AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 31/10/2026
Moat44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · AIG's operations, licenses and network partners establish broad service capability, while profitable underwriting supports commercial usefulness. However, intended differentiation remains largely asserted, and Chubb describes overlapping expertise and infrastructure. The evidence is mixed on relative structural advantage and does not establish a durable moat.
durability · 2/4 · Profitable underwriting in 2024, 2025 and second-quarter 2026 demonstrates persistence across the supplied periods. Actual rate pressure and competing global capabilities limit the durability argument. This record supports mixed evidence of enduring advantage, without a demonstrated long-term barrier to replication.
customer dependency · 1/4 · Historical North America Commercial commentary reports strong retention, supporting repeat demand. It does not identify switching costs, exclusive distribution or operational dependence on AIG. Broad geographic service capability can attract clients, but the disclosed competitive alternatives leave customer dependence weakly established.
erosion resilience · 2/4 · Aggregate second-quarter underwriting profitability improved despite catastrophe charges, demonstrating some operating resilience. International Commercial deterioration explicitly reflects rate pressure, while North America also reports pricing pressure. Reserve development, expenses and business mix affect the results, preventing attribution of resilience solely to competitive protection.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Historical disclosures describe price increases alongside returning capacity. Current North America and International Commercial results explicitly identify realized rate pressure. These observations support mixed pricing outcomes; premium growth also incorporates volume, mix and strategic transactions and is not treated as a measure of price realization.
retention · 2/4 · North America Commercial's historical report of strong retention supports demonstrated repeat demand, although it is qualitative and relates to 2024. Selective nonrenewal also affects the retained portfolio. Current premium growth does not independently establish renewal retention or acceptance of higher comparable-risk prices.
margin resilience · 2/4 · General Insurance remained profitable across 2024–2025 and improved its aggregate second-quarter 2026 combined ratio. International Commercial nevertheless deteriorated under pricing and catastrophe pressure. Adjusted accident-year ratios exclude catastrophes and prior-year development, so aggregate profitability supplies mixed evidence of pricing-related margin resilience.
contractual freedom · 2/4 · Disclosed nonrenewals demonstrate exercised discretion over business acceptance, and pricing and terms are explicit competitive variables. Actual rate pressure shows that commercial freedom does not translate into unrestricted economic pricing power. The excerpts do not establish AIG's contractual repricing cadence or quantify regulatory restrictions across its portfolio.
Predictability58
Financial-sector stability over 5 consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 25.00
- Revenue growth volatility (pp)
- 18.91
- positiveEarningsShare
- 80.00
- netMarginStdDev
- 8.59
- observedAnnualPeriods
- 5.00
Financial strength63
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 3/4 · The presentation published August 7, 2026 reports year-end 2025 RBC of 453% of Authorized Control Level for U.S. General Insurance Companies, versus 407% in 2024. This demonstrates strong capitalization against a named regulatory denominator within that scope. It does not establish June 2026 RBC, global group solvency or exceptional durability.
liquidity funding · 3/4 · June 30, 2026 parent liquidity sources totaled $7.4 billion, including the $3.0 billion committed revolving facility, supporting substantial funding capacity. Sources declined from $9.3 billion at year-end 2025, and subsidiary distributions face regulatory restrictions. These amounts are liquidity sources, not entirely cash, and stressed sufficiency remains unquantified.
asset liability risk · 2/4 · Reserves are backed mainly by investment-grade fixed maturities, and current underwriting results include favorable prior-year development. However, duration matching is an objective rather than a demonstrated matching result. Allocations seeking illiquidity premiums and realized investment-income volatility are counterweights; reinsurance recoverability and complete reserve adequacy remain insufficiently covered.
earnings resilience · 2/4 · AIG reported positive common-shareholder net income in both first-half 2026 quarters and underwriting profits in 2024–2025. The 2024 net loss per share, second-quarter 2026 earnings decline and investment-income volatility demonstrate variability. Favorable reserve development and changing portfolio scope limit conclusions about underlying through-cycle resilience.
