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Annual Reports & Proxy Statements

Find our most recent annual meeting materials, as well as an archive of past Annual Reports, Form 10-Ks, and Proxy Statements.

2020 Annual Meeting Materials

Current Annual Report

Dear AIG Shareholder,

2019 was a year of significant momentum as Brian Duperreault and his leadership team continued to execute against AIG’s strategy to deliver long-term value for you, our shareholders. Their many notable actions over the last two years have begun to positively impact our financial results, and they are taking decisive actions to position the company for the future.

Your Board of Directors continues to provide oversight of this journey, and you can find more detail on specific actions over the past year and the company’s progress in Brian’s letter. The Board also remains focused on governance matters, and there were several notable developments in this area.

In 2019, we welcomed four new independent directors to the Board – Thomas Motamed, Peter Porrino, Amy Schioldager and Therese Vaughan. Also, Suzanne Nora Johnson has informed the Board of her decision not to stand for re-election this year. On behalf of the Board, I would like to thank Suzanne for her outstanding service and leadership over the last 12 years. 


In December, the Board named Peter Zaffino as President of AIG, in addition to his roles as Global Chief Operating Officer and CEO of General Insurance, effective January 1, 2020. This appointment reflects the value Peter has already delivered during his tenure by leading the turnaround within General Insurance and overseeing AIG 200, a global, multi-year effort designed to position AIG as a top-performing company.

On behalf of the Board, I would like to thank employees across AIG for their continued hard work and dedication. Their many accomplishments are reflected in AIG’s broad improvements in financial performance in 2019.

Looking ahead, the Board remains confident in AIG’s future and is diligently focused on building value for you over the long term.


Douglas M. Steenland
Independent Chair of the Board

Dear AIG Shareholder,

Our financial results for the full year 2019 reflect the significant progress we have made to position AIG for long-term, sustainable and profitable growth.

The foundational work we have undertaken at AIG since mid-2017 was evident in our 2019 financial performance, with broad-based improvements in all business segments, especially General Insurance.

Last year we also launched AIG 200, our global, multi-year effort across the enterprise to position AIG for the future. This work will improve how we do business and strategically position AIG to become a top-performing company as we create value for all of our stakeholders.

I am proud of our many accomplishments in 2019. They are early proof points on AIG’s journey to profitable growth as we instill a culture of underwriting and operational excellence while efficiently managing capital. There is still much work to be done, but we have a clear path toward becoming an industry leader and the top performer we aim to be.

Overview of 2019 Performance

The improvements in 2019 financial results were driven by contributions from across the company. Several enterprise-level highlights include:


  • Net Income Attributable to AIG Common Shareholders swung from a $6 million loss in 2018 to a $3.3 billion profit in 2019 and Adjusted After-tax Income Attributable to AIG Common Shareholders* of $4.1 billion was nearly four times what it was last year.
  • Return on Common Equity (ROCE) and Adjusted ROCE* increased from 0.0% and 2.1%, respectively, in 2018 to 5.3% and 8.3%, respectively.
  • We returned capital in the form of more than $1 billion in dividends to our common shareholders.
  • Net Investment Income was $14.6 billion, an increase of $2.1 billion over 2018.
General Insurance
Delivered on commitment to underwriting profitability following significant, foundational actions

The most notable improvement in our financials in 2019 was the return to underwriting profitability in General Insurance. AIG’s full year 2019 Combined Ratio of 99.6% and Accident Year Combined Ratio, as adjusted*, of 96.0% improved by 11.8 points and 3.7 points, respectively.

This was achieved through focused execution of the strategy established by Peter Zaffino and the world-class leadership team he has assembled across General Insurance. Together they established a new, comprehensive underwriting strategy, clearly outlined a defined risk appetite for clients and distribution partners, and completed significant, foundational work to improve our portfolio. This included meaningfully reducing volatility through decisive underwriting actions and a comprehensive reinsurance strategy.

Looking ahead, we remain diligently focused on our strategy to instill a culture of underwriting excellence and to enhance underwriting profitability while continuing to reposition our portfolio.

I would like to thank AIG’s clients, along with our distribution and reinsurance partners, who have supported the actions taking place in General Insurance over the past two years, as well as the many colleagues who have made these actions possible. While there remains much work to be done in General Insurance, we have great momentum on which we will continue to build in 2020.


