American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Q2 2026 Earnings Presentation
26 slides from American International Group, Inc. New's earnings presentation, Aug 7, 2026
Slide 1: Second Quarter 2026 Financial Results Presentation
Second Quarter 2026 Financial Results Presentation August 7, 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 • General Insurance net premiums written (NPW) of $7.5 billion, an increase of 9% year-over-year on both a reported basis and a constant dollar basis*, driven by “AIG delivered another growth across all three business segments strong quarter, marking an • General Insurance underw
Slide 3: Q2 2026 Financial Highlights
Financial Highlights Segment Results Investments Capital Targets Q2 2026 Financial Highlights AATI per diluted share of $2.00 increased 10% from the prior year quarter Reported 9% 30 bps 10% 4% 160 bps $7.5B vs 2Q25 89.0% vs 2Q25 $1.78 vs 2Q25 $77.39 vs 2Q25 9.4% vs 2Q25 Net Premiums Written (NPW) C
Slide 4: General Insurance
Financial Highlights Segment Results Investments Capital Targets General Insurance Delivered 9%* net premiums written growth with 30 bps improvement in AYCR, as adjusted Key Financials Net Premiums Written ($M) ($M) 2Q25 2Q26 Change GI NPW Growth +9% / +9% FX Adj.* $7,516 Net premiums written $6,880
Slide 5: Continued Improvement in Expense Ratio
Financial Highlights Segment Results Investments Capital Targets Continued Improvement in Expense Ratio On track to reduce General Insurance Expense Ratio below 30% for full year 2027 Fully Loaded General Insurance Expense Ratio*1 (%) Fully Loaded GOE Ratio Acquisition Ratio 36.8% 36.6% 35.8% 35.0%
Slide 6: North America Commercial Lines
Financial Highlights Segment Results Investments Capital Targets North America Commercial Lines Strong growth in net premiums written and underwriting income Key Financials Net Premiums Written ($M) ($M) 2Q25 2Q26 Change NPW Growth +9% / +9% FX Adj. Net premiums written $2,863 $3,125 9% Net premiums
Slide 7: International Commercial Lines
Financial Highlights Segment Results Investments Capital Targets International Commercial Lines Outstanding portfolio delivering excellent premium growth Key Financials Net Premiums Written ($M) ($M) 2Q25 2Q26 Change NPW Growth +11% / +10% FX Adj. Net premiums written $2,325 $2,588 11% Net premiums
Slide 8: Global Personal Insurance
Financial Highlights Segment Results Investments Capital Targets Global Personal Insurance Continued strong growth in Underwriting Income Key Financials Net Premiums Written ($M) ($M) 2Q25 2Q26 Change NPW Growth +7% / +8% FX Adj. Net premiums written $1,692 $1,803 7% Net premiums earned $1,621 $1,60
Slide 9: Other Operations
Financial Highlights Segment Results Investments Capital Targets Other Operations Other Operations Adjusted Pre-tax Loss (APTL) YoY QoQ ($M) 2Q25 1Q26 2Q26 Change Change Net investment income and other (1)(2) $92 $54 $39 $(53) $(15) Corporate and other general operating expenses $(90) $(79) $(82) $8
Slide 10: Investment Portfolio
Financial Highlights Segment Results Investments Capital Targets Investment Portfolio Well-diversified investment portfolio with solid credit characteristics AIG Investment Portfolio ($B) AIG NII on an APTI Basis* ($M) Other Operations $1.0 $955 $1.0 $915 $908 $84 $51 $37 $3.7 $72 $46 $37 $5.1 $6.8
Slide 11: General Insurance Net Investment Income
Financial Highlights Segment Results Investments Capital Targets General Insurance Net Investment Income Continued improvement in annualized GI Core Fixed Income Yields Normalized Yields (%) and Investment Income ($M) on GI Core Fixed Income Portfolio(1) $789 $792 $801 $825 $757 $688 $691 $679 $664
Slide 12: Balance Sheet Strength
