American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Q4 2025 Earnings Presentation
32 slides from American International Group, Inc. New's earnings presentation, Feb 11, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results Presentation
Fourth Quarter and Full Year 2025 Financial Results Presentation February 11, 2026 Copyright ® 2026 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: Earnings Key Themes
Earnings Key Themes 4Q25 Financial Highlights • Net income per diluted share of $1.35, compared to $1.43 in the prior year quarter; Adjusted after-tax income* (AATI) per diluted share of $1.96, compared to $1.30, up 51% year-over-year • General Insurance underwriting income of $670 million, up 48% y
Slide 3: Earnings Key Themes: Strategic Transactions/Achievements
Earnings Key Themes Strategic Transactions/Achievements • Completed acquisitions of minority ownership stakes in Convex Group “2025 was an exceptional and Onex Corporation, along with a 7.5% whole account quota share of year for AIG. We made Convex’s business starting January 1, 2026 tremendous prog
Slide 4: 4Q25 Financial Highlights
Financial Highlights Segment Results Investments Capital 4Q25 Financial Highlights AATI* per diluted share of $1.96 increased 51% from the prior year quarter Reported 1% 370 bps 6% 9% (100) bps $6.0B vs 4Q24 88.8% vs 4Q24 $1.35 vs 4Q24 $76.44 vs 4Q24 7.2% vs 4Q24 Net Premiums Written (NPW) Calendar
Slide 5: 2025 Financial Highlights
Financial Highlights Segment Results Investments Capital 2025 Financial Highlights AATI per diluted share of $7.09 increased 43% and Core Operating ROE of 11.1% Reported 90.1% 7.5% 1% 170 bps $(2.17) 9% (3.2)% $23.7B vs 2024 vs 2024 $5.43 in 2024 $76.44 vs YE2024 in 2024 Net Premiums Written (NPW) C
Slide 6: Accelerating Tomorrow: Investor Day Financial Targets
Financial Highlights Segment Results Investments Capital Investor Day Financial Targets Making solid progress on our ambitious financial targets 3-year Target 2025 PERFORMANCE METRICS 2025 - 20271 Performance Operating EPS CAGR 20%+ +43% Core Operating ROE 10% - 13% 11.1% Accelerating GI Expense Rat
Slide 7: Transformational Operating EPS Growth
Financial Highlights Segment Results Investments Capital Transformational Operating EPS Growth More than replaced EPS from divested businesses Replaced EPS from 2024-2027F CAGR +20%2 Divested Businesses Corebridge and Validus Re contributed 2025 Growth 43% 50%+ of EPS1 $6.82 $5.70 2022-2024 $5.09 $2
Slide 8: Underwriting and Operational Excellence
Financial Highlights Segment Results Investments Capital Underwriting and Operational Excellence Consistent Underwriting Income growth supported by a high quality portfolio with significant margin improvement NPW(1),(2) on constant dollar basis ($B) Fully Loaded Expense Ratio*(1),(3) 23.7 35.8% 23.3
Slide 9: General Insurance
Financial Highlights Segment Results Investments Capital General Insurance Strong Adjusted Pre-tax Income expansion ($M) 4Q24 4Q25 Change 2024 2025 Change Net premiums written $6,077 $6,039 (1)% $23,902 $23,675 (1)% Net premiums written on a comparable basis(1) $6,002 $6,039 1% $23,284 $23,675 2% Ne
Slide 10: North America Commercial Lines
Financial Highlights Segment Results Investments Capital North America Commercial Lines Exceptional growth in Underwriting Income ($M) 4Q24 4Q25 Change 2024 2025 Change Net premiums written $2,224 $2,287 3% $8,452 $8,759 4% Net premiums written on a comparable basis(1) $2,225 $2,287 3% $8,449 $8,759
Slide 11: International Commercial Lines
Financial Highlights Segment Results Investments Capital International Commercial Lines Outstanding portfolio delivering consistently strong underwriting results ($M) 4Q24 4Q25 Change 2024 2025 Change Net premiums written $2,089 $2,196 5% $8,364 $8,663 4% Net premiums written on a comparable basis(1
Slide 12: Global Personal Insurance
Financial Highlights Segment Results Investments Capital Global Personal Insurance Continued improvement in Accident Year Combined Ratio, as adjusted ($M) 4Q24 4Q25 Change 2024 2025 Change Net premiums written $1,764 $1,556 (12)% $7,086 $6,253 (12)% Net premiums written on a comparable basis(1) $1,6
Slide 13: Other Operations
Financial Highlights Segment Results Investments Capital Other Operations Improvement in APTL driven by lower GOE and Interest Expense YoY QoQ YoY ($M) 4Q24 3Q25 4Q25 2024 2025 Change Change Change Net investment income (NII) and other (1)(2) $99 $72 $75 $(24) $3 $434 $349 $(85) Corporate and other
Slide 14: Investment Portfolio
Financial Highlights Segment Results Investments Capital Investment Portfolio Well-diversified investment portfolio with solid credit characteristics AIG Investment Portfolio ($B) • $88.4B high quality investment portfolio with aggregate asset Other durations that align with the liability Operations
Slide 15: General Insurance Net Investment Income
