AIG Reports Excellent Fourth Quarter and Full Year 2025 Results
NEW YORK--( BUSINESS WIRE)--American International Group, Inc. (NYSE: AIG) today reported financial results for the fourth quarter and full year ended December 31, 2025.
“2025 was an exceptional year for AIG. We made tremendous progress against our strategy, delivered outstanding financial results, and achieved important milestones that have positioned AIG for a bright future,” said Peter Zaffino, AIG Chairman & Chief Executive Officer.
“For the full year, adjusted after-tax income per diluted share increased 43% to $7.09. Core Operating ROE of 11.1% was above our 10% plus target for 2025. This performance was driven by AIG’s continued strong underwriting results and operational excellence, effective expense discipline and strategic capital deployment. Underwriting income of $2.3 billion grew 22% and we achieved a calendar year combined ratio of 90.1%.
“We delivered on our disciplined capital management strategy in 2025, supported by our strengthened balance sheet and strong liquidity. For the full year, we returned $6.8 billion of capital to shareholders, including $5.8 billion of share repurchases and approximately $1.0 billion of dividends. We ended the year with a debt to total capital ratio of 18.0%.
“Over the last two months, we announced several strategic partnerships that we expect will contribute to AIG’s earnings, earnings per share, and ROE in 2026. These include the formation of Syndicate 2479 with Blackstone and Amwins, an investment in CVC’s new private equity secondaries evergreen platform, and the completion of our acquisitions of minority ownership stakes in Convex Group and Onex Corporation. We have also made excellent progress on our conversion of Everest’s global retail portfolio. These innovative, capital-efficient transactions should enable us to grow, deliver earnings and improve ROE without adding complexity to our organization.
“We have entered 2026 with strong momentum, and our January 1 reinsurance renewal activity resulted in enhanced terms and favorable pricing, reflecting the quality of our portfolio. We are off to a great start on our Investor Day guidance and are on track to achieve or even exceed our financial objectives. Thanks to the hard work and commitment of our talented colleagues, AIG is positioned for another exceptional year.”
* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this press release under the heading Comment on Regulation G and Non-GAAP Financial Measures.
† NPW on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of global personal travel and assistance business (AIG’s Travel business) in 2024. Refer to page 20 for more detail.
FINANCIAL SUMMARY
Three Months Ended
December 31,
Twelve Months Ended
December 31,
($ and shares in millions, except per share amounts)
2024
2025
2024
2025
Income attributable to AIG common shareholders from continuing operations
$
947
$
735
$
2,678
$
3,096
Net income per diluted share attributable to AIG common shareholders from continuing operations
$
1.51
$
1.35
$
4.07
$
5.43
Net income (loss) attributable to AIG common shareholders
$
898
$
735
$
(1,426
)
$
3,096
Net income (loss) per diluted share attributable to AIG common shareholders
$
1.43
$
1.35
$
(2.17
)
$
5.43
Net investment income
$
1,313
$
872
$
4,255
$
4,215
Net investment income, APTI basis
872
954
3,484
3,778
Adjusted pre-tax income (loss)
$
1,083
$
1,422
$
4,324
$
5,344
General Insurance
1,233
1,551
4,977
5,765
Other Operations
(150
)
(129
)
(653
)
(421
)
Adjusted after-tax income attributable to AIG common shareholders
$
817
$
1,072
$
3,254
$
4,044
Adjusted after-tax income per diluted share attributable to AIG common shareholders
$
1.30
$
1.96
$
4.95
$
7.09
Weighted average common shares outstanding - diluted
627.2
546.4
657.3
570.3
Return on equity
8.2
%
7.2
%
(3.2
)%
7.5
%
Adjusted return on equity
7.2
%
10.2
%
6.6
%
9.4
%
Core operating return on equity
9.1
%
11.7
%
9.1
%
11.1
%
Book value per share
$
70.16
$
76.44
$
70.16
$
76.44
Adjusted book value per share
$
73.79
$
78.02
$
73.79
$
78.02
Adjusted tangible book value per share
$
67.62
$
70.37
$
67.62
$
70.37
Core operating book value per share
$
61.75
$
69.12
$
61.75
$
69.12
Common shares outstanding (in millions)
606.1
538.2
606.1
538.2
For the fourth quarter of 2025, net income attributable to AIG common shareholders was $735 million, or $1.35 per diluted common share, compared to net income of $898 million, or $1.43 per diluted common share, in the prior year quarter. The year-over-year decrease was primarily a result of a change in unrealized losses related to AIG’s ownership interest in Corebridge Financial, Inc. (Corebridge) and a gain from the divestiture of the global personal travel business in the prior year, partially offset by higher underwriting income and net investment income in General Insurance and tax benefit as a result of a one-time release of deferred income tax valuation allowance.
AATI was $1.1 billion, or $1.96 per diluted common share, for the fourth quarter of 2025, compared to $817 million, or $1.30 per diluted common share, in the prior year quarter, reflecting higher underwriting income and higher net investment income in General Insurance.
