{"schemaVersion":1,"research":true,"symbol":"aig","name":"American International Group","topic":"moat","path":"/stock/aig/moat","status":"published","version":8,"updatedAt":"2026-10-19T20:45:36.747Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"AIG demonstrates a global insurance franchise, repeat demand and sustained underwriting profitability, but the passages do not establish a durable competitive advantage over peers. Its multinational capabilities and expertise are plausible differentiators; Chubb discloses comparable capabilities. Pricing evidence is mixed, with historical increases, returning capacity and a more selective current market. Reported capital compliance and liquidity support financial strength, without establishing quantified solvency buffers.","advantages":[{"mechanism":"intangible_assets","claim":"AIG's multinational operating capabilities, underwriting expertise and distribution relationships provide a current service platform and a potential competitive advantage. The evidence does not establish superior customer outcomes, difficult replication or durable pricing premiums.","durability":"Five consecutive underwriting-profit years and renewal-driven growth support franchise continuity. They do not establish how long a relative advantage could persist. Chubb also discloses global capabilities, expertise and broker distribution.","risks":"Returning insurance capacity can pressure rates; distributors can renegotiate or terminate relationships. Recent commercial accident-year ratio deterioration contrasts with aggregate improvement. AI initiatives remain potential differentiation rather than demonstrated barriers.","invalidation":"The candidate advantage would be undermined by sustained deterioration in renewal demand, distributor losses, or risk-adjusted underwriting results across multiple renewal cycles. Evidence that comparable multinational coverage is readily substituted without service or economic penalties would also invalidate the differentiation thesis.","competitors":["Chubb","Travelers"],"evidenceIds":["e1","e2","e3","e4","e5","e6"],"counterEvidenceIds":["e7","e8","e9","e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Item 1, Business: multinational operating coverage","excerpt":"AIG provides insurance solutions that help businesses and individuals in over 200 countries and jurisdictions protect their assets and manage risks through AIG operations, licenses and authorizations as well as network partners."},{"id":"e2","sourceId":"filing-1","location":"Item 1, Business: issuer expertise claim","excerpt":"World-Class Underwriting and Claims Expertise executed through franchises that are among the leaders in their geographies and segments, providing differentiated service."},{"id":"e3","sourceId":"filing-1","location":"Item 1, Business: distribution relationships","excerpt":"Broad and Long-Standing Distribution Relationships with brokers, agents, advisors, marketplaces and other distributors strengthened through AIG’s dedication to quality."},{"id":"e4","sourceId":"filing-1","location":"MD&A, International Commercial: 2023–2025 results and renewal retention","excerpt":"Years Ended December 31, Change (in millions) 2025 2024 2023 2025 vs 2024 2024 vs 2023 Underwriting results: Net premiums written $ 8,663 $ 8,364 $ 8,168 4 % 2 % Net premiums written, on constant dollar basis 3 3 Increase in unearned premiums (83) (219) (204) 62 (7) Net premiums earned 8,580 8,145 7,964 5 2 Losses and loss adjustment expenses incurred 4,781 4,463 4,641 7 (4) Acquisition expenses: Amortization of deferred policy acquisition costs 1,088 1,018 943 7 8 Other acquisition expenses 364 342 350 6 (2) Total acquisition expenses 1,452 1,360 1,293 7 5 General operating expenses 1,229 1,095 1,028 12 7 Underwriting income $ 1,118 $ 1,227 $ 1,002 (9) % 22 % Loss ratio 55.7 54.8 58.3 0.9 (3.5) Acquisition ratio 16.9 16.7 16.2 0.2 0.5 General operating expense ratio 14.3 13.4 12.9 0.9 0.5 Expense ratio 31.2 30.1 29.1 1.1 1.0 Combined ratio 86.9 84.9 87.4 2.0 (2.5) Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: Catastrophe losses and reinstatement premiums (2.2) (2.9) (3.9) 0.7 1.0 Prior year development, net of reinsurance and prior year premiums 0.9 1.0 (1.8) (0.1) 2.8 Accident year loss ratio, as adjusted 54.4 52.9 52.6 1.5 0.3 Accident year combined ratio, as adjusted 85.6 83.0 81.7 2.6 1.3 Premiums Years Ended December 31, 2025 and 2024 Comparison Net premiums written, excluding the favorable impact of foreign exchange ($38 million), increased by $261 million, or 3 percent, primarily from Property, Global Specialty and Casualty driven by strength of renewal retentions and new business growth, partially offset by lower production in Financial Lines."},{"id":"e5","sourceId":"filing-3","location":"Proxy, compensation discussion: underwriting performance history","excerpt":"—Achieved fifth consecutive year of underwriting profit and 17 consecutive quarters of a sub-90 percent AYCR, as adjusted"},{"id":"e6","sourceId":"filing-3","location":"Proxy, compensation discussion: named business competitors","excerpt":"Relative TSR Business Competitors comprised of AXA, Chubb, CNA Financial, The Hartford, Markel, Tokio Marine, Travelers and W.R."},{"id":"e7","sourceId":"filing-2","location":"Item 2, Competition: competitive industry","excerpt":"Competition General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types."},{"id":"e8","sourceId":"filing-1","location":"Item 1A, Risk Factors: distributor renegotiation and termination","excerpt":"Distributors have in the past, and may in the future, elect to renegotiate the terms of existing relationships, such that those terms may not remain attractive or acceptable to us, limit the products they sell, including the types of products they offer on our behalf, or otherwise reduce or terminate their distribution relationships with us, with or without cause."},{"id":"e9","sourceId":"filing-4","location":"MD&A, North America Commercial: historical pricing and capacity pressure","excerpt":"While market discipline continues to support price increases across most lines, we are seeing capacity move back into the market in certain segments given pricing levels which is putting pressure on rates."},{"id":"e10","sourceId":"filing-7","location":"Second-quarter release: management commentary on selective pricing","excerpt":"“Our strong quarterly results demonstrate our ability to perform well in the current market, which has transitioned from an extended phase of broad positive pricing into a more selective environment, where profitability and growth are increasingly dependent on line-specific dynamics."