American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Q1 2025 Earnings Presentation
28 slides from American International Group, Inc. New's earnings presentation, May 2, 2025
Slide 1: First Quarter 2025 Financial Results Presentation
First Quarter 2025 Financial Results Presentation May 2, 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: Q1 2025 Earnings Key Themes
Q1 2025 Earnings Key Themes • Strong financial performance supported by excellent Net Premiums Written (NPW) growth of 8%(1)* driven by North America “While the broader Commercial of 14%(1) and International Commercial of 8%(1) macroeconomic and geopolitical • Delivered a 95.8% Calendar Year Combine
Slide 3: Q1 2025 Financial Highlights
Quarterly Results GI Other Investments Capital Q1 2025 Financial Highlights General Insurance net premiums written growth of 8% on a comparable basis(1) Reported 0% 600 bps $1.74 10% 410 bps $4.5B vs 1Q24 95.8% vs 1Q24 $1.16 in 1Q24 $71.38 vs 1Q24 6.7% vs 1Q24 Net Premiums Written (NPW) Calendar Yea
Slide 4: Diversified Business Mix
Quarterly Results GI Other Investments Capital Diversified Business Mix Balanced portfolio across both product lines and geography By Segment By Product(1) Personal Insurance 29% Other(4) 4% Property & Auto & Short tail Global Personal Homeowners 20% 29% NA Comm'l 12% $23.9B 36% $23.9B Global NPW A&
Slide 5: General Insurance
Quarterly Results GI Other Investments Capital General Insurance 7th Consecutive Year of Quarterly AYCR* Improvement; The best first quarter result since the financial crisis Calendar Year Combined Ratio 103.8% (8.0) pts 97.4% 101.5% 98.8% 5.7% 92.9% 91.9% 95.8% 2.7% 6.9% 7.3% 89.8% 14.9% 12.5% 12.8
Slide 6: General Insurance
Quarterly Results GI Other Investments Capital General Insurance Global Commercial Lines net premiums written growth of 10% on a comparable basis(1) Key Financials Net Premiums Written(2) ($ M) ($ M) 1Q24 1Q25 Total NPW $4,512 +0% / +8% Adj.(1) $4,526 $4,191 Net premiums written $4,512 $4,526 $1,540
Slide 7: North America Commercial Lines
Quarterly Results GI Other Investments Capital North America Commercial Lines Net premiums written growth of 14% on a comparable basis(1) ($ M) 1Q24 1Q25 Change • NPW increased 14%(1) from 1Q24 driven primarily by Lexington Insurance, Net premiums written $1,033 $1,174 14% benefiting from new busine
Slide 8: International Commercial Lines
Quarterly Results GI Other Investments Capital International Commercial Lines 8th consecutive quarter of sub-90% Combined Ratio ($ M) 1Q24 1Q25 Change • NPW increased 8%(1) from 1Q24 driven by Net premiums written $1,939 $2,027 5% Property and Global Specialty Net premiums written on a comparable ba
Slide 9: Global Personal Insurance
Quarterly Results GI Other Investments Capital Global Personal Insurance Continued improvement in Accident Year Combined Ratio, as adjusted ($ M) 1Q24 1Q25 Change • NPW increased 3%(1) from 1Q24 driven by Net premiums written $1,540 $1,325 (14)% growth in Personal Auto resulting from positive rate c
Slide 10: Other Operations
Quarterly Results GI Other Investments Capital Other Operations Improvement in APTL driven by higher net investment income, lower GOE, and lower interest expense Other Operations Adjusted Pre-tax Loss (APTL) • Total NII and other increased $37M YoY QoQ from the prior year quarter due to ($ M) 1Q24 4
Slide 11: Other Noteworthy Items
Quarterly Results GI Other Investments Capital Other Noteworthy Items 1Q24 1Q25 EPS – EPS – ($ M, except per share amounts) APTI AATI(1) APTI AATI(1) Diluted(2) Diluted(2) Impact of excluding prior year divestitures: AIG’s Travel business $1 $1 $0.00 $— $— $— Expense Items: Catastrophe losses, net o
Slide 12: Investment Portfolio
Quarterly Results GI Other Investments Capital Investment Portfolio Well-diversified investment portfolio with solid credit characteristics AIG Investment Portfolio ($ B) $0.7 • $87.9B high quality investment portfolio with aggregate asset Fixed Maturity Securities (FMS) - Available for sale (AFS),