Life and Retirement
Uniquely positioned to meet customer needs in an evolving market environment

Life and Retirement continued to deliver solid results under the leadership of Kevin Hogan and his executive team. For the full year 2019, the business delivered an Adjusted Return on Attributed Common Equity** of 13.7% and assets under administration in Individual and Group Retirement increased by more than 14%. Strong returns in alternative investments and favorable equity market performance supported these results.

The value of Life and Retirement’s diversified portfolio and distribution network is evident in the ability to tailor our offerings to best meet the needs of customers and distributors. With the depth of talent in leadership roles and strong bench across the business, I believe Life and Retirement continues to be uniquely positioned to provide financial and retirement security in this changing market environment.

I would like to thank the colleagues across this business who help us meet the important and growing need for protection, retirement savings and lifetime income solutions. I would also like to thank our customers and distributors for their continued support.

Capital Management
Continuing to build AIG into a more valuable company

Alongside our efforts to enhance performance within AIG’s businesses, we are focused on further strengthening our balance sheet to support growth. This includes more efficiently managing Legacy liabilities and reducing leverage, while also evaluating opportunities to return capital to shareholders.

A significant milestone in this area was the agreement reached in November 2019 to sell a majority interest in Fortitude Group Holdings, LLC, which is expected to close in mid-2020, subject to regulatory approvals.

AIG 200
Instilling a commitment to operational excellence

As we begin to see the results of our turnaround efforts reflected in financial results, we are also focused on instilling a commitment to operational excellence across the company through AIG 200. This program is critical to establishing the infrastructure necessary to position AIG for the delivery of sustainable, long-term value well into the future. We expect to invest approximately $1.3 billion over the next three years to deliver $1.0 billion in run-rate expense savings by year-end 2022.   

I asked Peter Zaffino to lead this important program last year, and he began by recruiting a team of senior leaders with deep transformation expertise and a proven track record of success.

Much like our early approach to the ongoing turnaround of General Insurance, the work that took place last year was foundational and focused on identifying long-term and lasting solutions to improve underlying operational performance. This work will require intense focus, disciplined execution and investment over time, and I am confident AIG will emerge a vastly improved and stronger company.

Our Communities and Colleagues
Committed to making a difference

As an insurer, we are dedicated to helping individuals and businesses, and the communities in which they operate, prepare for the risks that lie ahead. We also aim to make a difference through our commitment to sustainability and corporate citizenship, while continuing to build a culture that values diversity and inclusion.


I believe that a continued commitment to sustainability can deliver long-term value to our company, our stakeholders and our global community. We reached several sustainability leadership and reporting milestones last year. We appointed AIG’s first Chief Sustainability Officer to lead the development of a company-wide sustainability strategy and program. We also published our inaugural Task Force on Climate-related Financial Disclosures (TCFD) report to provide greater transparency and align reporting activities in this area with industry standards. The TCFD report and more information about AIG’s approach to sustainability and community are on our Corporate Responsibility website.


AIG’s people remain our greatest strength and we benefit from their many unique perspectives. Continuing to foster a culture of diversity and inclusion remains an important priority for me. I am proud that membership in our nearly 140 Employee Resource Groups across the company, which represent 13 dimensions of diversity, increased again this year as our colleagues continue to advocate for one another. Improvements in the company’s financial and operating performance and efforts to make a difference in our communities would not be possible without the focus and determination of our colleagues around the world.


I would like to thank everyone across AIG for their contributions over the past year, and I look forward to what we will accomplish together going forward.

Coronavirus Pandemic
Supporting colleagues and other stakeholders

Looking ahead to 2020, I want to address the coronavirus pandemic and its global impact on our communities. At AIG, we put protections in place to safeguard our colleagues while implementing business continuity plans designed to ensure that we can continue to serve our clients, policyholders, distribution partners and other stakeholders without significant interruption.

Over the past two years, we have made important strides to improve operating performance, and we are therefore better positioned to navigate an environment driven by increased uncertainty, dramatic interest rate actions and continued stock market volatility. The foundational work we continue to build on has strengthened our ability to navigate and lead through the complexity brought on by the coronavirus pandemic. I hope that all the communities where we work and live remain safe and healthy as we cross this unprecedented landscape together.