},{"id":"e11","sourceId":"filing-7","location":"Supplementary reconciliations: commercial accident-year combined ratios","excerpt":"dollars\n9 \n%\nProperty lines\n2 \nIncrease (decrease) on constant dollar basis, excluding Property lines\n11 \n%\nReconciliations of Accident Year Loss and Accident Year Combined Ratios, as Adjusted\nThree Months Ended June 30,\n2025\n2026\nNorth America Commercial\nCombined ratio\n85.9 \n84.0 \nCatastrophe losses and reinstatement premiums\n(4.7)\n(4.1)\nPrior year development, net of prior year premiums\n5.0 \n6.8 \nAccident year combined ratio, as adjusted\n86.2 \n86.7 \nInternational Commercial\nCombined ratio\n85.9 \n91.3 \nCatastrophe losses and reinstatement premiums\n(1.4)\n(3.9)\nPrior year development, net of prior year premiums\n0.5 \n(0.1)\nAccident year combined ratio, as adjusted\n85.0 \n87.3 \nGlobal Personal\nCombined ratio\n98.5 \n92.9 \nCatastrophe losses and reinstatement premiums\n(2.4)\n(1.7)\nPrior year development, net of prior year premiums"},{"id":"e12","sourceId":"filing-14","location":"Chubb Business: competing capabilities and global presence","excerpt":"Our broad market capabilities in personal, commercial, specialty, and A&H lines made available by our underwriting expertise, business infrastructure, and global presence, help define our competitive advantage."},{"id":"e13","sourceId":"filing-14","location":"Chubb Business: broker distribution","excerpt":"We obtain business from the local and major international insurance brokers and typically pay a commission to brokers for business accepted and bound."},{"id":"e14","sourceId":"filing-15","location":"Travelers Business Insurance: tailored services for complex customers","excerpt":"Within Middle Market, products and services are tailored to certain targeted industry segments of significant size and complexity that require unique underwriting, claims handling services, risk management or other insurance-related products and services."},{"id":"e15","sourceId":"filing-7","location":"Second-quarter release: General Insurance results and underwriting ratios","excerpt":"3\nGENERAL INSURANCE\nThree Months Ended June 30,\n($ in millions)\n2025\n2026\nChange\nGross premiums written\n$\n10,056 \n$\n10,943 \n9 \n%\nNet premiums written\n$\n6,880 \n$\n7,516 \n9 \n%\nNet premiums written, on constant dollar basis\n9 \n%\nUnderwriting income (loss)\n$\n626 \n$\n686 \n10 \n%\nNet investment income\n$\n871 \n$\n871 \n— \n%\nAdjusted pre-tax income(a)\n$\n1,492 \n$\n1,546 \n4 \n%\nUnderwriting ratios:\nGeneral Insurance (GI) CR\n89.3 \n89.0 \n(0.3)\npts\nGI Loss ratio\n58.3 \n58.2 \n(0.1)\nLess: impact on loss ratio\nCatastrophe losses and reinstatement premiums\n(2.9)\n(3.4)\n(0.5)\nPrior year development, net of prior year premiums\n2.0 \n2.5 \n0.5 \nGI Accident year loss ratio, as adjusted\n57.4 \n57.3 \n(0.1)\nGI Expense ratio\n31.0 \n30.8 \n(0.2)\nGI Accident year combined ratio, as adjusted\n88.4 \n88.1 \n(0.3)\npts\n•Second quarter NPW of $7.5 billion increased 9% from the prior year quarter both on a reported basis and a constant dollar basis."},{"id":"e16","sourceId":"filing-7","location":"Second-quarter release: Global Personal improved commission terms","excerpt":"•The combined ratio was 92.9%, improving 560 basis points from 98.5% in the prior year quarter, primarily due to lower AYLR and acquisition ratio reflecting earn-in of improved High Net Worth business commission terms, lower GOE ratio and reduced catastrophe-related charges."},{"id":"e17","sourceId":"filing-2","location":"Item 2, Competition: pricing, risk acceptance and policy terms","excerpt":"Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions."},{"id":"e18","sourceId":"filing-4","location":"MD&A, North America Commercial: nonrenewal of unprofitable business","excerpt":"We continue to proactively identify segment growth areas as market conditions warrant through effective portfolio management, while non-renewing unprofitable business."},{"id":"e19","sourceId":"filing-4","location":"Item 1, Regulation: approval of policy language and rates","excerpt":"(a)approval of policy language and rates;"},{"id":"e20","sourceId":"filing-2","location":"Condensed consolidated cash flows: first-half earnings, cash generation and distributions","excerpt":"Condensed Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, (in millions) 2026 2025 Cash flows from operating activities: Net income $ 1,711 $ 1,842 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Noncash revenues, expenses, gains and losses included in income (loss): Net losses on sales of securities available for sale and other assets 265 453 Net (gain) loss on divestitures and other 133 (53) Gain on extinguishment of debt — (5) Unrealized (gains) losses in earnings - net 112 (805) Equity in (income) loss from equity method investments, net of dividends or distributions (27) 13 Depreciation and other amortization 1,788 1,749 Changes in operating assets and liabilities: Insurance reserves 1,865 754 Premiums and other receivables and payables - net (754) (813) Reinsurance assets, net (876) (598) Capitalization of deferred policy acquisition costs (1,904) (1,688) Current and deferred income taxes - net 247 501 Other, net (689) (15) Total adjustments 160 (507) Net cash provided by operating activities 1,871 1,335 Cash flows from investing activities: Proceeds from (payments for) Sales or distributions of: Available for sale securities 6,241 7,387 Other securities 895 86 Other invested assets 1,430 1,342 Maturities of fixed maturity securities available for sale 5,557 4,101 Principal payments received on and sales of mortgage and other loans receivable 317 660 Purchases of: Available for sale securities (12,901) (13,300) Other securities (711) (76) Other invested assets (2,473) (718) Mortgage and other loans receivable (61) (202) Net change in short-term investments 2,057 4,449 Other, net (270) (414) Net cash provided by investing activities 81 3,315 Cash flows from financing activities: Proceeds from (payments for) Issuance of long-term debt — 1,241 Repayments of long-term debt (15) (1,087) Purchase of common stock (1,153) (4,007) Dividends on common stock (504) (488) Other, net (47) 129 Net cash used in financing activities (1,719) (4,212) Effect of exchange rate changes on cash and restricted cash (13) 31 Net increase in cash and restricted cash 220 469 Cash and restricted cash at beginning of year 1,345 1,372 Cash and restricted cash at end of period $ 1,565 $ 1,841 6 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS American International Group, Inc."