(a)As a result of accelerated vesting events, such as retirement eligibility in the year of grant and involuntary terminations, we recognized $34 million, $52 million and $58 million in 2025, 2024 and 2023, respectively, prior to the end of the specified vesting periods. It is our policy to reverse compensation expense for forfeited awards when they occur.

The Company sponsors several stock compensation programs under the AIG Long Term Incentive Plan (LTIP) (as amended) and its predecessor plan from which performance share units (PSUs), restricted stock units (RSUs), stock options and deferred stock units (DSUs) (collectively units) are issued. In addition, off-cycle grants are made from time to time during the year generally as sign-on awards to new hires or as a result of a change in employee status. The LTIP is governed by the AIG 2021 Omnibus Incentive Plan (2021 Plan), which was adopted at the annual shareholders’ meeting in May 2021, replacing the AIG 2013 Omnibus Incentive Plan (2013 Plan).

The 2021 Plan provided for the grants of share-based awards to our employees and non-employee directors. The total number of shares granted under the 2021 Plan (the reserve) was the sum of 1) 8.1 million shares of AIG Common Stock, plus 2) the number of authorized shares that remained available for issuance under the 2013 Plan when the 2021 Plan became effective, plus 3) the number of shares of AIG Common Stock relating to outstanding awards under the 2013 Plan at the time the 2021 Plan became effective that subsequently were forfeited, expired, terminated or otherwise lapse or are settled in cash. Each share-based unit granted under the 2021 Plan reduces the number of shares available for future grants by one share. However, shares with respect to awards that are forfeited, expired or settled for cash are returned to the reserve. As of December 31, 2025, 20,233,609 shares are available for future grants under the 2021 plan.

The LTIP provides for an annual LTI award to certain employees, including our senior executive officers and other highly compensated employees that may be comprised of a combination of one or more of the following units: PSUs, RSUs or stock options.

The number of PSUs issued on the grant date (the target) provides the opportunity for LTIP participants (usually senior management) to receive shares of AIG Common Stock based on AIG achieving specified performance goals at the end of a three-year performance period. These performance goals are pre-established by AIG’s Compensation and Management Resources Committee (CMRC) for each annual grant and may differ from year to year. The actual number of PSUs earned can vary from zero to 200 percent of the target for the 2025, 2024 and 2023 LTI awards, depending on AIG’s performance relative to a specified peer group and/or the outcome of pre-established financial goals, as applicable.

RSUs and stock options are earned based solely on continued service by the participant. In addition, PSUs and RSUs accrue dividend equivalent rights (DERs) during the specified service period as AIG’s dividends are declared. These DERs are settled in cash only if the vesting conditions of the underlying units are met.

Vesting for the PSUs occurs on January 1 of the year immediately following the end of the three-year performance and service period, while vesting for RSUs and stock options occur in three equal installments on the first, second and third anniversary of the grant date. Recipients must be employed at each vesting date to be entitled to share delivery, except upon the occurrence of an accelerated vesting event, such as an involuntary termination without cause, disability, retirement eligibility or death during the vesting period. For involuntarily terminated employees hired after April 1, 2022 unvested RSUs and options are forfeited on the termination date, while PSUs are pro-rated based on the number of completed years in the performance period.

The fair value of time-vesting RSUs as well as PSUs that are earned based on certain company-specific metrics was based on the closing price of AIG Common Stock on the grant date; while the fair value of PSUs that are earned based on AIG’s relative total shareholder return (TSR) was determined on the grant date using a Monte Carlo simulation.

(b)We used the historical volatility over the most recent 2.86-year period for AIG and the members of the Peer Group, commensurate with the remaining Performance Period as of the valuation date.

(c)We converted the semi-annual zero-coupon U.S. Treasury rates as of the valuation date to continuously compounded rates. We then chose the continuously compounded risk-free rate that is commensurate with the length of the remaining performance period as of the valuation date and interpolated between the yields of the two-year and the three-year continuously compounded rates to determine the yield.


