American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Q3 2025 Earnings Presentation
29 slides from American International Group, Inc. New's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Financial Results Presentation
Third Quarter 2025 Financial Results Presentation November 5, 2025 Copyright ® 2025 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.
Slide 2: 3Q2025 Earnings Key Themes
3Q2025 Earnings Key Themes • Excellent third quarter results with AATI* per diluted common share of $2.20, a 77% increase year-over-year • On October 30, AIG announced strategic investments in Convex Group Limited (Convex), a privately held global specialty insurer, and Onex Corporation “AIG had an
Slide 3: 3Q2025 Financial Highlights
Quarterly Results Strategic Transactions GI Other Ops Investments Capital 3Q2025 Financial Highlights AATI per share of $2.20 increased 77% from the prior year quarter Reported 2% 580 bps $0.71 6% 90 bps $6.2B vs 3Q24 86.8% vs 3Q24 $0.93 in 3Q24 $75.45 vs 3Q24 5.0% vs 3Q24 Net Premiums Written (NPW)
Slide 4: Strategic Long-Term Investment in Convex
Quarterly Results Strategic Transactions GI Other Ops Investments Capital Strategic Long-Term Investment in Convex A Leading Global Specialty Insurer with Exceptional Underwriting Capabilities Convex Gross Premiums Written ($M) Convex GPW by Line of Business (LTM Sept 2025 GPW) Specialty Re 10% Casu
Slide 5: Deal Parameters: Investments In Convex and Onex
Quarterly Results Strategic Transactions GI Other Ops Investments Capital Deal Parameters: Investments In Convex and Onex Expected to be accretive to earnings, EPS and ROE in the first year post closing(1) Strategic Transactions Unlock Significant Growth and Value for AIG Shareholders • AIG will acq
Slide 6: Renewal Rights Purchase of Everest Group's Retail Commercial Insurance Business
Quarterly Results Strategic Transactions GI Other Ops Investments Capital Renewal Rights Purchase of Everest Group’s Retail Commercial Insurance Business Portfolios represent ~$2B of aggregate premium and are expected to be earnings and ROE accretive in 2026 GPW(1) by Country/Region GPW(1) by Line o
Slide 7: AIG Diversified Business Mix
Quarterly Results Strategic Transactions GI Other Ops Investments Capital AIG Diversified Business Mix Balanced portfolio across both product lines and geography By Segment By Product(1) Global Personal Other(2) 27% 4% Auto & Property Homeowners & Short tail 12% 20% Global Personal Global Middle 27%
Slide 8: General Insurance
Quarterly Results Strategic Transactions GI Other Ops Investments Capital General Insurance Calendar year combined ratio improved 580 basis points to 86.8% Key Financials Net Premiums Written(2) ($M) ($M) 3Q24 3Q25 Net premiums written $6,380 $6,230 $6,380 $6,295 $6,230 Net premiums written on a com
Slide 9: North America Commercial Lines
Quarterly Results Strategic Transactions GI Other Ops Investments Capital North America Commercial Lines Underwriting income increased 300% to $384M ($M) 3Q24 3Q25 Change • NPW was inline with 3Q24, but prior year Net premiums written $2,445 $2,435 —% premiums included a large closeout transaction.
Slide 10: International Commercial Lines
Quarterly Results Strategic Transactions GI Other Ops Investments Capital International Commercial Lines 10th consecutive quarter of sub-90% Combined Ratio ($M) 3Q24 3Q25 Change • NPW(1) increased 1% from 3Q24 driven by Net premiums written $2,052 $2,115 3% Global Specialty and Property Net premiums
Slide 11: Global Personal Insurance
Quarterly Results Strategic Transactions GI Other Ops Investments Capital Global Personal Insurance Continued improvement in Accident Year Combined Ratio, as adjusted ($M) 3Q24 3Q25 Change • NPW(1) declined 4% from 3Q24 primarily Net premiums written $1,883 $1,680 (11)% driven by changes to reinsura
Slide 12: Other Operations
Quarterly Results Strategic Transactions GI Other Ops Investments Capital Other Operations Improvement in APTL driven by lower GOE and lower interest expense Other Operations Adjusted Pre-tax Loss (APTL) • NII and other decreased $48M from YoY QoQ the prior year quarter primarily due ($M) 3Q24 2Q25
Slide 13: Investment Portfolio
Quarterly Results Strategic Transactions GI Other Ops Investments Capital Investment Portfolio Well-diversified investment portfolio with solid credit characteristics AIG Investment Portfolio ($B) Other • $89.1B high quality investment Operations portfolio with aggregate asset $4.5 $0.8 Fixed Maturi
Slide 14: General Insurance Net Investment Income
Quarterly Results Strategic Transactions GI Other Ops Investments Capital General Insurance Net Investment Income Excellent growth in GI Net Investment Income of 22% Year-over-Year on an APTI Basis GI Yields (%) and Investment Income ($M) on FMS – AFS Bonds and Mortgage and Other Loans Receivable(1)
Slide 15: Balance Sheet Strength
Quarterly Results Strategic Transactions GI Other Ops Investments Capital Balance Sheet Strength Debt to capital ratio of 18.0% and strong insurance company capitalization Capital Structure ($B) Capital Ratios September 30, 2025 • At September 30, 2025, total debt to $50.2 total capital ratio of 18.
