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.

Current Annual Report

Dear AIG Shareholder:

For AIG, 2020 was a year to remember because of our improving financial performance and the substantial advancements we made to become a top-performing company and leading insurance franchise. It was also a year to never forget because of the pandemic that brought economies to a standstill, and the unfortunate displays of social and racial injustice that permanently changed our perspective on true advancement with respect to diversity, equity, and inclusion.

In 2020, AIG’s 45,000 global colleagues were remarkably strong as we served our clients and communities while also investing for a successful future. I want to thank each of them for their unyielding resilience, dedication, and perseverance in supporting our many stakeholders – and each other – even as their own lives and work situations were significantly disrupted. 

AIG’s 2020 financial results and progress on strategic initiatives demonstrated the considerable changes we have made across the organization since late 2017. Today, we are a significantly de-risked company with a stronger balance sheet, fortified reinsurance programs, enhanced underwriting capabilities, and a diverse platform of products and services. This substantial progress allowed us to announce our intention to separate the Life and Retirement business from AIG.

AIG’s focus will continue to be centered on value creation for our shareholders, clients and distribution partners, colleagues, and communities.

In 2020, we also announced leadership transitions, with Peter Zaffino taking on the role of Chief Executive Officer and me becoming Executive Chair. Peter and I seamlessly transitioned into these new roles on March 1, 2021. Doug Steenland has become Lead Independent Director of the AIG Board. 

As Executive Chair, I look forward to supporting Peter as we continue our journey toward industry leadership. Together, we have tackled many of the foundational challenges facing the company. I take pride in what the team has accomplished and know the company and our colleagues will be in great hands with Peter as President & Chief Executive Officer.

I am also confident that the entirety of AIG is aligned with the long-term goals and objectives of each of you – our shareholders – as well as our other stakeholders.

Your trust and confidence in AIG are well placed.


Brian Duperreault

Executive Chair of the Board

American International Group, Inc.

Dear AIG Shareholder:

It is an honor to be writing to you as AIG’s President & Chief Executive Officer. Following the transition from Brian Duperreault to me on March 1, 2021, I am looking to the future with gratitude and a sense of optimism.  

I want to thank Brian and the other members of the Board of Directors for their confidence in me and for giving me the opportunity to lead AIG. I also want to thank our hard-working, diligent, and committed colleagues whose focus and dedication over the last few years allowed us to make remarkable strategic, operational, and financial progress, which has positioned AIG for long-term profitability and industry-leading performance.

At AIG, success starts with our colleagues.

For our colleagues to thrive, we must invest in them and continually develop and evolve the skill sets required to allow us to achieve underwriting and operational excellence, and meet the changing needs of our clients and distribution partners with respect to risk management and insurance. We must also maintain an inclusive and diverse work environment where advancement for everyone is possible. Engaged and motivated employees serve our clients and distribution partners well, which results in client retention, acquisition, and expansion – and value creation for our shareholders and other stakeholders. 

In 2020, the world changed for everyone and every organization. The responsibilities, accountabilities, and opportunities facing commercial enterprises today, especially related to the well-being and health of colleagues, surpasses anything the global business community has ever faced. A pandemic, combined with social and racial injustices, shook the foundation of our economies, our sense of normalcy, our belief systems, and the stability of our communities. 

AIG manages risks around the world, and in March 2020, the most immediate risk we faced was our colleagues’ health and safety while they continued to serve our clients, policyholders, and distribution partners during an unprecedented time of disruption and uncertainty. We transitioned over 90 percent of our workforce to a remote working environment virtually overnight and more than a year later continue to manage through this global health and economic crisis.     

The AIG Board of Directors and Executive Leadership Team are proud of the job our colleagues did in rising to this challenge while looking out for each other and our many stakeholders. 

Value Creation: Shareholders

The keys to value creation for our shareholders are to build a more focused and aligned organization that is designed to deliver sustained, industry-leading performance; to continue refining our operating fundamentals with regard to underwriting, reinsurance, risk appetite, strategic investments, and particularly with capital management; to return capital to our shareholders through dividends and, when appropriate, share buybacks; and to improve the experience of working with AIG for our clients and distribution partners, which will drive revenue and improved profitability.

Overall, we are making very good progress on our financial performance as demonstrated by AIG’s full-year 2020 operating results. 

Our accident year combined ratio, as adjusted*, for 2020 was 94.1 percent, a 190 basis-point improvement year-over-year. The General Insurance Global Commercial Lines accident year combined ratio, as adjusted*, for 2020 was 93.2 percent, a 340 basis-point improvement year-over-year. Our target to achieve a sub-90 percent accident year combined ratio, as adjusted*, is on track for the end of 2022. In addition, Life and Retirement’s adjusted pre-tax income held steady at $3.5 billion in 2020, and the business achieved a solid 13.6 percent Return on Adjusted Segment Common Equity* for the year, as Life and Retirement continues to demonstrate its ability to thrive as a standalone company. 

