AmazonScience/document-haystack

1As a leading global property, casualty and specialty insurance organization, we are results oriented and believe that focusing on how 2we achieve positive outcomes creates an aligned and inclusive culture that enables further progress. Unifying under one set of clear 3and directive Purpose and Values empowers AIG colleagues to be conduits of positive change – delivering exceptional client service, 4enhanced shareholder value and a better experience for everyone we serve.5AIG’s five Values guide our actions:6• Take ownership: we set clear expectations, we are proactive, we are accountable7• Set the standard: we deliver quality—always, we are client-centric, we lead the industry8• Win together: we are stronger together, we are aligned, we are one team9• Be an ally: we strive for inclusion, we listen and learn, we speak with our actions10• Do what’s right: we act with integrity, we lead by example, we lift up our communities 112023 Highlights and 2024 Priorities12Execution of Multiple, Highly Complex Strategic 13Initiatives14Repositioned AIG’s portfolio of businesses for sustainable, 15profitable growth with the divestitures of Validus Reinsurance, 16Ltd. (Validus Re) and Crop Risk Services, Inc. (CRS) and the 17transfer of Private Client Select to an independent Managing 18General Agent platform19Closed sale of Validus Re, including AlphaCat Managers Ltd. 20and the Talbot Treaty reinsurance business, for $3.3 billion in 21cash including pre-closing dividend22Closed sale of CRS for gross proceeds of $234 million23United General Insurance and AIG Parent leadership teams 24and their organizations25Debuted AIG Next, creating a leaner future-state business 26model and establishing enterprise-wide standards to drive 27better outcomes for all stakeholders28Continued Balanced Capital Management 29Supporting Financial Strength, Growth and 30Shareholder Return31Repurchased $3.0 billion of AIG's common stock,32par value $2.50 per share (AIG Common Stock)33and paid $1.0 billion of dividends34Reduced weighted average diluted shares outstanding by 358 percent, reaching 725.2 million shares36Increased quarterly common stock dividend payments by 3712.5 percent $0.36 per share during the second quarter of 38202339Reduced general borrowings by $1.4 billion40Strong Performance Resulting from Significant 41Improvement in Underwriting Income42General Insurance achieved $2.3 billion in underwriting 43income, up 15 percent year over year 442023 combined ratio of 90.6 compared to 91.9 in 2022,45and sub-100 in every quarter of 2023462023 accident year combined ratio, as adjusted(a) of 87.7 47improved 1.0 point compared to 88.7 in 202248Continued Progress Towards Deconsolidation 49and Separation of Corebridge Financial, Inc. 50(Corebridge)51AIG sold 159.75 million shares of Corebridge common stock 52in secondary public offerings with gross proceeds of 53$2.9 billion54Corebridge repurchased 17.2 million shares of its common 55stock from AIG for an aggregate purchase price of 56$315 million57Corebridge distributed dividends on Corebridge common 58stock totaling $1.1 billion to AIG59AIG’s ownership of Corebridge reduced to 52.2 percent as of 60December 31, 202361Corebridge closed the sale of Laya Healthcare Limited 62(Laya) for €691 million ($731 million) and announced the 63sale of AIG Life Limited (AIG Life) for consideration of 64£460 million65(a) Non-GAAP measure – for reconciliation of non-GAAP to GAAP measure, see Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results 66of Operations (MD&A).67ITEM 1 | Business68AIG | 2023 Form 10-K 369The secret object #5 is a "comb".