	Number of Units				Weighted Average Grant-Date Fair Value
Year Ended December 31, 2025(b)	2025 LTI	2024 LTI	2023 LTI	2022 LTI	2025 LTI		2024 LTI		2023 LTI		2022 LTI
Unvested, beginning of year	—	1,365,389	970,351	309,042	$	—	$	68.34	$	60.14	$	60.94
Granted	1,790,486	—	—	—	76.94		—		—		—
Vested(c)	(421,555)	(440,791)	(385,705)	(305,019)	76.63		68.21		61.85		60.93

Forfeited	(87,348)	(92,154)	(55,518)	(4,023)	75.70		68.23		73.93		61.61
Unvested, end of year(d)	1,281,583	832,444	529,128	—	$	77.13	$	68.42	$	60.35	$	—

(b)PSUs represent target amount granted and does not reflect potential increases or decreases that could result from the final outcome of the performance goals for the respective awards, which is determined by the CMRC in the quarter after the applicable performance period ends.

(d)At December 31, 2025, the total unrecognized compensation cost for outstanding RSUs and PSUs was $100 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 0.95 year and 2.25 years.

Time-vesting stock options were issued as part of the 2025, 2024 and 2023 LTI awards. Option awards are generally granted with an exercise price equal to the market price of the company’s stock on the grant date and are exercisable up to 10 years from the date of grant, or 3 years from the date of an involuntary termination or the option's expiration date, if earlier. The fair value of LTI options is measured on the grant date using the Black-Scholes valuation model.


	2025		2024		2023
Expected annual dividend yield(a)	2.12	%	2.11	%	2.14	%
Expected volatility(b)	25.05	%	25.27	%	25.17	%
Risk-free interest rate(c)	4.39	%	4.21	%	4.06	%
Expected term(d)	6.00	years	6.00	years	6.00	years


As of or for the Year Ended December 31, 2025	Units	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Values (in millions)
Outstanding, beginning of year	9,017,588	$	50.40	6.61
Granted	989,198	75.46
Exercised	(3,238,914)	48.00
Forfeited or expired	(71,970)	66.84
Outstanding, end of year	6,695,902	$	55.08	6.69	$	204
Exercisable, end of year	5,032,319	$	49.80	5.67	$	180

The weighted average grant-date fair value of stock options granted during 2025, 2024 and 2023 was $13.90, $12.51 and $11.43, respectively. As of December 31, 2025, we recognized $19 million of expense, while $13 million was unrecognized and is expected to be amortized up to 2.25 years. We received $155 million in cash from the exercise of stock options during 2025.

The Company may issue time-vesting RSUs for various reasons including, as a sign-on bonus, retention grant or replacement award in an acquisition. Vesting for these awards ranges from 1 to 5 years and is contingent on continuous service.


	Number of Units			Weighted Average Grant-Date Fair Value
Years Ended December 31,	2025	2024	2023		2025		2024		2023
Unvested, beginning of year	1,318,280	1,361,714	1,488,248	$	61.62	$	57.79	$	54.77
Granted	136,724	241,536	208,641		80.88		73.78		62.42
Vested	(221,339)	(264,588)	(252,635)		55.99		52.82		49.42

Forfeited	(19,241)	(20,382)	(82,540)		70.12		64.03		40.70
Unvested, end of year	1,214,424	1,318,280	1,361,714	$	64.68	$	61.62	$	57.79

We recognized $24 million of expense related to these RSU grants in 2025. Total unrecognized compensation cost related to these grants was $27 million and the weighted-average and expected period of years over which that cost is expected to be recognized are 0.80 years and 4.25 years at December 31, 2025.

Our non-employee directors, who serve on our Board of Directors, receive share-settled compensation in the form of fully vested DSUs with delivery deferred until retirement from the Board of Directors. DSUs granted in 2025, 2024 and 2023 accrue dividend equivalents in the form of additional DSUs equal to the amount of any regular quarterly dividend that would have been paid by AIG if the shares of AIG Common Stock underlying the DSUs had been outstanding. In 2025, 2024 and 2023, we granted to non-employee directors 34,687, 33,940 and 47,344 DSUs, respectively, and recognized expense of $2.8 million, $2.6 million and $2.6 million, respectively.