Total net investment income for the fourth quarter of 2025 was $872 million, down 34% from $1.3 billion in the prior year quarter, primarily due to lower gains on the change in fair value and lower gains on sale of shares from AIG’s interest in Corebridge and lower income on alternative investments, partially offset by higher income from fixed maturity securities. Total net investment income on an APTI basis, which excludes the change in fair value of AIG’s interest in Corebridge, was $954 million, an increase of 9% from $872 million in the prior year quarter. Net investment income attributed to General Insurance was up 13% from the prior year quarter.
For the full year 2025, net income attributable to AIG common shareholders was $3.1 billion, or $5.43 per diluted common share, compared to net loss of $1.4 billion, or $2.17 per diluted common share, in the prior year. The year-over-year increase was primarily due to the absence of loss as a result of the deconsolidation of Corebridge in June 2024 and higher underwriting income and net investment income in General Insurance, partially offset by net realized losses excluding Fortitude Re funds withheld assets, largely due to impairments on investments in real estate.
AATI was $4.0 billion, or $7.09 per diluted common share, for the full year 2025, compared to $3.3 billion, or $4.95 per diluted common share, in the prior year, reflecting higher underwriting income and net investment income in General Insurance.
Total net investment income for the full year 2025 was $4.2 billion, down 1% from $4.3 billion in the prior year, primarily due to a decrease in other investments, which includes lower gains on the change in fair value and lower gains on sale of shares of and dividends from Corebridge, partially offset by higher income from fixed maturity securities. Total net investment income on an APTI basis, which excludes the change in fair value of AIG’s interest in Corebridge, was $3.8 billion, an increase of 8% from $3.5 billion in the prior year. Net investment income attributed to General Insurance was up 12% from the prior year, driven by higher income from available for sale fixed maturity securities and alternative investments, partially offset by lower income on other investments.
AIG returned $809 million to shareholders in the fourth quarter of 2025, through $567 million of common stock repurchases, representing approximately 7 million shares, and $242 million of common stock dividends. For the full year, AIG returned a total of $6.8 billion to shareholders, through $5.8 billion of common stock repurchases, representing approximately 73 million shares, and approximately $1.0 billion of common stock dividends. Total debt to total capital ratio at December 31, 2025 was 18.0% and total debt to total adjusted capital* ratio was 17.7%. During the quarter, AIG’s ownership of Corebridge common stock was reduced to 10.1% due to the sale of shares by AIG for aggregate proceeds of approximately $1 billion.
ROE and Core Operating ROE were 7.2% and 11.7%, respectively, in the fourth quarter of 2025, and 7.5% and 11.1%, respectively, for the full year 2025. Book value per share was $76.44 as of December 31, 2025, an increase of 1% from September 30, 2025. Adjusted tangible book value per share* was $70.37, almost flat compared to September 30, 2025.
On February 10, 2026, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.45 per share. The dividend is payable on March 30, 2026 to shareholders of record at the close of business on March 16, 2026.
GENERAL INSURANCE
Three Months Ended December 31,
Twelve Months Ended December 31,
($ in millions)
2024
2025
Change
2024
2025
Change
Gross premiums written
$
8,022
$
8,073
1
$
35,701
$
35,826
—
%
Net premiums written
$
6,077
$
6,039
(1
)%
$
23,902
$
23,675
(1
)%
Underwriting income (loss)
$
454
$
670
48
%
$
1,917
$
2,332
22
%
Net investment income
$
779
$
881
13
%
$
3,060
$
3,433
12
%
Adjusted pre-tax income
$
1,233
$
1,551
26
%
$
4,977
$
5,765
16
%
Underwriting ratios:
General Insurance (GI) CR
92.5
88.8
(3.7) pts
91.8
90.1
(1.7) pts
GI Loss ratio
59.7
56.7
(3.0
)
59.8
59.0
(0.8
)
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
(5.5
)
(2.1
)
3.4
(5.0
)
(3.9
)
1.1
Prior year development, net of reinsurance and prior year premiums
1.6
2.2
0.6
1.4
2.1
0.7
GI Accident year loss ratio, as adjusted
55.8
56.8
1.0
56.2
57.2
1.0
GI Expense ratio
32.8
32.1
(0.7
)
32.0
31.1
(0.9
)
GI Accident year combined ratio, as adjusted
88.6
88.9
0.3 pts
88.2
88.3
0.1 pts
Comparable Basis †:
Net premiums written
$
6,002
$
6,039
1
%
$
23,284
$
23,675
2
%
GENERAL INSURANCE - NORTH AMERICA COMMERCIAL
Three Months Ended December 31,
Twelve Months Ended December 31,
($ in millions)
2024
2025
Change
2024
2025
Change
Net premiums written
$
2,224
$
2,287
3
%
$
8,452
$
8,759
4
%
Underwriting income (loss)
$
25
$
330
NM
%
$
548
$
1,144
109
%
Underwriting ratios:
CR
98.8
84.7
(14.1) pts
93.3
86.8
(6.5) pts
AYCR, as adjusted
84.6
87.2
2.6 pts
85.1
85.8
0.7 pts
Comparable Basis †:
Net premiums written
$
2,225