Capital allocation56
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · Full-year 2025 GAAP ROE was 7.5% versus 11.1% Core Operating ROE; second-quarter 2026 figures were 9.4% and 11.1%. Interim numerators are annualized. Core Operating ROE uses adjusted earnings and excludes specified equity components, so these results demonstrate productive capital use without establishing persistently superior economic returns.
distributions and buffers · 2/4 · Second-quarter 2026 distributions were below common-shareholder net income, and year-end 2025 U.S. General Insurance RBC supplies a quantified capital buffer. However, larger 2025 distributions exceeded operating cash generation, parent liquidity sources declined, and subsidiary payments are restricted. The different measurement dates and scopes prevent a stronger sustainability conclusion.
dilution and cost · 3/4 · Reported common shares outstanding declined from 559.8 million in June 2025 to 524.7 million in June 2026, demonstrating strong net dilution control. Outstanding compensation awards and future issuance capacity remain relevant, and financing carries disclosed coupons. Compensation expense and buyback value creation are not established by the supplied passages.
investment discipline · 2/4 · The completed Corebridge exit and liability-aware investment framework support discipline. Actual Convex and Onex purchases committed substantial capital, including Convex goodwill and basis differences, without mature demonstrated returns. First-half investment-income weakness supplies an operating counterweight, although it does not by itself establish failure of those new investments.
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Second-quarter distributions of $904 million were below $948 million of common-shareholder net income, and the Corebridge exit was completed. However, 2025 distributions exceeded operating cash generation, parent liquidity sources declined, and substantial new minority investments lack mature returns. Actual allocation outcomes support a mixed assessment.
incentive alignment · 2/4 · Andersen's actual February 2026 LTI grant includes performance units, restricted stock and options. Executive ownership-guideline compliance is disclosed, but eligible holdings include certain RSUs and individual beneficial ownership amounts are absent. Unchanged Zaffino compensation upon the advisory transition tempers alignment; future target awards are not treated as granted.
execution · 3/4 · Profitable underwriting in 2024–2025, continued 2026 profitability and the completed Corebridge exit demonstrate strong execution, assessed partly through operating outcomes. Commercial rate pressure and International deterioration temper the result. The announced General Insurance leadership retirement introduces succession uncertainty without itself demonstrating execution failure.
governance · 2/4 · Independent committees and the announced transition of the lead independent director to Chair support oversight. Actual compensation voting included 104.7 million opposing votes. Adopted bylaws expand procedural restrictions and Board discretion over shareholder matters. These disclosures support mixed governance rather than demonstrated exceptional effectiveness.
Evidence
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.
2025 Form 10-K, Business: geographic coverage through operations, licenses, authorizations and network partners. · Filed 12/02/2026
General Insurance seeks to differentiate itself in the markets where we participate by providing leading expertise and insight to clients, distribution partners and other stakeholders, delivering underwriting excellence and value-driven insurance solutions and providing high quality, tailored end-to-end support to stakeholders.
Second-quarter 2026 Form 10-Q, Competition: management's intended differentiation. · Filed 07/08/2026
In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility.
Second-quarter 2026 Form 10-Q, Competition: management's franchise and multinational capability claims. · Filed 07/08/2026
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.
Second-quarter 2026 Form 10-Q, Competition: disclosed competitive environment. · Filed 07/08/2026
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.
Chubb 2025 Form 10-K, Business: competitor's claimed expertise, infrastructure and global capabilities; comparison only. · Filed 27/02/2026
•The combined ratio was 91.3%, increasing 540 basis points from 85.9% in the prior year quarter, driven by higher catastrophe-related charges, primarily due to losses related to the Middle East conflict, higher AYLR, reflecting rate pressure, and higher acquisition ratio, reflecting a combination of strong new business growth and changes in business mix.