},{"id":"e21","sourceId":"filing-1","location":"Schedule II: parent-only cash flows","excerpt":"178 AIG | 2025 Form 10-K TABLE OF CONTENTS Condensed Financial Information of Registrant (Continued) Statements of Cash Flows – Parent Company Only Schedule II Years Ended December 31, (in millions) 2025 2024 2023 Net cash provided by (used in) operating activities $ 2,083 $ 3,367 $ 4,309 Cash flows from investing activities: Sales and maturities of investments 2,924 6,018 3,367 Purchase of investments (1,303) (353) (2,070) Net change in short-term investments 2,568 (523) (4,393) Contributions from (to) subsidiaries - net 312 (12) (47) Loans to subsidiaries - net (239) — 84 Other, net 28 278 1,025 Net cash provided by (used in) investing activities 4,290 5,408 (2,034) Cash flows from financing activities: Issuance of long-term debt 1,241 660 742 Repayments of long-term debt (852) (2,047) (2,037) Redemption of preferred stock — (485) — Dividends on preferred stock and preferred stock redemption premiums — (22) (29) Cash dividends paid on common stock (976) (1,002) (997) Loans from subsidiaries - net — — (97) Purchase of common stock (5,836) (6,652) (2,961) Other, net 54 822 3,108 Net cash provided by (used in) financing activities (6,369) (8,726) (2,271) Change in cash and restricted cash 4 49 4 Cash and restricted cash at beginning of year 59 10 6 Cash and restricted cash at end of year $ 63 $ 59 $ 10 Supplementary disclosure of cash flow information: Years Ended December 31, (in millions) 2025 2024 2023 Cash $ 8 $ 4 $ 10 Restricted cash included in Short-term investments 55 55 — Total cash and restricted cash shown in Statements of Cash Flows – Parent Company Only $ 63 $ 59 $ 10 Cash (paid) received during the period for: Interest: Third party $ (382) $ (611) $ (455) Intercompany 2 1 (3) Taxes: Income tax authorities 178 (231) (109) Intercompany 627 248 399 Intercompany non-cash financing and investing activities: Capital contributions 312 371 861 Dividends received in the form of securities — — 314 See accompanying Notes to Condensed Financial Information of Registrant."},{"id":"e22","sourceId":"filing-2","location":"Liquidity and Capital Resources: parent liquidity sources","excerpt":"68 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 2 | Liquidity and Capital Resources LIQUIDITY AND CAPITAL RESOURCES OF AIG PARENT AND SUBSIDIARIES AIG Parent As of June 30, 2026 and December 31, 2025, respectively, AIG Parent had approximately $7.4 billion and $9.3 billion in liquidity sources held in the form of cash, short-term investments and AIG Parent's committed, revolving syndicated credit facility of $3.0 billion."},{"id":"e23","sourceId":"filing-2","location":"Note 13, Equity: outstanding-share rollforward","excerpt":"Equity SHARES OUTSTANDING Common Stock The following table presents a rollforward of outstanding shares: Six Months Ended June 30, 2026 Common Stock Issued Treasury Stock Common Stock Outstanding (in millions) Shares, beginning of year 1,906.7 (1,368.5) 538.2 Shares issued — 1.7 1.7 Shares repurchased — (15.2) (15.2) Shares, end of period 1,906.7 (1,382.0) 524.7 Dividends Dividends are payable on AIG common stock, par value $2.50 per share (AIG Common Stock) only when, as and if declared by our Board of Directors (the Board) in its discretion, from funds legally available for this purpose."},{"id":"e24","sourceId":"filing-1","location":"Note 19: share-based compensation and accelerated recognition","excerpt":"Share-based compensation expense - pre-tax(a)\n207 \n211 \n199 \nShare-based compensation expense - after tax(b)\n167 \n157 \n(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."},{"id":"e25","sourceId":"filing-3","location":"Proxy, compensation framework: at-risk target compensation and clawbacks","excerpt":"At Risk\nAt least 81 percent of each named executive’s annual target direct compensation is at risk based on performance and subject to our clawback policies."},{"id":"e26","sourceId":"filing-3","location":"Proxy, compensation framework: actual 2025 long-term award mix","excerpt":"With respect to 2025 compensation, at least one-third of each named executive’s annual target direct compensation was delivered in LTI, of which at least 75 percent is in the form of performance-based awards (PSUs and stock options) that reward long-term value creation and performance achievements, and stock price appreciation relative to our trading price at the time of grant."},{"id":"e27","sourceId":"filing-3","location":"Proxy, termination arrangements: retirement-related equity acceleration eligibility","excerpt":"Zaffino’s employment due to his retirement or his involuntary termination without Cause after he becomes eligible to retire, subject to his execution of a release of claims and agreement to abide by specified restrictive covenants, he is eligible to receive: nPro Rata Bonus nEquity Acceleration Restrictive Covenants Mr."},{"id":"e28","sourceId":"filing-3","location":"Proxy, Board Committees: committee independence","excerpt":"Each of these committees is composed exclusively of independent directors."},{"id":"e29","sourceId":"filing-3","location":"Proxy, shareholder engagement: completed engagements","excerpt":"As a result, we met with shareholders representing approximately 50 percent of the Company’s outstanding common stock across more than 35 engagements."},{"id":"e30","sourceId":"filing-3","location":"Proxy, shareholder engagement: disclosure changes","excerpt":"As part of our regular assessment of year-on-year improvements to our compensation program design and disclosure, which also takes into account shareholder feedback, we have expanded this year’s disclosure to include more detailed information on a number of topics, including: nour shareholder engagement program, shareholder feedback received and associated responsiveness actions taken; nour performance metrics, including a description of each performance metric, why we use it and how it is evaluated in each of the STI and LTI plans; nour goal-setting process, the rigor of our performance goals and our forward-looking goals for relative Total Shareholder Return metrics; AIG 2026 PROXY STATEMENT 41 nhow our STI and LTI payouts are calculated; and nour use of peer groups."