We are actively working toward an IPO of up to 19.9 percent of Life and Retirement. Additionally, in connection with our October 2020 announcement about separation, we received inquiries from parties interested in aligning with us and potentially purchasing up to a 19.9 percent stake. We are carefully weighing the relative merits of this path compared to an IPO, by considering the impact on value creation for AIG, execution certainty, regulatory and rating agency implications, and delivery of Life and Retirement's strategy over the long term.

We are also making progress on AIG 200, our enterprise-wide effort focused on underwriting excellence, modernizing our operating infrastructure, enhancing the client and employee experience, and becoming a more unified company. We exceeded our target run-rate savings for 2020 and the costs required to achieve were lower than initially expected. We exited 2020 with a $400 million run-rate benefit, which is 30 percent ahead of the guidance we provided in 2020. 

Our overall target for AIG 200 remains unchanged. We expect to achieve run-rate savings of $650 million by the end of 2021 and to deliver aggregate run-rate savings of $1 billion by the end of 2022 against a total investment of $1.3 billion. AIG 200 will help drive long-term, sustainable value creation for our shareholders.

Value Creation: Clients and Distribution Partners

Protection from the unexpected, unwanted, and unknown for small- and mid-sized businesses, large enterprises, multinationals, families, and individuals is at the heart of what AIG does for its clients and distribution partners. Our goal as risk management and insurance experts, working closely with our distribution partners, is to reinforce the trust and confidence of our clients every single day.

Our goal: reinforce the trust and confidence of our clients every single day.

With a world that is rapidly changing, our clients’ and distribution partners’ expectations and insights are also changing, and we must keep pace.

The real-time client experience demands digital excellence, a swiftness of information exchange, and insights from data. To address this evolution, we continue to make strategic investments in people and in client-centered technology. In 2021, a major focus for AIG will be advancing our digital strategy through the effective use of data and process-enabling technologies, which will provide us with valuable information upon which to make decisions. 

Value Creation: Communities

The COVID-19 pandemic, combined with the social and racial injustices we witnessed in 2020 – and the real-time challenges confronting the business community to respond appropriately – makes being a company of action more important than ever before. 

As a CEO with a platform and responsibility to impact lives, I feel a deep sense of conviction that we can never return to the prior status quo. Corporations and individuals must do better by embracing and pursuing racial and social justice and advancements for our colleagues and communities. At AIG, we are taking deliberate and meaningful actions that will result in positive outcomes for our local and global communities. 

For example, the AIG FoundationSM committed funds to organizations focused on racial equity; we are working with the International Association of Black Actuaries to attract and recruit more Black talent; we are providing free legal counsel to individuals and organizations on matters related to criminal and social justice reform through AIG’s Pro Bono Program; and we are encouraging and fostering a culture of candor for our colleagues through our Employee Resource Groups and a program called Courageous Conversations. 

Our efforts continue to be recognized and, in 2020, AIG was once again named to DiversityInc’s Top 50 Companies for Diversity. In 2021, for the 10th year since 2011, AIG was named a Best Place to Work for LGBTQ Equality by the Human Rights Campaign.

AIG also seeks to be a leader on issues such as gender equity. It is why, in 2019, we chose to become the title sponsor of the AIG Women's Open – one of the most prestigious women’s professional golf events in the world. As title sponsor, we advocated for increasing the winner’s purse by 40 percent as an initial step in achieving pay equity for these athletes. Also, in the face of COVID-19, we extended our title sponsorship through 2025, standing proudly as allies with these accomplished women golfers and enabling them to continue to break down barriers that will provide a lasting example for future generations.

In 2021 and beyond, AIG’s focus will continue to be centered on value creation for our shareholders, clients and distribution partners, colleagues, and communities. I am immensely proud of what we accomplished in 2020 and am confident about what lies ahead.

AIG’s future is compelling. It is colleague- and client-focused. It is one of excellence and quality. It is transparent. It is evolving. It is diverse and inclusive. It is compassionate. 

And, it is getting better and stronger for our shareholders.


Peter Zaffino

President & Chief Executive Officer

American International Group, Inc.

*These are non-GAAP financial measures. The definition and reconciliation of Accident Year Combined Ratio, as adjusted, to the most comparable GAAP measure are on pages 52 and 87, respectively, of AIG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (included herein). The definitions and reconciliations of General Insurance Global Commercial Lines Accident Year Combined Ratio, as adjusted, and Life and Retirement Return on Adjusted Segment Common Equity to the most comparable GAAP measure are included on pages 352 and 353 of this Annual Report.

