condition and liquidity or lead to volatility in our net income.
• Liquidity, Capital and Credit: AIG Parent's ability to access funds from our subsidiaries is limited, and our sources of liquidity may be insufficient to meet our needs, including providing capital that may be required by our subsidiaries. We may not be able to generate cash to meet our needs due to the illiquidity of some of our investments. 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.
• Business and Operations: No assurances can be given that the separation of our Life and Retirement business will be completed or as to the specific terms or timing thereof. In addition, we may not achieve the expected benefits of the separation and will have continuing equity market exposure to Corebridge until we fully divest our stake. Pricing for our products is subject to our ability to adequately assess risks and estimate related losses. Guarantees within certain of our Life and Retirement products may increase the volatility of our results.