American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Q1 2026 Earnings Presentation
27 slides from American International Group, Inc. New's earnings presentation, May 1, 2026
Slide 1: First Quarter 2026 Financial Results Presentation
First Quarter 2026 Financial Results Presentation May 1, 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 • Net income per diluted share of $1.41, an increase of 22% year-over-year; Adjusted after- tax income* (AATI) per diluted share of $2.11, an increase of 80% year-over-year • General Insurance net premiums written of $5.6 billion, an increase of 24% year-over-year “AIG entered 20
Slide 3: Q1 2026 Financial Highlights
Financial Highlights Segment Results Investments Capital Targets & Performance Q1 2026 Financial Highlights AATI per diluted share of $2.11 increased 80% from the prior year quarter Reported 24% 850 bps 22% 6% 80 bps $5.6B vs 1Q25 87.3% vs 1Q25 $1.41 vs 1Q25 $75.82 vs 1Q25 7.5% vs 1Q25 Net Premiums
Slide 4: General Insurance Performance
Financial Highlights Segment Results Investments Capital Targets & Performance General Insurance Exceptional premium growth while improving underlying underwriting margins Key Financials Net Premiums Written ($M) ($M) 1Q25 1Q26 Change GI NPW Growth +24% / +18% FX Adj.* $5,599 Net premiums written $4
Slide 5: North America Commercial Lines Performance
Financial Highlights Segment Results Investments Capital Targets & Performance North America Commercial Lines Exceptional growth in net premiums written and underwriting income Key Financials Net Premiums Written ($M) ($M) 1Q25 1Q26 Change NPW Growth +37% / +36% FX Adj. Net premiums written $1,174 $
Slide 6: International Commercial Lines Performance
Financial Highlights Segment Results Investments Capital Targets & Performance International Commercial Lines Outstanding portfolio delivering consistently strong underwriting results Key Financials Net Premiums Written ($M) ($M) 1Q25 1Q26 Change NPW Growth +21% / +12% FX Adj. Net premiums written $
Slide 7: Global Personal Insurance Performance
Financial Highlights Segment Results Investments Capital Targets & Performance Global Personal Insurance Continued improvement in Accident Year Combined Ratio, as adjusted Key Financials Net Premiums Written ($M) ($M) 1Q25 1Q26 Change NPW Growth +17% / +11% FX Adj. Net premiums written $1,325 $1,544
Slide 8: Other Operations Performance
Financial Highlights Segment Results Investments Capital Targets & Performance Other Operations Other Operations Adjusted Pre-tax Loss (APTL) YoY ($M) 1Q25 4Q25 1Q26 QoQ Change Change Net investment income and other (1)(2) $110 $75 $54 $(56) $(21) Corporate and other general operating expenses $(85)
Slide 9: Investment Portfolio Performance
Financial Highlights Segment Results Investments Capital Targets & Performance Investment Portfolio Well-diversified investment portfolio with solid credit characteristics AIG Investment Portfolio ($B) AIG NII on an APTI Basis ($M) Other Operations $1.6 $954 $0.4 $915 $845 $73 $51 $3.4 $86 $46 $4.6
Slide 10: General Insurance Net Investment Income
Financial Highlights Segment Results Investments Capital Targets & Performance General Insurance Net Investment Income Strong growth in GI Net Investment Income on an APTI basis of 17% year-over-year Normalized Yields (%) and Investment Income ($M) on GI Core Fixed Income Portfolio(1) $789 $792 $801
Slide 11: Balance Sheet Strength
Financial Highlights Segment Results Investments Capital Targets & Performance Balance Sheet Strength Total debt to total adjusted capital ratio of 17.7% and strong insurance company capitalization Capital Structure ($B) Capital Ratios March 31, 2026 $49.4 Hybrids / Total capital 1.0% $9.0 Financial
Slide 12: Capital Management
Financial Highlights Segment Results Investments Capital Targets & Performance Capital Management Continued successful execution of balanced capital management Share Repurchases ($M) Total Debt / Total Adjusted Capital(1) Aggregate share repurchases of $6.3B Maintained outstanding leverage ratio $2,
Slide 13: Investor Day Financial Targets
Financial Highlights Segment Results Investments Capital Targets & Performance 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% Accelerating GI Expense Ratio <30
Slide 14: Transformational Operating EPS Growth
Financial Highlights Segment Results Investments Capital Targets & Performance 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
Slide 15: Continue Improvement in Expense Ratio
Financial Highlights Segment Results Investments Capital Targets & Performance Continue Improvement in Expense Ratio On track to achieve General Insurance Expense Ratio target of below 30% Fully Loaded General Insurance Expense Ratio*1 (%) Fully Loaded GOE Ratio Acquisition Ratio 36.8% 36.6% 35.8% 3
Slide 16: 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 17: Appendix: Glossary of 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 18: 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 19: 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 20: 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 21: Non-GAAP Reconciliations – Adjusted Pre-tax Income
Non-GAAP Reconciliations – Adjusted Pre-tax Income (in millions) Quarterly 1Q25 1Q26 Pre-tax income $960 $987 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 (217) 237 Net investment inco
Slide 22: Non-GAAP Reconciliations – Adjusted After-tax Income
Non-GAAP Reconciliations – Adjusted After-tax Income (in millions) Quarterly 1Q25 1Q26 Net income $698 $763 Noncontrolling interests (income) loss — — Net income attributable to AIG common shareholders $698 $763 Adjustments to arrive at Adjusted after-tax income (amounts net of tax, at U.S. statutor
Slide 23: Non-GAAP Reconciliations – General Insurance and Other Operations
Non-GAAP Reconciliations – General Insurance and Other Operations Net Investment Income and Other and Adjusted Pre-tax Income (Loss) (in millions) Quarterly 4Q25 1Q25 1Q26 Other Operations General Insurance Other Operations General Insurance Other Operations Net Net Net Net Net Investment Pre-tax In
Slide 24: Non-GAAP Reconciliations – Book Value Per Share
Non-GAAP Reconciliations – Book Value Per Share and Total Debt to Total Capital Ratio (in millions, except per share data) 1Q25 1Q26 Book Value Per Share Total AIG common shareholders' equity (a) $41,431 $40,405 Less: Investments AOCI (2,443) (1,993) Add: Cumulative unrealized gains and losses relat
Slide 25: Non-GAAP Reconciliations – Return on Equity
Non-GAAP Reconciliations – Return on Equity and Net Investment Income Return On Equity Computations Quarterly (in millions) 1Q25 1Q26 Actual or Annualized net income attributable to AIG common shareholders (a) $2,792 $3,052 Actual or Annualized adjusted after-tax income attributable to AIG common sh
Slide 26: Non-GAAP Reconciliations – Ratios
Non-GAAP Reconciliations – Ratios General Insurance Quarterly North America Commercial Quarterly 1Q25 1Q26 1Q25 1Q26 Loss ratio 65.3% 58.0% Loss ratio 71.8% 63.1% Catastrophe losses and reinstatement premiums (9.1) (3.0) Catastrophe losses and reinstatement premiums (12.0) (4.8) Prior year developme
Slide 27: Non-GAAP Reconciliations – Gross and Net Premiums Written
Non-GAAP Reconciliations – Gross and Net Premiums Written and Accident Year Underwriting Income Gross premiums written General Insurance 1Q26 Increase (decrease) as reported in U.S. dollars 11% Foreign exchange effect (4) Increase (decrease) on constant dollar basis 7% Net premiums written Global Co
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