},{"id":"e31","sourceId":"filing-12","location":"May 2026 annual meeting: compensation voting results","excerpt":"Wittman\n464,601,110\n509,736\n267,706\n27,587,076\nPeter Zaffino\n453,589,684\n11,532,819\n256,049\n27,587,076\n \nProposal 2 – Advisory Vote to Approve Named Executive Officer Compensation: The voting results were as follows:\nFor\nAgainst\nAbstain\nBroker Non-Votes\n359,800,583\n104,658,356\n919,613\n27,587,076\nProposal 3 – Ratify Appointment of PricewaterhouseCoopers LLP to Serve as AIG’s Independent Auditor for 2026: The voting results were as follows:\nFor\nAgainst\nAbstain\nBroker Non-Votes\n463,063,134\n29,719,774\n182,720\n—\n Section 9 - Financial Statements and Exhibits"},{"id":"e32","sourceId":"filing-13","location":"December 2025 bylaws: shareholder-meeting and nomination provisions","excerpt":"Among other items, the amendments: (i) provide that, in addition to the Chair, the whole Board may adopt rules of conduct for shareholder meetings and determine whether proper shareholder notice of a proposed matter to be brought before a meeting has been given; (ii) provide the Board with sole discretion to determine the number of directors on the Board; (iii) provide that only registered stockholders may bring matters before a shareholder meeting; (iv) revise disclosure requirements applicable to shareholder requests to call special meetings and fix record dates for written consents, shareholder notices of a director nominee and director nominees; (v) provide that a shareholder request to call a special meeting will not be honored in certain limited situations, including if: (a) the request is for an improper purpose, (b) the request is submitted in close proximity to an upcoming annual meeting or (c) the request’s purpose is substantially similar to a recent item; (vi) provide that additional time to file a shareholder notice of a director nominee if the number of directors to be elected at an annual meeting is increased by virtue of an increase in the Board’s size will not be provided if the increase in the Board’s size is related to an agreement or understanding between the Company and a third party; and (vii) provide that an election of directors will be considered contested if, as of 21 days prior to the filing of the related definitive proxy statement, the number of director nominees exceeds the number of directors to be elected."},{"id":"e33","sourceId":"filing-11","location":"September 2026 leadership transition: lead independent director becoming Chair","excerpt":"On the Transition Date, Mr. Zaffino will become a Senior Advisor to the CEO of the Company, and John Rice, the Company’s Lead Independent Director, will become Chair of the Board."},{"id":"e34","sourceId":"filing-10","location":"September 2026 announcement: General Insurance CEO retirement effective December 31","excerpt":"(“AIG”) announced that Jon Hancock, Executive Vice President and Chief Executive Officer, General Insurance, will retire and transition to the role of Senior Advisor, effective December 31, 2026, following more than six years in executive leadership roles at AIG and a distinguished, 40-year career in the insurance industry."},{"id":"e35","sourceId":"filing-1","location":"Note 18: domestic statutory capital requirement basis","excerpt":"For domestic insurance subsidiaries, aggregate minimum required statutory capital and surplus is based on the greater of the Risk-Based Capital (RBC) level that would trigger regulatory action or minimum requirements per state insurance regulation."},{"id":"e36","sourceId":"filing-1","location":"Note 18: subsidiary capital and RBC minimum compliance","excerpt":"At both December 31, 2025 and 2024, all domestic and foreign insurance subsidiaries individually exceeded the minimum required statutory capital and surplus requirements and all domestic insurance subsidiaries individually exceeded RBC minimum required levels."},{"id":"e37","sourceId":"filing-1","location":"Item 1, Regulation: EU Solvency II framework","excerpt":"Solvency II governs the insurance industry’s solvency framework for the EU, including minimum capital and solvency requirements, governance requirements, risk management and public reporting standards applicable to AIG’s subsidiaries operating in the EU."},{"id":"e38","sourceId":"filing-1","location":"Note 18: differing foreign capital requirements","excerpt":"Capital and surplus requirements of our foreign subsidiaries differ from those prescribed in the U.S., and can vary significantly by jurisdiction."},{"id":"e39","sourceId":"filing-2","location":"Liquidity and Capital Resources: available revolving facility","excerpt":"As of June 30, 2026, a total of $3.0 billion remained available under the Facility."},{"id":"e40","sourceId":"filing-2","location":"Liquidity and Capital Resources: credit-facility conditions","excerpt":"Our ability to utilize the Facility is conditioned on the satisfaction of certain legal, operating, administrative and financial covenants and other requirements contained in the Facility."},{"id":"e41","sourceId":"filing-1","location":"Note 18: subsidiary dividend restrictions","excerpt":"SUBSIDIARY DIVIDEND RESTRICTIONS\nPayments of dividends to us by our insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities."},{"id":"e42","sourceId":"filing-2","location":"Note 11: reserve rollforward and reinsurance recoverables","excerpt":"The following table presents the rollforward of activity in loss reserves: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Liability for unpaid loss and loss adjustment expenses, beginning of period $ 69,963 $ 68,896 $ 70,666 $ 69,168 Reinsurance recoverable (28,198) (27,799) (28,871) (29,026) Net Liability for unpaid loss and loss adjustment expenses, beginning of period 41,765 41,097 41,795 40,142 Losses and loss adjustment expenses incurred: Current year 3,779 3,523 7,440 7,332 Prior years, excluding discount and amortization of deferred gain (246) 25 (372) (8) Prior years, discount charge (benefit) 43 45 18 85 Prior years, amortization of deferred gain on retroactive reinsurance(a) 8 (100) (27) (122) Total losses and loss adjustment expenses incurred 3,584 3,493 7,059 7,287 Losses and loss adjustment expenses paid: Current year (885) (1,023) (1,365) (1,452) Prior years (2,396) (2,569) (5,249) (5,530) Total losses and loss adjustment expenses paid (3,281) (3,592) (6,614) (6,982) Other changes: Foreign exchange effect (26) 895 (220) 1,379 Losses and loss adjustment expenses recognized within net (gain) loss on divestitures (5) 15 (1) 47 Retroactive reinsurance adjustment (net of discount)(b) 98 (20) 116 15 Other, net of reinsurance recoverables(c) (141) — (141) — Total other changes (74) 890 (246) 1,441 32 AIG | Second Quarter 2026 Form 10-Q TABLE OF CONTENTS ITEM 1 | Notes to Condensed Consolidated Financial Statements (unaudited) | 11."