$
2,287
3
%
$
8,449
$
8,759
4
%
GENERAL INSURANCE - INTERNATIONAL COMMERCIAL
Three Months Ended December 31,
Twelve Months Ended December 31,
($ in millions)
2024
2025
Change
2024
2025
Change
Net premiums written
$
2,089
$
2,196
5
%
$
8,364
$
8,663
4
%
Underwriting income (loss)
$
347
$
248
(29
)%
$
1,227
$
1,118
(9
)%
Underwriting ratios:
CR
83.1
88.8
5.7 pts
84.9
86.9
2.0 pts
AYCR, as adjusted
83.6
85.9
2.3 pts
83.0
85.6
2.6 pts
Comparable Basis †:
Net premiums written
$
2,120
$
2,196
4
%
$
8,402
$
8,663
3
%
GENERAL INSURANCE - GLOBAL PERSONAL
Three Months Ended December 31,
Twelve Months Ended December 31,
($ in millions)
2024
2025
Change
2024
2025
Change
Net premiums written
$
1,764
$
1,556
(12
)%
$
7,086
$
6,253
(12
)%
Underwriting income (loss)
$
82
$
92
12
%
$
142
$
70
(51
)%
Underwriting ratios:
CR
95.4
94.3
(1.1) pts
98.0
99.0
1.0 pts
AYCR, as adjusted
98.7
95.3
(3.4) pts
97.6
95.7
(1.9) pts
Comparable Basis †:
Net premiums written
$
1,657
$
1,556
(6
)%
$
6,433
$
6,253
(3
)%
OTHER OPERATIONS
Three Months Ended December 31,
Twelve Months Ended December 31,
($ in millions)
2024
2025
Change
2024
2025
Change
Net investment income and other
$
99
$
75
(24
)%
$
434
$
349
(20
)%
Corporate and other general operating expenses
(137
)
(99
)
28
(623
)
(360
)
42
Amortization of intangible assets
(5
)
(5
)
—
(18
)
(18
)
—
Interest expense
(109
)
(100
)
8
(445
)
(392
)
12
Adjusted pre-tax loss before consolidation and eliminations
$
(152
)
$
(129
)
15
$
(652
)
$
(421
)
35
Total consolidation and eliminations
2
—
NM
(1
)
—
NM
Adjusted pre-tax loss
$
(150
)
$
(129
)
14
%
$
(653
)
$
(421
)
36
%
CONFERENCE CALL
AIG will host a conference call tomorrow, Wednesday, February 11, 2026 at 8:30 a.m. ET to review these results. The call is open to the public and can be accessed via a live, listen-only webcast in the Investors section of www.aig.com. A replay will be available after the call at the same location.
# # #
Additional supplementary financial data is available in the Investors section at www.aig.com.
Cautionary Note on Forward-Looking Statements
Certain statements in this press release and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.
All forward-looking statements involve risks, uncertainties and other factors that may cause actual results and financial condition to differ, possibly materially, from the results and financial condition expressed or implied in the forward-looking statements. Factors that could cause actual results to differ, possibly materially, from those in specific projections, targets, goals, plans, assumptions and other forward-looking statements include, without limitation:
Forward-looking statements speak only as of the date of this press release, or in the case of any document incorporated by reference, the date of that document. AIG is not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in our filings with the SEC.
# # #
COMMENT ON REGULATION G AND NON-GAAP FINANCIAL MEASURES
Throughout this press release, including the financial highlights, AIG presents its financial condition and results of operations in the way it believes will be most meaningful and representative of its business results. Some of the measurements AIG uses are “Non-GAAP financial measures” under SEC rules and regulations. GAAP is the acronym for generally accepted accounting principles in the United States. The non-GAAP financial measures AIG presents are listed below and may not be comparable to similarly-named measures reported by other companies. The reconciliations of such measures to the most comparable GAAP measures in accordance with Regulation G are included within the relevant tables attached to this press release or in the Fourth Quarter 2025 Financial Supplement available in the Investors section of AIG’s website, www.aig.com.
Unless otherwise mentioned or unless the context indicates otherwise, we use the terms “AIG,” “we,” “us” and “our” to refer to American International Group, Inc., a Delaware corporation, and its consolidated subsidiaries.
AIG uses the following operating performance measures because AIG believes they enhance the understanding of the underlying profitability of continuing operations and trends of AIG’s segments. AIG believes they also allow for more meaningful comparisons with AIG’s insurance competitors. When AIG uses these measures, reconciliations to the most comparable GAAP measure are provided on a consolidated basis.
Book value per share, excluding investments related cumulative unrealized gains and losses recorded in Accumulated other comprehensive income (loss) (AOCI) adjusted for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets (collectively, Investments AOCI) (Adjusted book value per share) is used to show the amount of our net worth on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets) since these fair value movements are economically transferred to Fortitude Re. Adjusted book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI (AIG adjusted common shareholders' equity) by total common shares outstanding.