On track to achieve goal of becoming a top-performing company

Our teams have taken decisive action on several fronts towards achieving underwriting excellence and positioning AIG for improved operational and financial performance. We continue to make meaningful progress on our goal of becoming a top-performing company and a leading insurance franchise. However, the early part of 2020 has seen extremely volatile equity markets and AIG has been impacted by many macro headwinds that now exist in the global financial markets due to coronavirus. As a result, AIG’s stock price has been negatively affected, as have the shares of many companies across industries. Notwithstanding these unprecedented circumstances, I remain confident that we are on the right path to position AIG for long-term, sustainable and profitable growth.

Thank you for your continued support.


Brian Duperreault
Chief Executive Officer

* These are non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are included within AIG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (included herein) as follows. Adjusted After-tax Income Attributable to AIG Common Shareholders is defined on page 43 of the Annual Report on Form 10-K and reconciled on page 69 of the Annual Report on Form 10-K. Adjusted ROCE is defined on page 43 of the Annual Report on Form 10-K and reconciled on page 40 of the Annual Report on Form 10-K. Accident Year Combined Ratio, as adjusted is defined on page 44 of the Annual Report on Form 10-K and reconciled on page 76 of the Annual Report on Form 10-K.

** This is a non-GAAP financial measure. The definition of such measure and reconciliation to the most comparable GAAP measure are included on pages 351 and 352, respectively, of this Annual Report.

Sustainability: Future-proofing our Communities

We believe a commitment to sustainability helps future-proof communities by addressing societal and environmental factors, while enabling economic progress. We are focused on the key themes of resilience and financial security – building on our expertise and capabilities in managing risks of many kinds – and how we can facilitate, design and drive innovative solutions to help clients and partners adapt to our changing world.


Climate Change
AIG recognizes the impact of climate change on its business and global communities and is committed to playing a role in addressing these challenges. We also acknowledge that climate change is a complex issue and that the world cannot currently meet its energy needs through purely green technologies.

AIG is well positioned to leverage its global risk and industry expertise to help mitigate greenhouse gas emissions and navigate climate change risks and opportunities in its engagement with clients, policyholders and other stakeholders. As a global insurer, AIG is committed to protecting communities and individuals as they face this challenge.

AIG formed a cross-functional, CEO-backed Climate Change Working Group to develop a cohesive strategy to assess impactful initiatives and will work to further evolve our approach across our global enterprise. We will continue to report updates from time to time.

AIG continues to develop and refine our climate strategy building on our actions to date. They include:


  • Announcing the appointment of our first Chief Sustainability Officer to lead the development and implementation of a company-wide sustainability strategy.
  • Launching a Sustainability Integration Team to identify and drive broader sustainability initiatives within their respective areas across the company.
  • Publishing our inaugural Taskforce for Climate-related Financial Disclosures (TCFD) report, which allows us to provide greater transparency and align our reporting activities with industry standards.
  • Planning an Employee Sustainability Network, where employees can take action at a more local, grassroots level. We have seen significant interest among our employees, many of whom are already leading green activities in our Paris, Auckland, São Paulo and Singapore offices.

Looking Ahead
As a first step in developing our sustainability agenda, we are focused on key themes of community resilience and financial security. This work includes:


  • Partnering with Wood Group Plc to create a Resilience Framework that helps our clients and communities arrive at more resilient solutions for urban development projects through a multi-tiered approach for design and construction.
    • Combining AIG’s risk mitigation with Wood’s environmental and engineering expertise, the collaboration recognizes the importance of having an end-to-end framework that cities can use to manage climate change and environmental risks.
    • This framework was recently reviewed and endorsed by the United Nations Industrial Development Organization (UNIDO). It is now being utilized by member cities and communities that are working toward designing resilience into urban infrastructure projects.
  • Membership in the Insurance Development Forum, a public/private partnership whose mission is to optimize the use of insurance and its related risk management capabilities to build greater resilience and protection for people, communities, businesses, and public institutions that are vulnerable to disasters and their associated economic risks.


  • Partnering with the Foundation for Financial Planning as AIG Retirement Services promotes financial security by connecting the financial planning community to people in need. Through this effort, financial advisors help alleviate the financial stress that comes with a cancer diagnosis by providing pro bono advice to help put patients and their families on a path to a more secure financial future.