},{"id":"e43","sourceId":"filing-1","location":"Insurance Reserves: UK/Europe adverse development","excerpt":"Financial Lines (65) (43) 37 U.S. Property and Special Risks (124) 8 (7) Other Product Lines (148) (63) (65) Total North America Commercial $ (432) $ (156) $ (407) International Commercial: UK/Europe Casualty and Financial Lines $ 216 $ 170 $ 165 UK/Europe Property and Special Risks (19) (35) 81 Other Product Lines (273) (234) (98) Total International Commercial $ (76) $ (99) $ 148 60 AIG | 2025 Form 10-K TABLE OF CONTENTS ITEM 7 | Insurance Reserves Years Ended December 31, (in millions) 2025 2024 2023 Global Personal: U.S."},{"id":"e44","sourceId":"filing-2","location":"Note 11: policyholder deductible recoverables","excerpt":"Our gross loss reserves before reinsurance and discount are net of contractual deductible recoverable amounts due from policyholders of approximately $16.1 billion and $13.8 billion at June 30, 2026 and December 31, 2025, respectively."},{"id":"e45","sourceId":"filing-2","location":"Note 11: collateral for deductible recoverables","excerpt":"At June 30, 2026 and December 31, 2025 we held collateral of approximately $10.2 billion and $9.6 billion, respectively, for these deductible recoverable amounts, consisting primarily of letters of credit and funded trust agreements."},{"id":"e46","sourceId":"filing-2","location":"Investments: liability-duration and cash-flow matching strategy","excerpt":"•Our fundamental strategy across the portfolios is to seek investments with similar duration and cash flow characteristics to the associated insurance liabilities to the extent practicable."},{"id":"e47","sourceId":"filing-2","location":"Investments: investment-grade reserve backing","excerpt":"–Insurance reserves are backed mainly by investment grade fixed maturity securities that meet our duration, currency, risk-return, capital, tax, liquidity, credit quality and diversification objectives."},{"id":"e48","sourceId":"filing-2","location":"Note 4: private-equity fund illiquidity","excerpt":"Private equity fund investments included above are not redeemable, because distributions from the funds will be received when underlying investments of the funds are liquidated."},{"id":"e49","sourceId":"filing-2","location":"Note 4: alternative-investment and Corebridge fair-value results","excerpt":"Fair Value Measurements FAIR VALUE OPTION The following table presents the gains or losses recorded related to the eligible instruments for which we elected the fair value option: Gain (Loss) Three Months Ended June 30, Gain (Loss) Six Months Ended June 30, (in millions) 2026 2025 2026 2025 Other bond securities(a) $ 13 $ 16 $ 10 $ 27 Alternative investments(b) (80) 63 (88) 87 Retained investment in Corebridge(c) — 455 (154) 664 Total gain (loss) $ (67) $ 534 $ (232) $ 778 (a)Includes certain securities supporting the funds withheld arrangements with Fortitude Re."},{"id":"e50","sourceId":"filing-1","location":"Consolidated income statements: earnings, investment losses and interest expense","excerpt":"Consolidated Statements of Income (Loss) Years Ended December 31, (dollars in millions, except per common share data) 2025 2024 2023 Revenues: Premiums $ 23,751 $ 23,537 $ 25,564 Net investment income: Net investment income - excluding Fortitude Re funds withheld assets 4,066 4,111 3,266 Net investment income - Fortitude Re funds withheld assets 149 144 180 Total net investment income 4,215 4,255 3,446 Net realized losses: Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative (966) (434) (734) Net realized losses on Fortitude Re funds withheld assets (70) (39) (71) Net realized losses on Fortitude Re funds withheld embedded derivative (166) (75) (273) Total net realized losses (1,202) (548) (1,078) Other income 11 7 6 Total revenues 26,775 27,251 27,938 Benefits, losses and expenses: Losses and loss adjustment expenses incurred 14,162 14,567 15,393 Amortization of deferred policy acquisition costs 3,371 3,425 3,771 General operating and other expenses 5,053 5,529 5,399 Interest expense 396 462 516 (Gain) loss on extinguishment of debt (5) 14 (37) Net (gain) loss on divestitures and other (81) (616) 29 Total benefits, losses and expenses 22,896 23,381 25,071 Income from continuing operations before income tax expense 3,879 3,870 2,867 Income tax expense (benefit): Current 905 657 176 Deferred (123) 513 (50) Income tax expense 782 1,170 126 Income from continuing operations 3,097 2,700 2,741 Income (loss) from discontinued operations, net of income taxes — (3,626) 1,137 Net income (loss) 3,097 (926) 3,878 Less: Net income attributable to noncontrolling interests 1 478 235 Net income (loss) attributable to AIG 3,096 (1,404) 3,643 Less: Dividends on preferred stock and preferred stock redemption premiums — 22 29 Net income (loss) attributable to AIG common shareholders $ 3,096 $ (1,426) $ 3,614 Income per common share attributable to AIG common shareholders: Basic: Income from continuing operations $ 5.48 $ 4.11 $ 3.77 Income (loss) from discontinued operations $ — $ (6.30) $ 1.25 Net income (loss) attributable to AIG common shareholders $ 5.48 $ (2.19) $ 5.02 Diluted: Income from continuing operations $ 5.43 $ 4.07 $ 3.74 Income (loss) from discontinued operations $ — $ (6.24) $ 1.24 Net income (loss) attributable to AIG common shareholders $ 5.43 $ (2.17) $ 4.98 Weighted average shares outstanding: Basic 565,078,072 651,448,307 719,506,291 Diluted 570,349,988 657,283,160 725,233,068 See accompanying Notes to Consolidated Financial Statements."