Second-quarter 2026 earnings release, International Commercial: realized rate pressure and underwriting deterioration. · Filed 06/08/2026
3
GENERAL INSURANCE
Three Months Ended June 30,
($ in millions)
2025
2026
Change
Gross premiums written
$
10,056
$
10,943
9
%
Net premiums written
$
6,880
$
7,516
9
%
Net premiums written, on constant dollar basis
9
%
Underwriting income (loss)
$
626
$
686
10
%
Net investment income
$
871
$
871
—
%
Adjusted pre-tax income(a)
$
1,492
$
1,546
4
%
Underwriting ratios:
General Insurance (GI) CR
89.3
89.0
(0.3)
pts
GI Loss ratio
58.3
58.2
(0.1)
Less: impact on loss ratio
Catastrophe losses and reinstatement premiums
(2.9)
(3.4)
(0.5)
Prior year development, net of prior year premiums
2.0
2.5
0.5
GI Accident year loss ratio, as adjusted
57.4
57.3
(0.1)
GI Expense ratio
31.0
30.8
(0.2)
GI Accident year combined ratio, as adjusted
88.4
88.1
(0.3)
pts
•Second quarter NPW of $7.5 billion increased 9% from the prior year quarter both on a reported basis and a constant dollar basis.
Second-quarter 2026 earnings release, General Insurance: dated results table, dollar units and underwriting ratios. · Filed 06/08/2026
We have focused on retaining our best accounts which has led to strong retention across the portfolio.
2024 Form 10-K, North America Commercial: qualitative historical retention outcome. · Filed 13/02/2025
The growth was primarily driven by continued organic growth in select high-performing segments and contributions from AIG’s recent strategic transactions, partially offset by North America Property lines.
Second-quarter 2026 earnings release, General Insurance: organic growth, strategic transactions and Property offset. · Filed 06/08/2026
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.
2024 Form 10-K, North America Commercial: price increases alongside returning capacity and rate pressure. · Filed 13/02/2025
•The combined ratio was 84.0%, improving 190 basis points from 85.9% in the prior year quarter, driven by higher favorable PYD, lower catastrophe-related charges and lower general operating expense (GOE) ratio, partially offset by higher acquisition ratio and AYLR due to changes in business mix, in addition to rate pressure, particularly in Property.
Second-quarter 2026 earnings release, North America Commercial: reserve development, business mix and Property rate pressure. · Filed 06/08/2026
We continue to proactively identify segment growth areas as market conditions warrant through effective portfolio management, while non-renewing unprofitable business.
2024 Form 10-K, North America Commercial: exercised nonrenewal and portfolio-management discretion. · Filed 13/02/2025
Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions.
Second-quarter 2026 Form 10-Q, Competition: risk acceptance, pricing, service and contractual terms. · Filed 07/08/2026
4
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
%
•Fourth quarter NPW of $6.0 billion decreased 1% from the prior year quarter on a reported basis, or increased 1% on a comparable basis† with the growth supported by Global Commercial, partially offset by a decline in Global Personal.
Fourth-quarter 2025 earnings release, General Insurance: full-year 2024–2025 results, units, underwriting ratios and comparable-basis qualifications. · Filed 10/02/2026
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, net of reinsurance, and prior year development, net of prior year premiums, net of reinsurance, and the impact of reserve discounting.
First-quarter 2026 earnings release, ratio definitions: exclusions from adjusted accident-year ratios. · Filed 30/04/2026
AIG returned $904 million to shareholders in the second quarter of 2026 through $641 million of common stock repurchases, representing approximately 8 million shares, and $263 million of common stock dividends.
Second-quarter 2026 earnings release: actual quarterly repurchases and common dividends. · Filed 06/08/2026
For 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.
Second-quarter 2026 earnings release: net income attributable to common shareholders and prior-year comparison. · Filed 06/08/2026
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.
Second-quarter 2026 Form 10-Q, Liquidity: parent liquidity sources and included revolving facility at June 30, 2026 and December 31, 2025. · Filed 07/08/2026
On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex Group Limited (Convex), a global specialty insurer, for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex Corporation (Onex), a global asset manager, for $642 million.
Second-quarter 2026 Form 10-Q, Investments: completed Convex and Onex purchases, ownership percentages and consideration. · Filed 07/08/2026
During the quarter, AIG sold approximately 25
2
million shares of Corebridge common stock, representing our remaining interest in Corebridge, for aggregate proceeds of approximately $710 million.