Book Value per share, excluding Investments AOCI, Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Adjusted tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis after eliminating the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions and Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re. Adjusted tangible book value per share is derived by dividing AIG adjusted common equity, excluding intangible assets, (AIG adjusted tangible common shareholders’ equity) by total common shares outstanding.
Book value per share, excluding Investments AOCI, deferred tax assets (DTA) and AIG’s ownership interest in Corebridge (Core operating book value per share) is used to show the amount of our net worth on a per share basis after eliminating Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to net operating loss carryforwards (NOLs), corporate alternative minimum tax credits (CAMTCs) and foreign tax credits (FTCs) that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. Core operating book value per share is derived by dividing total AIG common shareholders’ equity, excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (AIG core operating shareholders’ equity) by total common shares outstanding.
Total debt to total adjusted capital ratio is used to show the AIG’s debt leverage adjusted for Investments AOCI and is derived by dividing total debt by total capital excluding Investments AOCI (Total adjusted capital). We believe this measure is useful to investors because it eliminates items that can fluctuate significantly from period to period due to changes in market conditions. In addition, we adjust for the cumulative unrealized gains and losses related to Fortitude Re funds withheld assets since these fair value movements are economically transferred to Fortitude Re.
Return on equity – Adjusted after-tax income excluding Investments AOCI (Adjusted return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI. We believe this measure is useful to investors because it eliminates the fair value of investments which can fluctuate significantly from period to period due to changes in market conditions. Adjusted return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG adjusted common shareholders’ equity.
Return on equity – Adjusted after-tax income excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge (Core operating return on equity) is used to show the rate of return on common shareholders’ equity excluding Investments AOCI, DTA and AIG’s ownership interest in Corebridge. We believe this measure is useful to investors because it eliminates the fair value of investments that can fluctuate significantly from period to period due to changes in market conditions. We also exclude the portion of DTA representing U.S. tax attributes related to NOLs, CAMTCs and FTCs that have not yet been utilized. Amounts for interim periods are estimates based on projections of full-year attribute utilization. As NOLs, CAMTCs and FTCs are utilized, the corresponding portion of the DTA utilized is included. We exclude AIG’s ownership interest in Corebridge since it is not a core long-term investment for AIG. We believe this metric provides investors with greater insight as to the underlying profitability of our property and casualty business. Core operating return on equity is derived by dividing actual or, for interim periods, annualized adjusted after-tax income attributable to AIG common shareholders by average AIG core operating shareholders’ equity.
Adjusted Pre-tax Income (APTI) is derived by excluding the items set forth below from income from continuing operations before income tax:
Adjusted After-tax Income attributable to AIG common shareholders (adjusted after-tax income or AATI) is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items from net income attributable to AIG:
See page 15 for the reconciliation of Net income attributable to AIG to Adjusted After-tax Income attributable to AIG common shareholders.
Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums earned, the amount of losses and loss adjustment expenses (which for General Insurance excludes net loss reserve discount), and the amount of other underwriting expenses that would be incurred. A combined ratio of less than 100 indicates underwriting income and a combined ratio of over 100 indicates an underwriting loss. Our ratios are calculated using the relevant segment information calculated under GAAP, and thus may not be comparable to similar ratios calculated for regulatory reporting purposes. The underwriting environment varies across countries and products, as does the degree of litigation activity, all of which affect such ratios. In addition, investment returns, local taxes, cost of capital, regulation, product type and competition can have an effect on pricing and consequently on profitability as reflected in underwriting income and associated ratios.
Accident year loss and Accident year combined ratios, as adjusted (Accident year loss ratio, ex-CAT and Accident year combined ratio, ex-CAT): both the accident year loss and accident year combined ratios, as adjusted, exclude catastrophe losses (CATs) and related reinstatement premiums, prior year development, net of premium adjustments, and the impact of reserve discounting. Natural catastrophe losses are generally weather or seismic events, in each case, having a net impact on AIG in excess of $10 million and man-made catastrophe losses, such as terrorism and civil disorders that exceed the $10 million threshold. We believe that as adjusted ratios are meaningful measures of our underwriting results on an ongoing basis as they exclude catastrophes and the impact of reserve discounting which are outside of management’s control. We also exclude prior year development to provide transparency related to current accident year results.
Loss ratio = Loss and loss adjustment expenses incurred ÷ Net premiums earned (NPE)
Acquisition ratio = Total acquisition expenses ÷ NPE
General operating expense ratio = General operating expenses ÷ NPE
Expense ratio = Acquisition ratio + General operating expense ratio
Combined ratio = Loss ratio + Expense ratio
CATs and reinstatement premiums ratio = [Loss and loss adjustment expenses incurred – (CATs)] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes] – Loss ratio
Accident year loss ratio, as adjusted (AYLR, ex-CAT) = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums + Adjustment for ceded premium under reinsurance contracts related to prior accident years]
Accident year combined ratio, as adjusted (AYCR, ex-CAT) = AYLR ex-CAT + Expense ratio
Prior year development net of reinsurance and prior year premiums ratio = [Loss and loss adjustment expenses incurred – CATs – PYD] ÷ [NPE +/(-) Reinstatement premiums related to catastrophes +/(-) Prior year premiums] – Loss ratio – CATs and reinstatement premiums ratio.
