American International Group, Inc.

Good day and welcome to AIG's third quarter 2020 financial results conference call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Ava Prudhoe, Head of Investor Relations. Please go ahead, ma'am.

Thank you. Good morning and thank you all for joining us. Today's call will cover AIG's third quarter 2020 financial results announced yesterday afternoon. The news release financial results presentation and financial supplement are posted on our website at www.aig.com, and the 10-Q will be filed later today after the call. Today's remarks may contain forward-looking statements, including comments relating to company performance, strategic priorities, including the announced planned separation of our life and retirement business, business mix and market conditions, including the effects of COVID-19 on AIG. These statements are not guarantees of future performance or events and are based on management's current expectations. Actual performance and events may materially differ. Factors that could cause results to differ include the factors described in our second quarter 2020 report on Form 10Q and our 2019 annual report on Form 10K and our other recent filings made with the SEC, inclusive of the effects of COVID-19 on AIG, which cannot be fully determined at this time. AIG is not under any obligation and expressly disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise. Additionally, some remarks may refer to non-GAAP financial measures. The reconciliation of such measures to the most comparable GAAP figures is included in our earnings release, financial supplement, and earnings presentation, all of which are available on our website. I'll now turn the call over to Brian.

Good morning and thank you for joining us today. Given the announcements we made last week, we will handle today's call differently with the objective to leave as much time as possible for your questions. I will focus most of my remarks on our leadership changes and the separation of life and retirement. Pete will expand on what the separation process will entail. He will provide an overview of our third quarter results for general insurance and life and retirement and give an update on AIG 200. Lastly, Mark will provide additional color on our financial results for the quarter. Kevin Hogan, Dave McElroy, and Doug DeShiel will be available for the Q&A portion of the call. As you saw in our earnings release, AIG continues to manage through the ongoing global economic uncertainty. We are financially strong and well-positioned to capitalize on the opportunities for growth. In the third quarter, we reported adjusted after-tax income returns of 81 cents per common share, and we saw improvement in both the accident year combined ratio in general insurance and life and retirement suggested return on attributed common equity. As we announced last week, the AIG board unanimously elected Peter to become the next chief executive officer of AIG, effective March 1st. At that time, I will assume I will become executive chairman of the AIG board. This leadership transition demonstrates our continued momentum and focus on AIG's future. It's an honor to serve as the CEO of AIG, and I want to thank our directors for their ongoing support. I also want to congratulate Peter. I've worked with Peter in several capacities for many years, and I'm extremely proud of him and the legacy he is building in our industry. Since joining me at AIG in 2017, He designed and executed on the turnaround in our general insurance business, which by any measure has been historic. I greatly admire Peter's strength of character, leadership abilities, and willingness to take decisive action. He has a proven track record of building great teams and successfully leading them in times of significant change and growth. Peter exemplifies the rare executive who was both a hardworking operational leader and and a strategic visionary. I know that he will be an excellent CEO for AIG and the company will be in great hands. Turning to our second big announcement last week, as I stated before, we have continually examined the composite structure of AIG and over the last several months with the assistance from independent financial and legal advisors, we conducted a very comprehensive review to determine if a change would be in the best interest of our shareholders and other stakeholders. This review included examining strategic, operational, capital, and tax implications, and the output of this review was very clear. That is, a simpler structure would benefit both GI and L&R. This is largely due to the significant foundational work our team has done across AIG to strengthen our businesses and position them as market leaders. In addition, impediments to a separation that existed back in 2017 have greatly diminished. For example, the tax benefits of AIG's current composite structure have decreased over time, and with the stronger capitalization of our core business, the capital diversification benefit has become less significant. We believe our businesses will be more resilient as separate companies. with more appropriate and sustainable valuations, and each will continue to be market leaders in their respective sectors with strong balance sheets, appropriate capital structures, attractive earnings, and cash flows. We also believe both will have sufficient financial flexibility to compete effectively. We do not anticipate that either will require additional equity capital in connection with the separation and neither will be overleveraged, especially when compared to their respective peers. We've evaluated various structural alternatives for the separation, and Peter will provide details on our initial conclusions. While the separation process will be complex and will, of course, require regulatory approvals, we are confident that we will execute in a way that provides the best long-term value for shareholders and other stakeholders. We are committed to transparency and providing you with updates as the process moves forward. Now I'll turn it over to Peter.