Second-quarter 2026 earnings release: completed sale of remaining Corebridge interest and proceeds. · Filed 06/08/2026
Mr. Andersen
2026 annual target direct compensation of $14 million as President & CEO Elect, increasing to $18 million when he becomes CEO:
Position
Base Salary
Target STI Award
Actual 2026 LTI Award / Target 2027 LTI Award
President &
CEO Elect
$1,250,000
$3,250,000
$9,500,000 actual 2026 LTI award in the form of 50 percent performance share units, 25 percent restricted stock units and 25 percent stock options granted in February 2026
CEO
$1,500,000
$4,000,000 (prorated for 2026)
$12,500,000 target 2027 LTI award in the form of 50 percent performance share units, 25 percent restricted stock units and 25 percent stock options
2026 proxy, Compensation Discussion and Analysis: actual February 2026 Andersen LTI grant, distinct from future targets. · Filed 31/03/2026
All named executives are in compliance with the stock ownership guidelines.
2026 proxy, Stock Ownership Guidelines: disclosed executive compliance. · Filed 31/03/2026
Guideline Requirement
nChief Executive Officer: ten times base salary
2026 proxy, Stock Ownership Guidelines: CEO requirement relative to base salary. · Filed 31/03/2026
nRSUs awarded to the Executive Officer, other than RSUs awarded as part of a sign-on grant for a new hire
2026 proxy, Stock Ownership Guidelines: eligible RSUs and sign-on award exclusion. · Filed 31/03/2026
nPSUs and stock options do not qualify as eligible shares and are not counted toward the guideline requirement
2026 proxy, Stock Ownership Guidelines: exclusion of PSUs and options from eligible shares. · Filed 31/03/2026
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.
September 2, 2026 Form 8-K: compensation treatment of Zaffino's advisory transition. · Filed 02/09/2026
8 AIG 2026 PROXY STATEMENT
Proxy Statement Summary Governance Snapshot
Governance Snapshot
Board Structure
Board Independence
nAll Directors are independent except our Chairman & CEO
n100% independent committees
nStrong Lead Independent Director role
nOngoing board refreshment
Nominee Highlights
Key Qualifications for Our Nominees
2026 proxy, Governance Snapshot: board and committee independence as disclosed in March 2026. · Filed 31/03/2026
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.
September 2, 2026 Form 8-K: announced September 15 transition to John Rice as Chair. · Filed 02/09/2026
Wittman
464,601,110
509,736
267,706
27,587,076
Peter Zaffino
453,589,684
11,532,819
256,049
27,587,076
Proposal 2 – Advisory Vote to Approve Named Executive Officer Compensation: The voting results were as follows:
For
Against
Abstain
Broker Non-Votes
359,800,583
104,658,356
919,613
27,587,076
Proposal 3 – Ratify Appointment of PricewaterhouseCoopers LLP to Serve as AIG’s Independent Auditor for 2026: The voting results were as follows:
For
Against
Abstain
Broker Non-Votes
463,063,134
29,719,774
182,720
—
Section 9 - Financial Statements and Exhibits
May 14, 2026 Form 8-K: actual annual-meeting compensation and auditor voting results. · Filed 14/05/2026
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.
December 15, 2025 Form 8-K: adopted bylaws governing shareholder procedures and Board discretion. · Filed 15/12/2025
Risk-Based Capital (RBC) Ratios (4)
U.S.
August 7, 2026 presentation, Balance Sheet Strength: RBC table heading and U.S. scope context. · Published 07/08/2026
General Insurance Companies
Year-end 2024 407% (ACL)
Year-end 2025 453% (ACL) Adj.
August 7, 2026 presentation, Balance Sheet Strength: U.S. General Insurance Companies year-end 2024 and 2025 RBC ratios. · Published 07/08/2026
ACL is defined as Authorized Control Level.
August 7, 2026 presentation, Balance Sheet Strength: Authorized Control Level denominator definition. · Published 07/08/2026
4. The inclusion of RBC measures is intended solely for the information of investors and is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.