Results from discontinued operations are excluded from all of these measures.
# # #
American International Group, Inc. (NYSE: AIG) is a leading global insurance organization. AIG provides insurance solutions that help businesses and individuals in more than 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners.
AIG is the marketing name for the worldwide operations of American International Group, Inc. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation
($ in millions, except per common share data)
Reconciliations of Adjusted Pre-tax and After-tax Income
Three Months Ended December 31,
2024
2025
Pre-tax
Total Tax
(Benefit)
Charge
Non-
controlling
Interests (a)
After
Tax
Pre-tax
Total Tax
(Benefits)
Charge
Non-
controlling
Interests (a)
After
Tax
Pre-tax income/net income, including noncontrolling interests
$
1,546
$
599
$
—
$
901
$
661
$
(70
)
$
—
$
731
Noncontrolling interests (a)
—
—
(3
)
(3
)
—
—
4
4
Pre-tax income/net income attributable to AIG
1,546
599
(3
)
898
661
(70
)
4
735
Dividends on preferred stock and preferred stock redemption premiums
—
—
Net income attributable to AIG common shareholders
898
735
Adjustments:
Changes in uncertain tax positions and other tax adjustments
(247
)
—
247
(34
)
—
34
Deferred income tax valuation allowance releases (b)
15
—
(15
)
314
—
(314
)
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(414
)
(87
)
—
(327
)
138
29
—
109
Loss on extinguishment of debt and preferred stock redemption premiums
13
3
—
10
—
—
—
—
Net investment income on Fortitude Re funds withheld assets
(21
)
(4
)
—
(17
)
(41
)
(8
)
—
(33
)
Net realized losses on Fortitude Re funds withheld assets
1
—
—
1
11
3
—
8
Net realized gains on Fortitude Re funds withheld embedded derivative
(83
)
(17
)
—
(66
)
57
11
—
46
Net realized losses (c)
194
67
—
127
283
43
—
240
Loss from discontinued operations
46
—
Net gain on divestitures and other
(522
)
(140
)
—
(382
)
(28
)
(6
)
—
(22
)
Non-operating litigation reserves and settlements
—
—
—
—
4
1
—
3
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements
39
8
—
31
52
11
—
41
Net loss reserve discount charge
95
20
—
75
21
4
—
17
Net results of businesses in run-off (d)
115
24
—
91
4
1
—
3
Non-operating pension expenses
—
—
—
—
(1
)
—
—
(1
)
Integration and transaction costs associated with acquiring or divesting businesses
2
—
—
2
123
26
—
97
Restructuring and other costs (e)
115
24
—
91
132
28
—
104
Non-recurring costs related to regulatory or accounting changes
3
1
—
2
6
1
—
5
Noncontrolling interests (a)
3
3
—
—
Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders
$
1,083
$
266
$
—
$
817
$
1,422
$
354
$
4
$
1,072
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)
($ in millions, except per common share data)
Reconciliations of Adjusted Pre-tax and After-tax Income
Twelve Months Ended December 31,
2024
2025
Pre-tax
Total Tax
(Benefits)
Charge
Non-
controlling
Interests (a)
After
Tax
Pre-tax
Total Tax
(Benefits)
Charge
Non-
controlling
Interests (a)
After
Tax
Pre-tax income/net income (loss), including noncontrolling interests
$
3,870
$
1,170
$
—
$
(926
)
$
3,879
$
782
$
—
$
3,097
Noncontrolling interests (a)
—
—
(478
)
(478
)
—
—
(1
)
(1
)
Pre-tax income/net income (loss) attributable to AIG
3,870
1,170
(478
)
(1,404
)
3,879
782
(1
)
3,096
Dividends on preferred stock and preferred stock redemption premiums
22
—
Net income (loss) attributable to AIG common shareholders
(1,426
)
3,096
Adjustments:
Changes in uncertain tax positions and other tax adjustments
(239
)
—
239
(35
)
—
35
Deferred income tax valuation allowance releases (b)
30
—
(30
)
305
—
(305
)
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(586
)
(123
)
—
(463
)
(255
)
(54
)
—
(201
)
(Gain) loss on extinguishment of debt and preferred stock redemption premiums
14
3
—
26
(5
)
(1
)
—
(4
)
Net investment income on Fortitude Re funds withheld assets
(144
)
(30
)
—
(114
)
(149
)
(31
)
—
(118
)
Net realized losses on Fortitude Re funds withheld assets
39
8
—
31
70
15
—
55
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative
75
16
—
59
166
34
—
132
Net realized losses (c)
428
95
—
333
973
145
—
828
Loss from discontinued operations
3,626
—
Net gain on divestitures and other
(616
)
(128
)
—
(488
)
(81
)
(17
)
—
(64
)
Non-operating litigation reserves and settlements
—
—
—
—
(9
)
(2
)
—
(7
)
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements
105
22
—
83
105
22
—
83
Net loss reserve discount charge
226
47
—
179
48
10
—
38
Net results of businesses in run-off (d)
111
24
—
87
(4
)
(1
)
—
(3
)
Non-operating pension expenses
—
—
—
—
15
3
—
12
Integration and transaction costs associated with acquiring or divesting businesses
39
8
—
31
136
29
—
107
Restructuring and other costs (e)
745
156
—
589
439
92
—
347
Non-recurring costs related to regulatory or accounting changes
18
4
—
14
16
3
—
13
Noncontrolling interests (a)
478
478
—
—
Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders
$
4,324
$
1,063
$
—
$
3,254
$
5,344
$
1,299
$
(1
)
$
4,044
Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own. Corebridge was consolidated until June 9, 2024. The historical results of Corebridge owned by AIG are reflected in Income (loss) from discontinued operations, net of income taxes.