},{"id":"e51","sourceId":"filing-7","location":"Second-quarter financial summary: earnings and returns","excerpt":"1 \nFINANCIAL SUMMARY\nThree Months Ended\nJune 30,\n($ and shares in millions, except per share amounts)\n2025\n2026\nNet income attributable to AIG common shareholders\n$\n1,144 \n$\n948 \nNet income per diluted share attributable to AIG common shareholders\n$\n1.98 \n$\n1.78 \nNet investment income\n$\n1,466 \n$\n1,127 \nNet investment income, APTI basis\n955 \n908 \nAdjusted pre-tax income (loss)\n$\n1,391 \n$\n1,404 \nGeneral Insurance\n1,492 \n1,546 \nOther Operations\n(101)\n(142)\nAdjusted after-tax income attributable to AIG common shareholders\n$\n1,044 \n$\n1,069 \nAdjusted after-tax income per diluted share attributable to AIG common shareholders\n$\n1.81 \n$\n2.00 \nWeighted average common shares outstanding - diluted\n577.9 \n533.5 \nReturn on equity\n11.0 \n%\n9.4 \n%\nAdjusted return on equity\n9.7 \n%\n10.2 \n%\nCore operating return on equity\n11.7 \n%\n11.1 \n%\nBook value per share\n$\n74.14 \n$\n77.39 \nAdjusted book value per share\n$\n76.62 \n$\n79.98 \nAdjusted tangible book value per share\n$\n69.81 \n$\n72.18 \nCore operating book value per share\n$\n63.71 \n$\n74.43 \nCommon shares outstanding (in millions)\n559.8 \n524.7 \nFor the second quarter of 2026, Net income attributable to AIG common shareholders was $948 million, or $1.78 per diluted common share, compared to net income of $1.1 billion, or $1.98 per diluted common share, in the prior year quarter."},{"id":"e52","sourceId":"filing-3","location":"Proxy, 2025 highlights: GAAP and core operating ROE","excerpt":"nAchieved Return on equity of 7.5 percent and Core Operating return on equity* of 11.1 percent."},{"id":"e53","sourceId":"filing-7","location":"Non-GAAP definitions: core operating equity exclusions","excerpt":"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."},{"id":"e54","sourceId":"filing-7","location":"Non-GAAP definitions: core operating ROE numerator and interim annualization","excerpt":"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."},{"id":"e55","sourceId":"filing-2","location":"Note 1: sale of remaining Corebridge interest","excerpt":"On May 7, 2026, we sold 25.5 million shares of Corebridge common stock, representing our remaining interest in Corebridge, at a per share purchase price of $27.90."},{"id":"e56","sourceId":"filing-2","location":"Note 1: proceeds from final Corebridge sale","excerpt":"The aggregate proceeds to AIG Parent were approximately $710 million."},{"id":"e57","sourceId":"filing-8","location":"First-quarter release: February 2026 completion of Convex and Onex investments","excerpt":"■On February 6, AIG completed the acquisition of a 35% equity interest in Convex Group Limited and a 9.9% ownership stake in its majority shareholder Onex Corporation"},{"id":"e58","sourceId":"filing-3","location":"Proxy, strategic transactions: CVC investment commitment","excerpt":"nEstablished strategic relationship with CVC to form large-scale separately managed accounts (SMAs) across CVC’s credit strategies and the launch of CVC’s private equity secondaries evergreen platform with AIG as a cornerstone investor, contributing up to $1.5 billion from our existing private equity portfolio."},{"id":"e59","sourceId":"filing-9","location":"Full-year release: deconsolidation effects and real-estate impairments","excerpt":"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."},{"id":"e60","sourceId":"filing-2","location":"Note 4: alternative-investment values and unfunded commitments","excerpt":"June 30, 2026 December 31, 2025 (in millions) Investment Category Includes Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments Fair Value Using NAV Per Share (or its equivalent) Unfunded Commitments Investment Category* Private equity funds: Leveraged buyout Debt and/or equity investments made as part of a transaction in which assets of mature companies are acquired from the current shareholders, typically with the use of financial leverage $ 991 $ 435 $ 1,184 $ 527 Real assets Investments in real estate properties, agricultural and infrastructure assets, including power plants and other energy producing assets 410 74 516 81 Growth equity Funds that make investments in established companies for the purpose of growing their businesses 31 13 172 11 Private equity secondaries Investments in a pool of diversified funds across sectors and vintage years 303 74 71 98 Other Includes multi-strategy funds, co-investments and credit funds in opportunistic and distressed strategies 1,022 481 1,147 549 Total private equity funds 2,757 1,077 3,090 1,266 Hedge funds Funds that pool money from accredited investors and seek returns by investing in a wide variety of strategies aimed at generating returns independent of overall market direction 134 — 174 — Total $ 2,891 $ 1,077 $ 3,264 $ 1,266 *In the second quarter of 2026, AIG revised the list of investment categories."},{"id":"e61","sourceId":"filing-11","location":"September 2026 employment amendment: unchanged compensation on transition","excerpt":"Zaffino’s compensation pursuant to the Agreement or constitute a termination without Cause or for Good Reason for purposes of Sections 7(d) or 7(e) of the Agreement."},{"id":"e62","sourceId":"filing-3","location":"Proxy, reconciliation: Corebridge consolidation end date","excerpt":"Corebridge was consolidated until June 9, 2024."}],"changes":["The uncertain moat verdict is unchanged; all four moat criteria remain null because relative structural advantage and durability are unestablished.","Named competitor coverage is now explicit: AIG identifies Chubb and Travelers as business competitors, and their supplied disclosures establish overlapping capabilities. This does not establish comprehensive peer comparisons.","Governance now incorporates the May 2026 compensation vote, December 2025 shareholder-procedure amendments and September 2026 Chair transition. The announced General Insurance leadership retirement adds transition uncertainty without proving execution failure.","Prior grades are retained only where current catalog passages support them. Unsupported prior references to real-estate impairment details, pricing outcomes or return measures are replaced with exact current citations.","The February 6, 2026 acquisition completion disclosure governs transaction timing; the proxy's presentation of completed investments within its 2025 discussion is not treated as proof of 2025 closing."],"limitations":["All supplied evidence consists of issuer filings and issuer earnings releases, including competitor filings. Leadership and differentiation claims are assertions; reported operating results provide stronger evidence of achievements.","The catalog lacks comparable-risk AIG renewal-rate series, quantified customer retention, customer switching costs and matched peer underwriting returns. Strong underwriting margins alone do not establish a moat.","Chubb and Travelers have explicitly supported overlapping capabilities, but the catalog does not establish comprehensive competitive coverage or prove that their capabilities are equivalent in every market. AIG's coverage through partners in over 200 jurisdictions is not comparable to Chubb's directly reported operating-country count.","Current capital evidence establishes December 2025 regulatory compliance, not numerical RBC or Solvency II buffers or June 2026 subsidiary solvency ratios. Different jurisdictional capital requirements are not interchangeable.","Financial grades use sources filed in 2026, within 550 days of October 19, 2026. Older filings support historical pricing context only; all source dates retain their supplied filed dateKind.","Executive compensation arrangements are disclosed, but actual executive ownership, complete realized pay-performance outcomes and the effectiveness of clawback enforcement are absent.","Acquisition returns and AI-related competitive benefits remain insufficiently demonstrated. Corebridge deconsolidation and changes in reporting scope limit historical earnings comparisons."