August 7, 2026 presentation, Balance Sheet Strength: qualification on use of disclosed RBC measures. · Published 07/08/2026
SUBSIDIARY DIVIDEND RESTRICTIONS
Payments of dividends to us by our insurance subsidiaries are subject to certain restrictions imposed by regulatory authorities.
2025 Form 10-K, Subsidiary Dividend Restrictions: regulatory constraints on payments to parent. · Filed 12/02/2026
–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.
Second-quarter 2026 Form 10-Q, Investment Strategies: reserve-backing asset quality and objectives. · Filed 07/08/2026
•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.
Second-quarter 2026 Form 10-Q, Investment Strategies: intended duration and cash-flow matching. · Filed 07/08/2026
While assets backing reserves of the General Insurance companies are primarily invested in conventional liquid fixed maturity securities, we have also continued to allocate a portion of our portfolio to asset classes that offer higher yields through structural and illiquidity premiums, particularly in our North America operations.
Second-quarter 2026 Form 10-Q, Asset-Liability Management: liquid reserve assets and allocation to illiquidity premiums. · Filed 07/08/2026
Total Net investment income decreased for the six months ended June 30, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investment in Corebridge and Equity securities and lower income from alternative investments and mortgage loans, partially offset by higher income on available for sale fixed maturity securities.
Second-quarter 2026 Form 10-Q, Investment Highlights: actual first-half investment-income decline and attributed drivers. · Filed 07/08/2026
For the first quarter of 2026, net income attributable to AIG common shareholders was $763 million, or $1.41 per diluted common share, compared to net income of $698 million, or $1.16 per diluted common share, in the prior year quarter.
First-quarter 2026 earnings release: net income attributable to common shareholders. · Filed 30/04/2026
■Return on equity (ROE) of 7.2% and Core Operating ROE* of 11.7%
Full Year 2025:
■Net income per diluted share of $5.43, compared to net loss per diluted share of $2.17 in the prior year; AATI per diluted share of $7.09, compared to $4.95, up 43% year-over-year
Fourth-quarter 2025 earnings release: full-year net earnings per share versus prior-year loss. · Filed 10/02/2026
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.
Fourth-quarter 2025 earnings release: full-year and quarterly GAAP ROE versus Core Operating ROE. · Filed 10/02/2026
(Dec.)
March 31, 2026
% Inc. (Dec.)
June 30, 2026
Book value per share (a÷f)
$
74.14
4.4
%
$
75.82
2.1
%
$
77.39
Adjusted book value per share (b÷f)
76.62
4.4
78.55
1.8
79.98
Adjusted tangible book value per share (d÷f)
69.81
3.4
70.85
1.9
72.18
Core operating book value per share (e÷f)
63.71
16.8
71.54
4.0
74.43
Reconciliation of Return On Equity
Three Months Ended
June 30,
2025
2026
Actual or annualized net income (loss) attributable to AIG common shareholders (a)
$
4,576
$
3,792
Actual or annualized adjusted after-tax income attributable to AIG common shareholders (b)
$
4,176
$
4,276
Average AIG adjusted common shareholders' equity
Second-quarter 2026 earnings release, Return on Equity reconciliation: quarter dates, annualized earnings numerators and adjusted earnings. · Filed 06/08/2026
Average AIG Common Shareholders' equity (c)
$
41,466
$
40,506
Less: Average investments AOCI
(1,585)
(1,409)
Average adjusted common shareholders' equity (d)
$
43,051
$
41,915
Average AIG core operating shareholders' equity
Second-quarter 2026 earnings release, Return on Equity reconciliation: common equity and AOCI-adjusted denominator. · Filed 06/08/2026
Average AIG common shareholders' equity
$
41,466
$
40,506
Less: Average AIG's ownership interest in Corebridge
4,031
304
Less: Average investments AOCI - AIG
(1,585)
(1,409)
Less: Average deferred tax assets
3,277
3,022
Average AIG core operating shareholders' equity (f)
$
35,743
$
38,589
ROE (a÷c)
11.0
%
9.4
%
Adjusted return on equity (b÷d)
9.7
%
10.2
%
Core operating ROE (b÷f)
11.7
%
11.1
%
18
American International Group, Inc.