In the three and twelve months ended December 31, 2025 includes a valuation allowance release related to our U.S. federal consolidated tax attribute carryforwards, as well as valuation allowance changes in certain foreign jurisdictions.
Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets.
In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income. In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income; historical results have been recast to reflect these changes.
In the three and twelve months ended December 31, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the twelve months ended December 31, 2024, real estate impairment charges.
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)
($ in millions, except per common share data)
Reconciliations of General Insurance Net Investment Income and Other and Adjusted Pre-tax Income
General Insurance
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2025
2024
2025
(in millions)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net investment income and other/Pre-tax income (loss)
$
815
$
1,469
$
892
$
848
$
3,215
$
4,474
$
3,511
$
4,031
Other income (expense) - net
—
—
(6
)
—
(31
)
—
(6
)
—
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(35
)
(35
)
(4
)
(4
)
(73
)
(73
)
(74
)
(74
)
Net investment income on Fortitude Re funds withheld assets
(1
)
(1
)
—
—
(44
)
(44
)
1
1
Net realized losses on Fortitude Re funds withheld assets
—
7
—
—
—
8
—
6
Net realized gains on Fortitude Re funds withheld embedded derivative
—
—
—
—
—
—
—
—
Net realized (gains) losses
—
113
(1
)
579
(7
)
330
1
1,358
Net loss (gain) on divestitures and other
—
(517
)
—
(17
)
—
(522
)
—
(55
)
Non-operating litigation reserves and settlements
—
—
—
4
—
—
—
4
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements
—
(11
)
—
(12
)
—
101
—
69
Net loss reserve discount charge
—
95
—
21
—
226
—
48
Net results of businesses in run-off
—
—
—
—
—
—
—
—
Non-operating pension expenses
—
—
—
3
—
—
—
16
Integration and transaction costs associated with acquiring or divesting businesses
—
—
—
19
—
—
—
19
Restructuring and other costs
—
110
—
104
—
459
—
326
Non-recurring costs related to regulatory or accounting changes
—
3
—
6
—
18
—
16
Net investment income and other, APTI basis/Adjusted pre-tax income (loss)
$
779
$
1,233
$
881
$
1,551
$
3,060
$
4,977
$
3,433
$
5,765
Reconciliations of Other Operations Net Investment Income and Other and Adjusted Pre-tax Income
Other Operations
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2025
2024
2025
(in millions)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net
Investment
Income
and Other
Pre-tax
Income
(Loss)
Net investment income and other/Pre-tax income (loss)
$
503
$
77
$
(22
)
$
(187
)
$
1,047
$
(604
)
$
712
$
(152
)
Consolidation and Eliminations
(1
)
—
—
—
—
—
1
—
Other income (expense) - net
2
—
4
—
18
—
(5
)
—
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(379
)
(379
)
142
142
(513
)
(513
)
(181
)
(181
)
Gain on extinguishment of debt
—
13
—
—
—
14
—
(5
)
Net investment income on Fortitude Re funds withheld assets
(20
)
(20
)
(41
)
(41
)
(100
)
(100
)
(150
)
(150
)
Net realized (gains) losses on Fortitude Re funds withheld assets
—
(6
)
—
11
—
31
—
64
Net realized (gains) losses on Fortitude Re funds withheld embedded derivative
—
(83
)
—
57
—
75
—
166
Net realized (gains) losses
(2
)
81
1
(296
)
(1
)
98
3
(385
)
Net loss (gain) on divestitures and other
—
(5
)
—
(11
)
—
(94
)
—
(26
)
Non-operating litigation reserves and settlements
—
—
—
—
—
—
—
(13
)
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements
—
50
—
64
—
4
—
36
Net results of businesses in run-off
(4
)
115
(9
)
4
(17
)
111
(31
)
(4
)
Non-operating pension expenses
—
—
—
(4
)
—
—
—
(1
)
Integration and transaction costs associated with acquiring or divesting businesses
—
2
—
104
—
39
—
117
Restructuring and other costs
—
5
—
28
—
286
—
113
Net investment income and other, APTI basis/Adjusted pre-tax income (loss)
$
99
$
(150
)
$
75
$
(129
)
$
434
$
(653
)
$
349
$
(421
)
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)
($ in millions, except per common share data)
Summary of Key Financial Metrics
Three Months Ended December 31,
Twelve Months Ended December 31,
Earnings per common share:
2024
2025
% Inc. (Dec.)