Caring, supporting, connecting

During a year of extraordinary difficulties amidst the COVID-19 pandemic and civil unrest, AIG’s robust resources enabled us to demonstrate continuous dedication to longstanding initiatives while remaining highly responsive to the critical and timely needs of both our colleagues and our communities. We focused our efforts on addressing the impacts of COVID-19, helping employees stay connected and engaged, and addressing global calls for social justice and advancement in diversity, equity, and inclusion. 


By expanding our strong citizenship offerings, AIG, its employees and the AIG Foundation built on our long history of giving back to the communities where we live, work, and serve our customers through funding and employee volunteerism.

We reinstated the AIG Foundation as our primary vehicle for strategic giving with an inaugural $5 million contribution, of which $4.5 million was directed toward organizations leading vital COVID-19 relief efforts: International Medical Corps, Feeding America, and U.S. Chamber of Commerce Foundation’s Coalition to Back Black Businesses.

Throughout 2020, AIG has donated funds and resources, including over $22 million in charitable contributions and matching grants and nearly 200,000 units of personal protective equipment (PPE) to healthcare workers around the world in response to demand created by COVID-19.

The AIG Matching Grants Program matches employee charitable contributions 2:1 up to $10,000 per year. That maximum was raised to $12,000 for donations made in 2020 to further support individual philanthropy during a year of extraordinary need.

In December 2020, we launched the AIG Compassionate Colleagues Fund (“the Fund”) to facilitate the collection of voluntary donations to aid fellow employees in overcoming serious financial hardships, with an initial contribution of $2 million by AIG. The Fund is already providing direct relief to more than 525 employees as of February 2021.

AIG employees continued to demonstrate a commitment to volunteering as all events went virtual. This included hosting a month-long Virtual Food Drive that provided approximately 265,000 meals to food banks across the United States; a #GivingTuesday virtual community event; and the Thousand Acts of Kindness campaign, during which colleagues internally showcased personal acts of support for essential workers, small businesses and neighbors in need.

Colleagues utilized AIG’s longstanding Volunteer Time Off (VTO) program, which grants employees up to 16 hours per calendar year to volunteer in their communities. For 2020, AIG increased the VTO allowance to 24 hours per employee – providing the opportunity for an extra day of service specifically towards diversity, equity, and inclusion causes.

In hard times, AIG colleagues step up where we work and live.

A colleague serves her community by volunteering as a first responder in addition to her role at AIG.

To support children who are homeschooling, an AIG colleague helped those in need by donating funds and more than 1,000 toys to children in Connecticut.


The value we create for our clients, distribution partners, shareholders, communities, and other stakeholders is a direct result of the hard work and commitment of AIG colleagues. This has never been truer than in 2020, when we supported more than ever employee wellness and an inclusive work environment in which our teams can thrive.

In February and March 2020, as the COVID-19 pandemic emerged, AIG quickly and effectively transitioned 90% of all colleagues globally to remote working arrangements. AIG provided a $500 grant to all employees to assist with the unanticipated costs related to COVID-19. AIG also established a Pandemic Financial Assistance Program to extend low- and no-interest loans to eligible employees experiencing financial hardship due to COVID-19. 

AIG recognizes that COVID-19 placed undue stress upon its employees, ranging from feelings of isolation and concerns over staying safe, to difficulties balancing work and home life. To address these issues, AIG launched a COVID-19 landing page on its employee intranet, featuring executive messaging, news, program updates, tips, and resources for employees to stay safe and manage stress. The landing page featured uplifting content to foster a strong sense of community and to keep employees engaged and encouraged. On April 10, 2020, AIG gave all employees an additional paid holiday to provide extra time to focus on themselves and their families.

In October 2020, AIG launched Wellness at AIG, an initiative aimed at supporting the mental and social well-being of our colleagues. AIG hosted numerous virtual workshops and events and encouraged employees to take Personal Time Off or Annual Leave to switch off from work as needed. In recognition of Global Diversity, Equity, and Inclusion Month and World Mental Health Day, all employees were given an extra day off to tend to their self-care. 

Diversity, Equity, and Inclusion

At AIG, we strive to cultivate an inclusive workplace, which we believe is essential to being a top-performing company and leading insurance franchise. Attracting, developing, and retaining diverse talent while fostering a culture of belonging and equity for all of our employees are critical priorities.

