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

Financial Performance:

• Net income attributable to AIG common shareholders was $844 million ($1.60 per diluted share), compared to $519 million ($0.93 per diluted share) in the prior year quarter.
• Adjusted after-tax income (AATI) was $1.1 billion ($2.06 per diluted share), compared to $1.2 billion ($2.20 per diluted share) in the prior year quarter.
• Total net investment income was $1.1 billion, an increase of 9% year-over-year, driven by higher income on available-for-sale fixed maturity securities and changes in fair value of investments.
• General Insurance net premiums written (NPW) were $6.7 billion, a 7% increase on a reported basis and 8% on a constant dollar basis year-over-year.
• General Insurance underwriting income was $564 million, compared to $793 million in the prior year quarter.
• General Insurance accident year underwriting income, ex-CAT, was $756 million, up 6% from the prior year quarter.
• General Insurance combined ratio was 91.3%, compared to 86.8% in the prior year quarter.
• General Insurance accident year combined ratio, ex-CAT, was 88.4%, compared to 88.3% in the prior year quarter.
• Return on equity (ROE) was 8.5%, compared to 5.0% in the prior year quarter.
• Core Operating ROE was 11.1%, compared to 13.6% in the prior year quarter.
• Book value per share was $74.96, a decrease of 1% year-over-year.
• Adjusted book value per share was $81.25, an increase of 5% year-over-year.
• Total debt to total capital ratio was 20.8% as of September 30, 2026.
• Total debt to total adjusted capital ratio was 19.6% as of September 30, 2026.

Guidance and Future Outlook:

• Management stated the company is making excellent progress toward achieving its 2025 Investor Day financial objectives.
• For the first nine months of 2026, AIG delivered double-digit top-line growth in premiums and exceeded $2 billion in underwriting income.
• The combined ratio improved 140 basis points to 89.2% and the accident year combined ratio, ex-CAT, improved 50 basis points to 87.7% for the first nine months of 2026 compared to the same period last year.
• Core Operating ROE was 11.4% for the first nine months of 2026.

Business Segments and Product Lines:

• General Insurance:
  • Global Commercial NPW grew 7% year-over-year.
  • Global Personal NPW grew 9% year-over-year.
  • Excluding North America Property lines, General Insurance NPW increased 10% on a constant dollar basis.
  • North America Commercial NPW was $2.5 billion, up 2% year-over-year; excluding North America Property lines, it increased 6%.
  • International Commercial NPW was $2.4 billion, up 13% year-over-year on both reported and constant dollar bases.
  • Global Personal NPW was $1.8 billion, up 6% year-over-year (9% on a constant dollar basis), driven by growth in high net worth business and Accident & Health.
  • North America Commercial combined ratio was 92.9% (vs. 82.6% prior year), with an accident year combined ratio, as adjusted, of 87.2% (vs. 85.4%).
  • International Commercial combined ratio was 88.3% (vs. 84.9% prior year), with an accident year combined ratio, as adjusted, of 85.8% (vs. 86.0%).
  • Global Personal combined ratio was 93.2% (vs. 95.2% prior year), with an accident year combined ratio, as adjusted, of 93.6% (vs. 95.5%).
• Other Operations:
  • Net investment income and other was $45 million, compared to $72 million in the prior year quarter.
  • Adjusted pre-tax loss was $141 million, compared to a loss of $112 million in the prior year quarter.

Market and Competitive Landscape:

• Growth was broad-based across Global Commercial and Global Personal Insurance businesses.
• International Commercial growth was supported by broad-based geographic growth.
• The company noted a more challenging market environment but maintained strong underwriting performance.

Risks and Challenges:

• Total catastrophe-related charges were $283 million (4.4 loss ratio points), driven by severe convective storms in North America, compared to $100 million (1.6 loss ratio points) in the prior year quarter.
• Prior year development, net of reinsurance and prior year premiums, was $91 million, compared to $180 million in the prior year quarter.
• The combined ratio increase was primarily driven by higher catastrophe-related charges and lower favorable prior year development.
• The press release includes a standard cautionary note regarding forward-looking statements, citing risks such as adverse economic conditions, catastrophic events, cyberattacks, regulatory changes, and investment portfolio concentrations.

Management Commentary and Tone:

• Eric Andersen, AIG President & CEO, described the results as "strong profitability and premium growth" rounding out an "outstanding first nine months of 2026."
• Management highlighted the benefits of a diverse, global portfolio, consistent strategy execution, and deepening client relationships.
• The tone emphasized the strength of the company's talent depth across regions and lines of business as a key driver of profitable growth.

Other Key Points:

• AIG returned $787 million of capital to shareholders in the third quarter, consisting of $527 million in share repurchases (approximately 7 million shares) and $260 million in dividends.
• On September 24, 2026, AIG issued €625 million of 4.250% Notes Due 2031 and €500 million of 4.750% Notes Due 2036, equivalent to approximately $1.3 billion in aggregate.
• The Board of Directors declared a quarterly cash dividend of $0.50 per share, payable on December 30, 2026, to shareholders of record on December 16, 2026.
• AIG realigned reporting in the first quarter of 2026, moving Amortization of intangible assets from Other Operations to General Insurance; historical results have been recast.
• In the third quarter of 2025, AIG began excluding the net results of run-off businesses from Adjusted pre-tax income.
• Corebridge Financial, Inc. dividends of $20 million were included in the prior year quarter's Other Operations net investment income.