Financial Highlights Segment Results Investments Capital Targets Balance Sheet Strength Total debt to total adjusted capital ratio of 17.6% and strong insurance company capitalization Capital Structure ($B) Capital Ratios June 30, 2026 $49.6 Hybrids / Total capital 1.0% $9.0 Financial debt / Total c
Slide 13: Capital Management
Financial Highlights Segment Results Investments Capital Targets Capital Management Continued successful execution of balanced capital management Share Repurchases ($M) Total Debt / Total Adjusted Capital Aggregate share repurchases of $4.7B Maintained outstanding leverage ratio $1,787 17.4% 17.7% 1
Slide 14: March 2025 Investor Day Financial Targets
Financial Highlights Segment Results Investments Capital Targets March 2025 Investor Day Financial Targets Making solid progress on our ambitious financial targets 3-year Target PERFORMANCE METRICS 2025 - 20271 Operating EPS CAGR 20%+ Core Operating ROE 10% - 13% GI Expense Ratio <30% Dividends Per
Slide 15: 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 16: 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 17: 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 18: 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, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items
Slide 19: 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 20: Non-GAAP Reconciliations – Adjusted Pre-tax Income
Non-GAAP Reconciliations – Adjusted Pre-tax Income (in millions) Quarterly 2Q25 2Q26 Pre-tax income $1,544 $1,264 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 (464) (173) Loss (gain) o
Slide 21: Non-GAAP Reconciliations – Adjusted After-tax Income
Non-GAAP Reconciliations – Adjusted After-tax Income (in millions) Quarterly 2Q25 2Q26 Net income $1,144 $948 Noncontrolling interests (income) loss — — Net income attributable to AIG common shareholders $1,144 $948 Adjustments to arrive at Adjusted after-tax income (amounts net of tax, at U.S. stat
Slide 22: Non-GAAP Reconciliations – General Insurance and Other Operations Net Investment Income and Other and Adjusted Pre-tax Income (Loss)
Non-GAAP Reconciliations – General Insurance and Other Operations Net Investment Income and Other and Adjusted Pre-tax Income (Loss) (in millions) Quarterly 1Q26 2Q25 2Q26 Other Operations General Insurance Other Operations General Insurance Other Operations Net Net Net Net Net Investment Pre-tax In
Slide 23: Non-GAAP Reconciliations – Book Value Per Share and Total Debt to Total Capital Ratio
Non-GAAP Reconciliations – Book Value Per Share and Total Debt to Total Capital Ratio (in millions, except per share data) 2Q25 2Q26 Book Value Per Share Total AIG common shareholders' equity (a) $41,501 $40,606 Less: Investments AOCI (1,957) (1,884) Add: Cumulative unrealized gains and losses relat
Slide 24: 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 (in millions) 2Q25 2Q26 Actual or Annualized net income attributable to AIG common shareholders (a) $4,576 $3,792 Actual or Annualized adjusted after-tax income attributable to AIG common sh
Slide 25: Non-GAAP Reconciliations – Ratios
Non-GAAP Reconciliations – Ratios General Insurance Quarterly North America Commercial Quarterly 2Q25 2Q26 2Q25 2Q26 Loss ratio 58.3% 58.2% Loss ratio 62.8% 60.7% Catastrophe losses and reinstatement premiums (2.9) (3.4) Catastrophe losses and reinstatement premiums (4.7) (4.1) Prior year developmen
Slide 26: Non-GAAP Reconciliations – Net Premiums Written and Accident Year Underwriting Income
Non-GAAP Reconciliations – Net Premiums Written and Accident Year Underwriting Income Net premiums written General Global Insurance Commercial 2Q26 2Q26 Increase (decrease) as reported in U.S. dollars 9% 10% Foreign exchange effect — (1) Increase (decrease) on constant dollar basis 9 9% Property 2 I
American International Group — Q2 2026 Earnings Presentation on 6ix