Second-quarter 2026 earnings release, Return on Equity reconciliation: Corebridge, AOCI and deferred-tax exclusions and resulting ratios. · Filed 06/08/2026
($ in millions, except per common share data)
Second-quarter 2026 earnings release, Selected Financial Data: dollar-unit context for reconciliations. · Filed 06/08/2026
Reconciliation of Book Value per Share
As of period end:
June 30,
2025
March 31,
2026
June 30,
2026
Total AIG common shareholders' equity (a)
$
41,501
$
40,405
$
40,606
Less: Investments AOCI
(1,957)
(1,993)
(1,884)
Add: Cumulative unrealized gains and losses related to Fortitude Re Funds withheld assets
(567)
(537)
(522)
Subtotal Investments AOCI
(1,390)
(1,456)
(1,362)
Total adjusted common shareholders' equity (b)
$
42,891
$
41,861
$
41,968
Total adjusted common shareholders' equity (b)
$
42,891
$
41,861
$
41,968
Total intangible assets
3,814
4,103
4,095
AIG adjusted tangible common shareholders' equity (d)
$
39,077
$
37,758
$
37,873
Total AIG common shareholders' equity (a)
$
41,501
$
40,405
$
40,606
Less: AIG's ownership interest in Corebridge
4,043
607
—
Less: Investments related AOCI - AIG
(1,957)
(1,993)
(1,884)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG
(567)
(537)
(522)
Subtotal Investments AOCI - AIG
(1,390)
(1,456)
(1,362)
Less: Deferred tax assets
3,183
3,132
2,912
AIG core operating shareholders' equity (e)
$
35,665
$
38,122
$
39,056
Total common shares outstanding (f)
559.8
532.9
524.7
As of period end:
June 30, 2025
% Inc.
Second-quarter 2026 earnings release, Book Value reconciliation: dated common shares outstanding and equity components. · Filed 06/08/2026
Equity compensation plans approved by security holders
2010 Stock Incentive Plan
11,780
(3)
—
—
(4)
2013 Plan
3,273,383
(5)
42.20
(6)
—
(4)
2021 Plan
9,202,463
(7)
66.66
(6)
20,233,609
(8)
Total
12,487,626
55.08
(6)
20,233,609
(1)Shares underlying deferred stock units, restricted stock units and performance share units are deliverable without the payment of any consideration, and therefore these awards have not been taken into account in calculating the weighted-average exercise price.
2026 proxy, Equity Compensation Plan Information: outstanding award shares, available issuance and exercise-price footnote. · Filed 31/03/2026
Debt Issuance
In May 2025, AIG issued $625 million aggregate principal amount of 4.850% Notes Due 2030 and $625 million aggregate principal amount of 5.450% Notes Due 2035.
2025 Form 10-K, Liquidity and Capital Resources: actual May 2025 note issuance, principal, coupons and maturities. · Filed 12/02/2026
The difference between the purchase price and the value of the underlying net assets acquired is primarily comprised of intangible assets and other basis differences of $520 million and goodwill of $440 million.
Second-quarter 2026 Form 10-Q, Convex investment: purchase basis differences, intangible assets and goodwill. · Filed 07/08/2026
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.
Fourth-quarter 2025 earnings release: full-year shareholder distributions. · Filed 10/02/2026
Excluding interest payments, AIG had operating cash inflows of $3.7 billion and $4.1 billion in the years ended December 31, 2025 and 2024, respectively, including outflows of $104 million from discontinued operations in 2024.
2025 Form 10-K, Operating Cash Flow Activities: annual operating inflows excluding interest payments and discontinued-operations qualification. · Filed 12/02/2026
Interest payments totaled $389 million and $858 million in the years ended December 31, 2025 and 2024, respectively.
2025 Form 10-K, Operating Cash Flow Activities: actual annual interest payments. · Filed 12/02/2026
(“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.
September 16, 2026 Form 8-K: announced General Insurance leadership retirement and advisory transition effective December 31, 2026. · Filed 16/09/2026