We have taken important steps at AIG and helped to promote diversity, equity, and inclusion in the broader insurance industry and across major companies. But, we know there is much more to be done. After the global social unrest this past summer, AIG took further steps to make a lasting impact. For example, in 2020 and early 2021:

  • AIG established an Executive Diversity Council to mobilize global leaders throughout the company to align our diversity, equity, and inclusion efforts with our corporate strategy imperatives.
  • More than a third of AIG employees participated in Courageous Conversations to learn about unconscious bias, systemic racism, and standing as allies with our colleagues.
  • After providing a condensed version of AIG’s Equal Employment Opportunity Commission EEO-1 report for several years, we committed to further increase transparency into the diversity of our U.S. workforce by making our consolidated EEO-1 report publicly available on after it is filed.
  • AIG joined forces with 26 other corporations to launch the New York Jobs CEO Council, whose members have committed to hiring 100,000 New Yorkers from diverse, low-income communities by 2030.
  • To support the Black community and racial equity, the AIG Foundation made $500,000 in grants allocated to the NAACP Legal Defense and Educational Fund, Inc. and the Equal Justice Initiative.
  • Each colleague was offered the opportunity to take an additional paid day off to volunteer for an organization that supports diversity, equity, and inclusion; criminal justice reform; human and civil rights; or underrepresented and at-risk groups.
  • AIG’s well-established Legal Pro Bono Program added criminal and social justice reform to its key pillars and launched a five-year partnership with the Legal Aid Society.
  • To attract more diverse talent with actuarial experience, AIG became a partner and joined the Corporate Advisory Board of the International Association of Black Actuaries – a professional and student member organization whose mission is to contribute to an increase in the number of Black actuaries and to influence their successful career development, civic growth, and achievement.
  • Our 130+ Employee Resource Groups, which reflect 13 dimensions of diversity, focused in particular on creating awareness about allyship and addressing bias, among other efforts.

Signs of Lasting Change

In 2020, 51% of AIG job placements globally were female and 42% of U.S. placements were ethnically diverse.

36% of AIG’s executive hires and promotions in 2020 were female and/or ethnically diverse.

AIG’s 2020 summer intern class was 44% female globally and 46% ethnically diverse in the U.S.

AIG has elevated its rank on DiversityInc’s Top 50 Companies for Diversity list each year since reaching the Top 50 in 2018, thanks to our talent programs, workplace practices, philanthropy, and leadership accountability.

AIG has scored 100% on the Human Rights Campaign’s Corporate Equality Index for 10 years, earning the coveted title of “Best Place to Work for LGBTQ Equality.”

As AIG colleagues bring out the best, their well-being remains priority #1.

AIG’s Thailand Women & Allies Employee Resource Group hosted a Virtual Walk/Run to promote a healthy lifestyle and reduce stress.

For the latest information on Citizenship, Culture, and Diversity, Equity, and Inclusion at AIG, visit

Moving towards a more resilient future

As a global insurance organization, AIG is dedicated to helping individuals, businesses, and the communities in which we operate build a more sustainable, secure world. 

AIG’s sustainability agenda focuses on future-proofing communities through four key priorities: community resilience, financial security, sustainable operations, and sustainable investing. It includes AIG’s commitment to reducing our own operational carbon emissions to net zero by 2050 and undertaking a carbon exposure assessment of our investment and underwriting portfolios to guide our climate strategy and ambitions going forward. 

We are committed to being an agent of change in helping the world navigate climate challenges – using our risk expertise to support an orderly transition to a low-carbon economy, and to offer new products and services that can mitigate climate-related risks. We believe in promoting preparedness through diverse energy portfolios around the world as an insurer of renewable energy and lower-carbon industries. In addition, AIG risk engineers support clients’ resiliency and loss prevention strategies, using risk modeling to identify areas vulnerable to flood and recommend solutions. 

AIG integrates Environmental, Social, and Governance (ESG) considerations into its investment analyses. We continue to pursue ESG investment opportunities for ourselves as well as offerings for our clients. For more than 35 years, we have been a leading investor in renewable energy, including more than $2.3 billion in wind, solar, geothermal, and hydroelectric projects. 

Our external partnerships are valuable resources and drivers of our sustainability progress, as well as outlets for AIG to contribute to broader resiliency efforts and dialogue on appropriate standards for insurers. For example, by joining the UN Global Compact in 2021, AIG has committed to align with its ten principles and advance the UN Sustainable Development Goals.

As a public respondent to the CDP for the last 11 years and one of the first U.S. insurance companies to publish a Task Force on Climate-related Financial Disclosures (TCFD) report, AIG continues to build on this transparency. This summer, AIG intends to publish its first holistic sustainability report on ESG topics aligned with global standards and frameworks such as the Sustainability Accounting Standards Board (SASB), the Global Reporting Initiative (GRI), and TCFD.

For the latest information, visit

Requests for copies of the 2020 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


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