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Global coverage and expertise are established capabilities, but their relative scarcity and replication barriers are not demonstrated. Chubb and Travelers disclose overlapping capabilities.","evidenceIds":["e1","e2","e12","e14"]},{"criterion":"durability","grade":null,"rationale":"Five underwriting-profit years support continuity, without establishing persistence of an advantage over peers through insurance cycles.","evidenceIds":["e5","e9","e10"]},{"criterion":"customer_dependency","grade":null,"rationale":"Renewal retention supports repeat demand, but the passages do not establish customer dependence, costly switching or indispensable coverage.","evidenceIds":["e4","e8"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Aggregate underwriting improvement coexists with commercial deterioration and selective pricing. This cannot establish resilience of an unidentified structural moat.","evidenceIds":["e10","e11","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Historical operating commentary reports price increases across most lines alongside capacity-driven rate pressure. August 2026 commentary describes selective pricing. These support mixed observed conditions, without an AIG-specific current rate series or demonstrated premium over peers.","evidenceIds":["e9","e10"]},{"criterion":"retention","grade":2,"rationale":"International Commercial attributed 2025 constant-currency premium growth partly to renewal retention. This qualitative operating evidence establishes repeat demand indirectly, without retention percentages or proof customers accepted higher comparable-risk prices.","evidenceIds":["e4"]},{"criterion":"margin_resilience","grade":2,"rationale":"Five profitable underwriting years and second-quarter aggregate improvement demonstrate resilience. Commercial adjusted ratios worsened while Global Personal benefited from commission terms. Reserve development, catastrophes and mix prevent attributing results solely to pricing.","evidenceIds":["e5","e11","e15","e16"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Risk acceptance, prices and policy terms are competitive variables; historical nonrenewals and improved commission terms demonstrate some exercised discretion. Applicable rate and policy-language approvals constrain that freedom, and renegotiation scope is unquantified.","evidenceIds":["e16","e17","e18","e19"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 distributions of $1.657 billion were below $1.711 billion net income and $1.871 billion operating cash flow. Share reductions and completed Corebridge monetization show active management. Larger 2025 parent distributions exceeded parent operating cash generation, liquidity sources declined and acquisition returns remain immature.","evidenceIds":["e20","e21","e22","e23","e55","e56","e57"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Adopted arrangements include substantial performance-dependent target compensation, clawbacks and an actual 2025 long-term award mix. Retirement acceleration eligibility, early compensation recognition and unchanged compensation on the September advisory transition temper alignment. Actual ownership and complete realized pay-performance outcomes are missing.","evidenceIds":["e24","e25","e26","e27","e61"]},{"criterion":"execution","grade":3,"rationale":"Five underwriting-profit years, continued 2026 profitability, improved commission economics and completion of the Corebridge exit demonstrate strong execution, assessed partly indirectly from operating results. Commercial deterioration and the announced leadership retirement limit confidence in persistence.","evidenceIds":["e5","e11","e15","e16","e34","e55","e56"]},{"criterion":"governance","grade":2,"rationale":"Independent committees, completed shareholder engagement, responsive disclosure changes and the independent Chair transition support functioning oversight. More than 104 million votes opposed compensation in May 2026, and bylaws impose additional shareholder procedural restrictions. Oversight effectiveness remains mixed.","evidenceIds":["e28","e29","e30","e31","e32","e33"]}]}],"financialAssessments":[{"category":"financial_strength","checks":[{"criterion":"capital_adequacy","grade":2,"rationale":"All insurance subsidiaries individually exceeded applicable statutory minimums at December 31, 2025; domestic subsidiaries also exceeded RBC minimum levels. The domestic minimum is the greater of the RBC level triggering regulatory action or state minimum requirements. Foreign regimes differ, including EU Solvency II. Numerical ratios, exact ratio denominators and buffers are absent, so substantial headroom or June 2026 solvency cannot be established.","evidenceIds":["e35","e36","e37","e38"]},{"criterion":"liquidity_funding","grade":3,"rationale":"June 2026 parent liquidity sources were $7.4 billion, including the fully available $3.0 billion revolving facility, alongside $1.871 billion first-half consolidated operating cash flow. These demonstrate substantial available funding. Sources declined from year-end, facility access is conditional and subsidiary distributions are restricted; stress sufficiency is unquantified.","evidenceIds":["e20","e22","e39","e40","e41"]},{"criterion":"asset_liability_risk","grade":2,"rationale":"Favorable first-half reserve development and mainly investment-grade reserve backing support risk management. Persistent UK/Europe adverse development, substantial reinsurance recoverables, $16.1 billion deductible recoverables against $10.2 billion collateral, illiquid funds and alternative-investment losses provide counterweights. Matching is a strategy rather than a quantified