Aug 6, 2026, 4:21 PM ETFinancial Services

American International Group, Inc. — Second Quarter 2026 Earnings Summary

AIGAMERICAN INTERNATIONAL GROUP INC

Financial Performance

Net income attributable to AIG common shareholders was $948 million ($1.78 per diluted share), a 10% decrease year-over-year from $1.1 billion ($1.98 per share).
Adjusted after-tax income (AATI) was $1.069 billion ($2.00 per diluted share), a 10% increase year-over-year from $1.0 billion ($1.81 per share).
General Insurance net premiums written (NPW) were $7.5 billion, a 9% increase year-over-year on both reported and constant dollar bases.
General Insurance underwriting income was $686 million, a 10% increase year-over-year from $626 million.
General Insurance combined ratio was 89.0% (improvement of 30 basis points year-over-year); Accident year combined ratio, as adjusted (AYCR), was 88.1% (improvement of 30 basis points).
Return on equity (ROE) was 9.4% (down from 11.0%); Core Operating ROE was 11.1% (down from 11.7%).
Total net investment income was $1.1 billion, down from $1.5 billion year-over-year, primarily due to changes in fair value of Corebridge and equity securities.
Book value per share was $77.39, a 4% increase from June 30, 2025; Adjusted tangible book value per share was $72.18, a 3% increase.
Total debt to total capital ratio was 18.1%; total debt to total adjusted capital ratio was 17.6%.

Management remains confident in meeting 2025 Investor Day financial objectives.
The market has transitioned from broad positive pricing to a selective environment where profitability and growth depend on line-specific dynamics.
AIG plans to pursue targeted growth in segments expected to achieve the most attractive risk-adjusted returns.

General Insurance: NPW grew 9% driven by organic growth in select high-performing segments and strategic transactions, partially offset by North America Property lines. Excluding North America Property, NPW growth was 11%.
North America Commercial: NPW was $3.1 billion (up 9%), driven by Retail Casualty and Financial Lines, partially offset by declines in Lexington (Property). Combined ratio improved to 84.0% from 85.9%.
International Commercial: NPW was $2.6 billion (up 11% or 10% constant dollar), driven by Property and Marine, partially offset by Financial Lines due to rate pressure. Combined ratio increased to 91.3% from 85.9%, driven by higher catastrophe charges and rate pressure.
Global Personal: NPW was $1.8 billion (up 7% or 8% constant dollar), driven by Accident & Health and High Net Worth business. Combined ratio improved to 92.9% from 98.5%.
Other Operations: Net investment income and other were $39 million, down from $92 million, due to lower Corebridge dividends and short-term investment income.

The underwriting environment is characterized by selective pricing and line-specific dynamics rather than broad positive pricing.
AIG cites its breadth of underwriting expertise and global portfolio diversity as key competitive advantages.
Rate pressure was noted in Property lines within North America Commercial and Financial Lines within International Commercial.

Catastrophe-related charges totaled $210 million (3.4 loss ratio points), including $75 million in net losses related to the Middle East conflict.
North America Property lines negatively impacted overall NPW growth.
Financial Lines in International Commercial faced continued rate pressure.
Net investment income volatility was driven by fair value changes in Corebridge and equity securities.

Eric Andersen, President & CEO, described the quarter as "strong" and the first half as "exceptional," highlighting benefits from a diversified global portfolio and strategic transactions.
Management emphasized the ability to perform well in the current selective market environment.
The tone was confident regarding the execution of the strategy to leverage global scale and technical expertise for sustainable, profitable growth.

On May 7, 2026, AIG sold its remaining interest in Corebridge Financial, Inc. for aggregate proceeds of approximately $710 million.
Capital returned to shareholders in the quarter totaled $904 million, including $641 million in share repurchases (approx. 8 million shares) and $263 million in dividends.
The Board declared a quarterly cash dividend of $0.50 per share, payable September 30, 2026, to shareholders of record on September 16, 2026.
General Insurance APTI was $1.5 billion, a 4% increase year-over-year.
Favorable prior year development (PYD) in the quarter was $145 million, primarily from U.S. Workers' Compensation and U.S. Property and Special Risks.