For the latest information on these important topics, visit:


Citizenship: Leveraging the Commitment of AIG Colleagues

Across AIG and our global footprint, we are focused on leveraging the experience, knowledge and enthusiasm of our employees to give back to the communities we serve through programs, partnerships with nonprofits and philanthropic giving.

In 2019, our colleagues volunteered nearly 80,000 hours through a variety of AIG programs that align with their interests and skills.  

Three AIG employee volunteers wearing blue shirts assembling a bicycle
AIG celebrates Global Volunteer Month each year. In April 2019 alone, over 4,000 employees from more than 35 countries participated in more than 230 activities.


  • Since 2014, AIG and Junior Achievement have closely partnered to support financial education and workforce readiness. More than 700 employees participated in activities with students, and our 2019 grant has enabled almost 18,000 students to participate in JA programming in 22 cities around the world where AIG has the largest employee and business footprint.
  • In partnership with Humanitarian OpenStreet Map, our volunteers facilitate preparedness and relief efforts by virtually mapping disaster-prone parts of the world that are either unmapped or altered by catastrophic events. As of March 1, 2020, employees – in office team-building events and their own homes – contributed over 18,000 edits and mapped more than 33 miles of roads.
  • AIG has sponsored several promising Enactus student social entrepreneur teams who focus on various ways to enhance resilience for cities, such as through bio-stoves, solar power, aquaponics, clean water and wellness.
  • AIG’s award-winning Legal Pro Bono program has provided nearly 25,000 hours of counsel and mentorship on approximately 400 projects since 2012. The work spans a wide range of matters, including advising small business entrepreneurs; helping veterans obtain benefits, special needs children obtain vital educational services, and immigrant groups obtain legal services; providing estate planning for first responders; and representing survivors of domestic abuse.

We support the individual causes that matter to our colleagues and their communities by providing:


  • 16 Hours Volunteer Time Off for each employee per year
  • $10,000 AIG Matching Grants Program funding available to each employee per year to amplify their charitable giving to qualifying nonprofit organizations and schools

We also promote advancement of the arts through AIG's Museum Membership Program, which includes 20 institutions in four countries.


Culture: Building a Culture of Diversity & Inclusion

We believe that diversity and inclusion are critical to our success – promoting a creative workplace that leads to innovation, growth and profitability.

We invest in each employee through a wide variety of programs and initiatives – seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives.


  • To enhance the diversity of our workforce, especially at senior levels, we offer three career-development programs focused on women and people of color. They provide support such as mentor matching and coaching.


  • Our 138 Employee Resource Groups (ERGs) reflect 13 dimensions of diversity and provide a forum for employees to advocate for one another and advance diversity and inclusion within our communities.
    • Membership continues to increase, rising by 16% in 2019, representing 24% of all employees.
    • Our employees are multifaceted and allies for others: approximately 62% of ERG participants are members of more than one group.
  • AIG offers unconscious bias training to all employees to help them recognize and manage assumption “blind spots” in their interactions.


  • AIG introduces new, entry-level analysts to our two-year development program through the AIG Insurance Academy, which takes place four times each year. This is one example of how we are preparing for the insurance industry’s generational shift.

We are proud to be recognized as leaders in employee culture best practices.


  • For the eighth year in a row, AIG earned a 100% score on the Human Rights Campaign’s Corporate Equality Index, which assesses corporate policies and practices related to LGBTQ+ employees. AIG is recognized as one of the Best Places to Work for LGBTQ Equality.
  • AIG was featured on DiversityInc’s Top 50 Companies for Diversity list for the second year in a row, moving up to 39th from 45th, after four previous years as a Noteworthy Company. AlG also placed ninth on DiversityInc’s Top Companies for Executive Women list in 2019.

Requests for copies of the 2019 Annual Report should be directed to AIG Investor Relations. Shareholders may eliminate duplicate mailings of AIG’s proxy materials by contacting AIG’s transfer agent. Contact details can be found at


Request Printed Materials

The information contained in the materials that may be accessed on this portion of the AIG public website is current only as of the date of the presentation, or as of the date or dates indicated therein. AIG assumes no duty to update any information contained in any such presentation. AIG has executed significant asset dispositions in recent years and, in 2011, completed a series of integrated transactions to recapitalize AIG. Please refer to AIG’s most current filings with the Securities and Exchange Commission.