2024
2025
% Inc. (Dec.)
Basic
Income from continuing operations
$
1.53
$
1.36
(11.1
)%
$
4.11
$
5.48
33.3
%
loss from discontinued operations
(0.08
)
—
NM
(6.30
)
—
NM
Net income (loss) attributable to AIG common shareholders
$
1.45
$
1.36
(6.2
)
$
(2.19
)
$
5.48
NM
Diluted
Income from continuing operations
$
1.51
$
1.35
(10.6
)
$
4.07
$
5.43
33.4
loss from discontinued operations
(0.08
)
—
NM
(6.24
)
—
NM
Net income (loss) attributable to AIG common shareholders
$
1.43
$
1.35
(5.6
)
$
(2.17
)
$
5.43
NM
Adjusted after-tax income attributable to AIG common shareholders per diluted share
$
1.30
$
1.96
50.8
%
$
4.95
$
7.09
43.2
%
Weighted average shares outstanding:
Basic
620.9
541.0
651.4
565.1
Diluted
627.2
546.4
657.3
570.3
Reconciliation of Net Investment Income
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2024
2025
2024
2025
Net Investment Income per Consolidated Statements of Operations
$
1,313
$
872
$
4,255
$
4,215
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares
(414
)
138
(586
)
(255
)
Net investment income on Fortitude Re funds withheld assets
(21
)
(41
)
(144
)
(149
)
Net realized gains (losses) related to economic hedges and other
(2
)
(6
)
(24
)
(2
)
Net investment income of businesses in run-off
(4
)
(9
)
(17
)
(31
)
Total Net Investment Income - APTI Basis
$
872
$
954
$
3,484
$
3,778
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)
($ in millions, except per common share data)
Reconciliation of Book Value per Share
As of period end:
December 31,
2024
September 30,
2025
December 31,
2025
Total AIG common shareholders' equity (a)
$
42,521
$
41,085
$
41,139
Less: Investments AOCI
(2,872
)
(1,410
)
(1,376
)
Add: Cumulative unrealized gains and losses related to Fortitude Re Funds withheld assets
(667
)
(545
)
(523
)
Subtotal Investments AOCI
(2,205
)
(865
)
(853
)
Total adjusted common shareholders' equity (b)
$
44,726
$
41,950
$
41,992
Total adjusted common shareholders' equity (b)
$
44,726
$
41,950
$
41,992
Total intangible assets
3,743
3,796
4,119
AIG adjusted tangible common shareholders' equity (d)
$
40,983
$
38,154
$
37,873
Total AIG common shareholders' equity (a)
$
42,521
$
41,085
$
41,139
Less: AIG's ownership interest in Corebridge
3,810
2,651
1,512
Less: Investments related AOCI - AIG
(2,872
)
(1,410
)
(1,376
)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG
(667
)
(545
)
(523
)
Subtotal Investments AOCI - AIG
(2,205
)
(865
)
(853
)
Less: Deferred tax assets
3,489
3,002
3,278
AIG core operating shareholders' equity (e)
$
37,427
$
36,297
$
37,202
Total common shares outstanding (f)
606.1
544.5
538.2
As of period end:
December 31, 2024
% Inc. (Dec.)
September 30, 2025
% Inc. (Dec.)
December 31, 2025
Book value per share (a÷f)
$
70.16
9.0
%
$
75.45
1.3
%
$
76.44
Adjusted book value per share (b÷f)
73.79
5.7
77.04
1.3
78.02
Adjusted tangible book value per share (d÷f)
67.62
4.1
70.07
0.4
70.37
Core operating book value per share (e÷f)
61.75
11.9
66.66
3.7
69.12
Reconciliation of Return On Equity
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2024
2025
2024
2025
Actual or annualized net income (loss) attributable to AIG common shareholders (a)
$
3,592
$
2,940
$
(1,426
)
$
3,096
Actual or annualized adjusted after-tax income attributable to AIG common shareholders (b)
$
3,268
$
4,288
$
3,254
$
4,044
Average AIG adjusted common shareholders' equity
Average AIG Common Shareholders' equity (c)
$
43,780
$
41,112
$
44,051
$
41,535
Less: Average investments AOCI
(1,874
)
(859
)
(5,132
)
(1,418
)
Average adjusted common shareholders' equity (d)
$
45,654
$
41,971
$
49,183
$
42,953
Average AIG core operating shareholders' equity
Average AIG common shareholders' equity
$
43,780
$
41,112
$
44,051
$
41,535
Less: Average AIG's ownership interest in Corebridge
5,977
2,082
6,770
3,207
Less: Average investments AOCI - AIG
(1,874
)
(859
)
(2,351
)
(1,418
)
Less: Average deferred tax assets
3,732
3,140
3,998
3,264
Average AIG core operating shareholders' equity (f)
$
35,945
$
36,749
$
35,634
$
36,482
ROE (a÷c)
8.2
%
7.2
%
(3.2
)%
7.5
%