achieved mismatch limit; counterparty recoverability coverage is incomplete.","evidenceIds":["e42","e43","e44","e45","e46","e47","e48","e49"]},{"criterion":"earnings_resilience","grade":2,"rationale":"Continuing operations remained profitable in 2023–2025, and first-half 2026 net income was $1.711 billion. Sustained underwriting profits support resilience, but the 2024 consolidated loss, investment losses and second-quarter 2026 earnings decline demonstrate variability. Corebridge deconsolidation materially affects comparability.","evidenceIds":["e5","e20","e50","e51","e59","e62"]}]},{"category":"capital_allocation","checks":[{"criterion":"capital_efficiency","grade":2,"rationale":"2025 GAAP ROE was 7.5 percent versus 11.1 percent core operating ROE; second-quarter 2026 figures were 9.4 percent and 11.1 percent. Interim returns are annualized. Core operating ROE uses adjusted earnings and excludes specified equity components, so the measures are not interchangeable. Productive capital use is demonstrated without durable superior economic returns.","evidenceIds":["e51","e52","e53","e54"]},{"criterion":"distributions_and_buffers","grade":2,"rationale":"First-half 2026 dividends and repurchases totaled $1.657 billion against $1.711 billion net income and $1.871 billion operating cash flow. Year-end subsidiaries exceeded minimum capital requirements, but buffers remain unquantified and parent liquidity sources declined. Larger 2025 distributions drew on broader investing and financing flows as well as parent operating cash generation.","evidenceIds":["e20","e21","e22","e36","e41"]},{"criterion":"dilution_and_cost","grade":3,"rationale":"Outstanding shares fell from 538.2 million to 524.7 million in first-half 2026 despite 1.7 million shares issued. Reported 2025 share-based compensation expense was $207 million, and annual interest expense declined across 2023–2025. First-half 2026 cash interest was slightly higher than a year earlier. Net dilution control is strong, without proof repurchases created valuation gains.","evidenceIds":["e20","e23","e24","e50"]},{"criterion":"investment_discipline","grade":2,"rationale":"Completed Corebridge monetization and a liability-aware investment framework support discipline. Convex and Onex investments completed in February 2026, CVC commitments and illiquid fund allocations lack mature demonstrated returns. First-half alternative-investment losses and 2025 real-estate impairments are realized counterweights to strategic claims.","evidenceIds":["e46","e48","e49","e55","e56","e57","e58","e59","e60"]}]}],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","financialAssessmentPolicy":"financial-industry-1","financialSector":"insurance","basisHash":"b77df1e18731a4a28ab0105436efb8a67985a8b8deaeb23681a3e08bfd5c464e","updatedAt":"2026-10-19T20:45:36.747Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000023/aig-20251231.htm","publishedAt":"2026-02-12","sha256":"a621dc728a5b95859900136dfe453e0e150026756b7357421b0e4565c4d9989b","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000076/aig-20260630.htm","publishedAt":"2026-08-07","sha256":"2ea5bcc4cd63f06117fcf23c5443aabea4c43e3ada1e7ca2da2d68fa485a14d2","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000039/aig-20260331.htm","publishedAt":"2026-03-31","sha256":"478901068cba499b98ffb72eb0d26b4f9dd05eb62d5e450954a03e3c89842a4c","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527225000012/aig-20241231.htm","publishedAt":"2025-02-13","sha256":"1765913e7d8c99ba2dc2d70a3b7e8c916d0be4ba0998381fa4530a1caaf68aaa","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527224000023/aig-20231231.htm","publishedAt":"2024-02-14","sha256":"9a8b31e99d1c1fc2b47f0946ffceed9ec0f00cdd455670a67ad2b911178e3846","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000052/aig-20260331.htm","publishedAt":"2026-05-01","sha256":"e982d7e45b213a8aa30ede712255fb1f290488d424ae142f10878916e3c64483","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000072/q22026earningsrelease.htm","publishedAt":"2026-08-06","sha256":"b999cb2a7776803af7c50c869ae90daf56c7f97ef322a5ac761680109425b9cf","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000048/q12026earningsrelease.htm","publishedAt":"2026-04-30","sha256":"71669cfe46c5e83492130d189fb4057a2fbd942da1f66cd487f254e5a8fcb347","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000014/q42025earningsrelease.htm","publishedAt":"2026-02-10","sha256":"592c61819aa309e5a10760cd504f938bbe9c07eb7aa892164b0dd05200c02f95","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000091/aig-20260916.htm","publishedAt":"2026-09-16","sha256":"bb34af11f057792be4d88e3b08123e911547c029d913f5fc5dad4ba2d1aba212","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000088/aig-20260901.htm","publishedAt":"2026-09-02","sha256":"094959cba9b379f351cb5991a97238a3b68bfddcc2caafa7f0f688c2a4779c8e","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-12","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527226000066/aig-20260513.htm","publishedAt":"2026-05-14","sha256":"efdd9b16b38ea4386bae615a0bca0a4d44eb5e2be312437dc102686138a88711","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-13","url":"https://www.sec.gov/Archives/edgar/data/5272/000000527225000172/aig-20251210.htm","publishedAt":"2025-12-15","sha256":"2c096c5b66755b26b48a7809770b457b5aaa33514e3f8a1fd58fdbc7f45251d3","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-14","url":"https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-20251231.htm","publishedAt":"2026-02-27","sha256":"f668cb1fea1fe50d99041d87530387c41af8871963b169838c376319630638a6","citationPolicy":"numeric-lines-1","dateKind":"filed","label":"Chubb Ltd annual report: competitor disclosure for comparison only. 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period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":7.082233286673636,"sbc_revenue":null},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","interest_coverage":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","current_ratio":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":null,"roic":null,"fcf_margin":12.826374941241827,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","ev_ebitda":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roce":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roiic":"Not applicable to banks and insurers: these ratios use an industrial-company capital model.","roic_wacc":"Not applicable to banks and insurers: these ratios 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