Slide 16: Capital Management
Quarterly Results Strategic Transactions GI Other Ops Investments Capital Capital Management Continued successful execution of balanced capital management Share Repurchases ($M) AIG Total Debt to Total Capital Leverage Ratio(1) Aggregate share repurchases of $8.6B Maintain outstanding leverage ratio
Slide 17: Cautionary Statements
Cautionary Statements Following the deconsolidation of Corebridge, the historical financial results of Corebridge, for all periods presented, are reflected in AIG’s consolidated financial statements as discontinued operations in accordance with generally accepted accounting principles in the United
Slide 18: Appendix: Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations
Appendix: Glossary of Non- GAAP Financial Measures and Non-GAAP Reconciliations Copyright ® 2025 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.
Slide 19: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Throughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “Non-GAAP financial measures” under Securit
Slide 20: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Adjusted After-tax Income attributable to AIG common shareholders (AATI) is derived by excluding the tax effected APTI adjustments described above, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized ga
Slide 21: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums ea
Slide 22: Non-GAAP Reconciliations – Adjusted Pre-tax Income
Non-GAAP Reconciliations – Adjusted Pre-tax Income (in millions) Quarterly 3Q24 3Q25 Pre-tax income from continuing operations $649 $714 Adjustments to arrive at Adjusted pre-tax income Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares (2
Slide 23: Non-GAAP Reconciliations – Adjusted After-tax Income
Non-GAAP Reconciliations – Adjusted After-tax Income (in millions) Quarterly 3Q24 3Q25 Net income (loss) $457 $524 Noncontrolling interests (income) loss (1) 2 (5) Net income attributable to AIG - including discontinued operations $459 $519 Dividends on preferred stock and preferred stock redemption
Slide 24: Non-GAAP Reconciliations – General Insurance and Other Operations Net Investment Income
Non-GAAP Reconciliations – General Insurance and Other Operations Net Investment Income and Other and Adjusted Pre-tax Income (Loss) (in millions) Quarterly 3Q24 2Q25 3Q25 General Insurance Other Operations Other Operations General Insurance Other Operations Net Net Net Net Net Investment Pre-tax In
Slide 25: Non-GAAP Reconciliations – Book Value Per Share
Non-GAAP Reconciliations – Book Value Per Share (in millions, except per share data) 3Q24 3Q25 Book Value Per Share Total AIG common shareholders' equity (a) $45,039 $41,085 Less: Investments AOCI (2,074) (1,410) Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld asse
Slide 26: Non-GAAP Reconciliations – Return on Equity and Net Investment Income
Non-GAAP Reconciliations – Return on Equity and Net Investment Income Return On Equity Computations Quarterly Year-to-Date (in millions) 3Q24 3Q25 2025 Actual or Annualized net income attributable to AIG common shareholders (a) $1,836 $2,076 $3,148 Actual or Annualized adjusted after-tax income attr
Slide 27: Non-GAAP Reconciliations – Comparable Basis
Non-GAAP Reconciliations – Comparable Basis(1) (dollars in millions) 3Q24 Foreign AIG's Travel Comparable As Reported Exchange business Basis Corporate and other general operating expenses $888 $— $(34) $854 General Insurance Net premiums written $6,380 $108 $(193) $6,295 Net premiums earned 5,947 —
Slide 28: Non-GAAP Reconciliations – Comparable Basis (cont'd)
Non-GAAP Reconciliations – Comparable Basis(1) (cont’d) Net premiums written North America Commercial 3Q25 Increase (decrease) as reported in U.S. dollars —% Large closeout transaction 3 Increase (decrease) on comparable basis, excluding large closeout transaction 3% Net premiums written Internation
Slide 29: Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios
Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios General Insurance Quarterly North America Commercial Quarterly 3Q24 3Q25 3Q24 3Q25 Loss ratio 60.7% 55.9% Loss ratio 72.2% 59.3% Catastrophe losses and reinstatement premiums (6.9) (1.6) Catastrophe losses and reinstatement premiums (
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