Slide 13: Investment Income
Quarterly Results GI Other Investments Capital Investment Income Yield on FMS - AFS Bonds and Loans increased since 2021 due to higher interest rates AIG Yields and Investment Income on FMS – AFS Bonds and Mortgage and Other Loans Receivable(1) ($ M) • 1Q25 yield(2) on FMS – AFS Bonds $674 $661 $651
Slide 14: Balance Sheet Strength
Quarterly Results GI Other Investments Capital Balance Sheet Strength Debt to capital ratio of 17.1% and strong insurance company capitalization Capital Structure ($ B) Capital Ratios March 31, 2025 • At March 31, 2025, total debt to total capital ratio of 17.1% is within $50.0 target leverage guida
Slide 15: Capital Management
Quarterly Results GI Other Investments Capital Capital Management Continued successful execution of balanced capital management Share Repurchases ($ M) AIG Total Debt to Total Capital Leverage Ratio(1) Aggregate share repurchases of $8.9B Achieved milestone of meeting leverage target of 15-20% $2,23
Slide 16: Cautionary Statement
Cautionary Statement 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 S
Slide 17: 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 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, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized ga
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 1Q24 1Q25 Pre-tax income from continuing operations $1,058 $960 Adjustments to arrive at Adjusted pre-tax income Changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares (88)
Slide 22: Non-GAAP Reconciliations – Adjusted After-tax Income
Non-GAAP Reconciliations – Adjusted After-tax Income (in millions) Quarterly 1Q24 1Q25 Net income (loss) $1,600 $698 Noncontrolling interests (income) loss (1) (384) — Net income attributable to AIG - including discontinued operations $1,216 $698 Dividends on preferred stock and preferred stock rede
Slide 23: 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 4Q24 1Q24 1Q25 FY24 General Other Operations General Insurance Other Operations General Insurance Other Operations Insurance Net Net Net Net Ne
Slide 24: Non-GAAP Reconciliations – Book Value Per Share
Non-GAAP Reconciliations – Book Value Per Share (in millions, except per share data) 1Q24 1Q25 Book Value Per Share Total AIG common shareholders' equity (a) $43,385 $41,431 Less: Investments AOCI (11,768) (2,443) Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld ass
Slide 25: Non-GAAP Reconciliations – Return on Equity
Non-GAAP Reconciliations – Return on Equity Return on Equity (in millions) Quarterly Return On Equity Computations 1Q24 1Q25 Actual or Annualized net income attributable to AIG common shareholders (a) $4,776 $2,792 Actual or Annualized adjusted after-tax income attributable to AIG common shareholder
Slide 26: Non-GAAP Reconciliations – Comparable Basis
Non-GAAP Reconciliations – Comparable Basis(1) (dollars in millions) 1Q24 Foreign AIG's Travel Comparable As Reported Exchange business Basis General Insurance Net premiums written $4,512 $(112) $(209) $4,191 Net premiums earned 5,786 — (185) 5,601 Accident year loss ratio, as adjusted 56.6% —% 0.6%
Slide 27: 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 1Q24 1Q25 1Q24 1Q25 Loss ratio 58.0% 65.3% Loss ratio 64.0% 71.8% Catastrophe losses and reinstatement premiums (1.9) (9.1) Catastrophe losses and reinstatement premiums (
Slide 28: Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios (cont'd)
Non-GAAP Reconciliations – Accident Year Loss and Combined Ratios (cont’d) General Insurance Quarterly 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 Loss ratio 67.2% 63.1% 66.8% 65.6% 60.9% 59.9% 58.0% 65.3% Catastrophe losses and reinstatement premiums (5.7) (2.7) (6.9) (7.3) (4.5) (4.2) (1.9) (9.1) Prio
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