Financial Highlights Segment Results Investments Capital General Insurance Net Investment Income Excellent growth in GI Net Investment Income of 13% year-over-year on an APTI Basis GI Yields (%) and Investment Income ($M) on FMS – AFS Bonds and Mortgage and Other Loans Receivable(1) $757 $789 $792 •
Slide 16: Balance Sheet Strength
Financial Highlights Segment Results Investments Capital Balance Sheet Strength Debt to capital ratio of 18.0% and strong insurance company capitalization Capital Structure ($B) Capital Ratios December 31, 2025 • At December 31, 2025, total debt to $50.2 total capital ratio was 18.0% Hybrids / Total
Slide 17: Capital Management
Financial Highlights Segment Results Investments Capital Capital Management Continued successful execution of balanced capital management Share Repurchases ($M) AIG Total Debt to Total Capital Leverage Ratio(1) Aggregate share repurchases of $7.6B Maintain outstanding leverage ratio within our targe
Slide 18: Cautionary Statements
Cautionary Statements Certain statements in this presentation and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking s
Slide 19: Appendix: Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations
Appendix: Glossary of Non- GAAP Financial Measures and Non-GAAP Reconciliations Copyright ® 2026 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 20: 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 21: 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 22: 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 23: Non-GAAP Reconciliations – Adjusted Pre-tax Income
Non-GAAP Reconciliations – Adjusted Pre-tax Income (in millions) Quarterly Full Year 4Q24 4Q25 FY24 FY25 Pre-tax income from continuing operations $1,546 $661 $3,870 $3,879 Adjustments to arrive at Adjusted pre-tax income Changes in the fair values of equity securities, AIG's investment in Corebridg
Slide 24: Non-GAAP Reconciliations – Adjusted After-tax Income
Non-GAAP Reconciliations – Adjusted After-tax Income (in millions) Quarterly Full Year 4Q24 4Q25 FY24 FY25 Net income (loss) $901 $731 $(926) $3,097 Noncontrolling interests (income) loss (1) (3) 4 (478) (1) Net income attributable to AIG - including discontinued operations $898 $735 $(1,404) $3,096
Slide 25: 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 3Q25 4Q24 4Q25 Other Operations General Insurance Other Operations General Insurance Other Operations Net Net Net Net Net Investment Pre-tax In
Slide 26: Non-GAAP Reconciliations – General Insurance and Other Operations (cont'd)
Non-GAAP Reconciliations – General Insurance and Other Operations Net Investment Income and Other and Adjusted Pre-tax Income (Loss) (cont’d) (in millions) Full Year FY24 FY25 General Insurance Other Operations General Insurance Other Operations Net Net Net Net Investment Pre-tax Investment Pre-tax
Slide 27: Non-GAAP Reconciliations – Book Value Per Share
Non-GAAP Reconciliations – Book Value Per Share (in millions, except per share data) 4Q24 4Q25 Book Value Per Share Total AIG common shareholders' equity (a) $42,521 $41,139 Less: Investments AOCI (2,872) (1,376) Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld asse
Slide 28: 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 Full Year (in millions) 4Q24 4Q25 2024 2025 Actual or Annualized net income attributable to AIG common shareholders (a) $3,592 $2,940 $(1,426) $3,096 Actual or Annualized adjusted after-tax
Slide 29: Non-GAAP Reconciliations – Comparable Basis
Non-GAAP Reconciliations – Comparable Basis(1) (dollars in millions) 4Q24 FY24 Foreign AIG's Travel Comparable Foreign AIG's Travel Comparable As Reported Exchange Business Basis As Reported Exchange Business Basis General Insurance Net premiums written $6,077 $49 $(124) $6,002 $23,902 $100 $(718) $
Slide 30: Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios
Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios General Insurance Quarterly Full Year North America Commercial Quarterly Full Year 4Q24 4Q25 FY24 FY25 4Q24 4Q25 FY24 FY25 Loss ratio 59.7% 56.7% 59.8% 59.0% Loss ratio 75.4% 59.7% 69.9% 63.4% Catastrophe losses and reinstatement prem
Slide 31: Non-GAAP Reconciliations – Underwriting Income and Net Premiums Written
Non-GAAP Reconciliations – Underwriting Income General Insurance FY21 FY22 FY23 FY24 Underwriting income (loss), as reported $1,055 $2,048 $2,349 $1,917 Validus Re and CRS (7) (242) (411) — AIG's Travel business (101) (82) (50) (45) Underwriting income (loss) excluding Validus Re, CRS and AIG's Trav
Slide 32: Non-GAAP Reconciliations – Pro Forma Fully Loaded Ratios
Non-GAAP Reconciliations – Pro Forma Fully Loaded Ratios General Insurance FY21 FY22 FY23 FY24 Expense ratio 31.6% 31.1% 31.7% 32.0% Validus Re and CRS 0.8 1.0 0.7 — Attributed Other Operations GOE 3.9 3.7 1.6 1.2 Pro forma fully loaded expense ratio 36.3 35.8 34.0 33.2 AIG's Travel business (0.5) (
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