Delivered the strongest underwriting profitability AIG has ever achieved
UNDERWRITING INCOME
Nearly doubled to $2B
Increased by $1B or more for two consecutive years
Represented $7B of cumulative improvement since 2016
Met target of a full year sub-90 accident year combined ratio, as adjusted* (AYCR) following 18 consecutive quarters of improvement
Completed the largest U.S. IPO in 2022
Established Corebridge brand, capital structure, leadership team and Board of Directors
~$300M
Corebridge dividends paid to its shareholders post IPO
Executed balanced capital management strategy
$6.1B
Capital returned to
shareholders
$5.1B
Common stock
repurchases
$1.0B
Dividends paid
$9.4B
Debt reduction
Achieved AIG 200 target savings objective six months ahead of schedule
Executed on $1B of exit run-rate savings
Streamlined and modernized IT, operations, shared services and data infrastructure
Implemented Global Standard Commercial Underwriting Platform
Revamped investment management structures and strategies
Leveraged Blackstone and BlackRock investment expertise and technology platforms to improve performance
Since 2021, AIG and Corebridge transferred asset management of:
~$150B
to BlackRock
~$50B
to Blackstone
*This is a non-GAAP financial measure. The definition and reconciliation of accident year combined ratio, as adjusted, to the most comparable GAAP measure are on pages 280 and 281 of this Annual Report and page 71 of the 2022 Form 10-K.