Adjusted return on equity (b÷d)
7.2
%
10.2
%
6.6
%
9.4
%
Core operating ROE (b÷f)
9.1
%
11.7
%
9.1
%
11.1
%
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)
($ in millions, except per common share data)
Reconciliation of Total Debt to Total Capital
Three Months Ended
December 31, 2025
Total financial and hybrid debt
$
9,010
Total capital
$
50,172
Less non-redeemable noncontrolling interests
23
Less Investments AOCI
(853
)
Total adjusted capital
$
51,002
Hybrid - debt securities / Total capital
1.0
%
Financial debt / Total capital
17.0
Total debt / Total capital
18.0
%
Total debt / Total adjusted capital
17.7
%
Reconciliation of Net Premiums Written - Comparable Basis
Three Months Ended December 31,
North
General
America
International
Global
Global
2025
Insurance
Commercial
Commercial
Personal
Commercial
Net premiums written as reported in U.S. dollars
$
6,039
$
2,287
$
2,196
$
1,556
$
4,483
2024
Net premiums written as reported in U.S. dollars
$
6,077
$
2,224
$
2,089
$
1,764
$
4,313
Foreign exchange effect
49
1
31
17
32
AIG's Travel business impact
(124
)
—
—
(124
)
—
Net premiums written on comparable basis
$
6,002
$
2,225
$
2,120
$
1,657
$
4,345
Increase (decrease) in Net premiums written on comparable basis
1
%
3
%
4
%
(6
)%
3
%
Twelve Months Ended December 31,
North
General
America
International
Global
Global
2025
Insurance
Commercial
Commercial
Personal
Commercial
Net premiums written as reported in U.S. dollars
$
23,675
$
8,759
$
8,663
$
6,253
$
17,422
2024
Net premiums written as reported in U.S. dollars
$
23,902
$
8,452
$
8,364
$
7,086
$
16,816
Foreign exchange effect
100
(3
)
38
65
35
AIG's Travel business impact
(718
)
—
—
(718
)
—
Net premiums written on comparable basis
$
23,284
$
8,449
$
8,402
$
6,433
$
16,851
Increase (decrease) in Net premiums written on comparable basis
2
%
4
%
3
%
(3
)%
3
%
Reconciliation of Net Premiums Written Excluding Large Closeout Transaction
Twelve Months Ended December 31, 2025
North
America
Commercial
Increase (decrease) in Net premiums written on comparable basis
4
%
Large closeout transaction
1
Increase (decrease) in Net premiums written on comparable basis, excluding large closeout transaction
5
%
American International Group, Inc.
Selected Financial Data and Non-GAAP Reconciliation (continued)
($ in millions, except per common share data)
Reconciliations of Accident Year Loss and Accident Year Combined Ratios, as Adjusted
Three Months Ended December 31,
Twelve Months Ended December 31,
2024
2025
2024
2025
North America Commercial
Combined ratio
98.8
84.7
93.3
86.8
Catastrophe losses and reinstatement premiums
(14.1
)
(2.3
)
(9.7
)
(5.6
)
Prior year development, net of reinsurance and prior year premiums
(0.1
)
4.8
1.5
4.6
Accident year combined ratio, as adjusted
84.6
87.2
85.1
85.8
International Commercial
Loss ratio
52.4
57.1
54.8
55.7
Catastrophe losses and reinstatement premiums
(0.1
)
(3.2
)
(2.9
)
(2.2
)
Prior year development, net of reinsurance and prior year premiums
0.6
0.3
1.0
0.9
Accident year loss ratio, as adjusted
52.9
54.2
52.9
54.4
Combined ratio
83.1
88.8
84.9
86.9
Catastrophe losses and reinstatement premiums
(0.1
)
(3.2
)
(2.9
)
(2.2
)
Prior year development, net of reinsurance and prior year premiums
0.6
0.3
1.0
0.9
Accident year combined ratio, as adjusted
83.6
85.9
83.0
85.6
Global Personal
Loss ratio
49.3
51.9
54.1
57.5
Catastrophe losses and reinstatement premiums
(1.2
)
(0.1
)
(2.0
)
(3.9
)
Prior year development, net of reinsurance and prior year premiums
4.5
1.1
1.6
0.6
Accident year loss ratio, as adjusted
52.6
52.9
53.7
54.2
AIG's Travel business impact
0.9
—
1.7
—
Accident year loss ratio, as adjusted, comparable basis
53.5
52.9
55.4
54.2
Combined ratio
95.4
94.3
98.0
99.0
Catastrophe losses and reinstatement premiums
(1.2
)
(0.1
)
(2.0
)
(3.9
)
Prior year development, net of reinsurance and prior year premiums
4.5
1.1
1.6
0.6
Accident year combined ratio, as adjusted
98.7
95.3
97.6
95.7
AIG's Travel business impact
0.2
—
0.3
—
Accident year combined ratio, as adjusted, comparable basis
98.9
95.3
97.9
95.7