American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Q2 2025 Earnings Presentation
26 slides from American International Group, Inc. New's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter 2025 Financial Results Presentation
Second Quarter 2025 Financial Results Presentation August 7, 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: 2Q2025 Earnings Key Themes
2Q2025 Earnings Key Themes • Excellent second quarter results with AATI* per diluted common share of $1.81, a 56% increase year-over-year “We have tremendous momentum heading into the • Outstanding underwriting income of $626M, a 46% increase from the second half of 2025 and remain prior year quarte
Slide 3: 2Q2025 Financial Highlights
Quarterly Results GI Other Investments Capital 2Q2025 Financial Highlights AATI per share of $1.81 increased 56% from the prior year quarter Reported 1% 320 bps $(5.96) 8% N.M. $6.9B vs 2Q24 89.3% vs 2Q24 $1.98 in 2Q24 $74.14 vs 2Q24 11.0% vs 2Q24 Net Premiums Written (NPW) Calendar Year Combined Ra
Slide 4: Diversified Business Mix
Quarterly Results GI Other Investments Capital Diversified Business Mix Balanced portfolio across both product lines and geography By Segment By Product(1) Global Personal Other(2) 28% Auto & 4% Property Homeowners & Short tail 12% 20% Global Personal Global Middle 28% NA Commercial Market and Large
Slide 5: General Insurance
Quarterly Results GI Other Investments Capital General Insurance Calendar year combined ratio improved 320 basis points to 89.3% Key Financials Net Premiums Written(2) ($ M) ($ M) 2Q24 2Q25 $6,933 $6,796 $6,880 Net premiums written $6,933 $6,880 $1,899 $1,740 $1,692 Net premiums written on a compara
Slide 6: North America Commercial Lines
Quarterly Results GI Other Investments Capital North America Commercial Lines Net premiums written growth of 4% on a comparable basis(1) ($ M) 2Q24 2Q25 Change • NPW increased 4%(1) from 2Q24 primarily Net premiums written $2,750 $2,863 4% driven by Retail Casualty, Lexington Casualty, Western World
Slide 7: International Commercial Lines
Quarterly Results GI Other Investments Capital International Commercial Lines 9th consecutive quarter of sub-90% Combined Ratio ($ M) 2Q24 2Q25 Change • NPW increased 1%(1) from 2Q24 driven by Net premiums written $2,284 $2,325 2% Casualty and Global Specialty Net premiums written on a comparable ba
Slide 8: Global Personal Insurance
Quarterly Results GI Other Investments Capital Global Personal Insurance Continued improvement in Accident Year Combined Ratio, as adjusted ($ M) 2Q24 2Q25 Change • NPW declined 3%(1) from 2Q24 primarily Net premiums written $1,899 $1,692 (11)% driven by changes to reinsurance (1) structures in our
Slide 9: Other Operations
Quarterly Results GI Other 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 $50M from YoY QoQ the prior year quarter due to less ($ M) 2Q24 1Q25 2Q25 Change Change dividend
Slide 10: Other Noteworthy Items
Quarterly Results GI Other Investments Capital Other Noteworthy Items 2Q24 2Q25 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 $(12) $(9) $(0.01) Expense Items: Catastrophe losses, net of
Slide 11: Investment Portfolio
Quarterly Results GI Other Investments Capital Investment Portfolio Well-diversified investment portfolio with solid credit characteristics AIG Investment Portfolio ($ B) $0.8 • $90.2B high quality investment portfolio with aggregate asset Fixed Maturity Securities (FMS) - Available for sale (AFS),
Slide 12: Investment Income
Quarterly Results GI Other Investments Capital Investment Income Yield on FMS - AFS Bonds and Loans increased since 2021 due to higher interest rates AIG Yields (%) and Investment Income ($ M) on FMS – AFS Bonds and Mortgage and Other Loans Receivable(1) $761 • 2Q25 yield(2) on FMS – AFS Bonds $674
Slide 13: Balance Sheet Strength
Quarterly Results GI Other Investments Capital Balance Sheet Strength Debt to capital ratio of 17.9% and strong insurance company capitalization Capital Structure ($ B) Capital Ratios June 30, 2025 • At June 30, 2025, total debt to total $50.6 capital ratio of 17.9% $9.1 Hybrids / Total capital 0.9%
Slide 14: Capital Management
Quarterly Results GI Other Investments Capital Capital Management Continued successful execution of balanced capital management Share Repurchases ($ M) AIG Total Debt to Total Capital Leverage Ratio(1) Aggregate share repurchases of $9.0B Achieved milestone of meeting leverage target of 15-20% $2,23
Slide 15: 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 16: 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 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, dividends on preferred stock and preferred stock redemption premiums, noncontrolling interest on net realized ga
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 2Q24 2Q25 Pre-tax income from continuing operations $617 $1,544 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 (59)
Slide 21: Non-GAAP Reconciliations – Adjusted After-tax Income
Non-GAAP Reconciliations – Adjusted After-tax Income (in millions) Quarterly 2Q24 2Q25 Net income (loss) $(3,884) $1,144 Noncontrolling interests (income) loss (1) (93) — Net income attributable to AIG - including discontinued operations $(3,977) $1,144 Dividends on preferred stock and preferred sto
Slide 22: 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 2Q24 1Q25 2Q25 General Insurance Other Operations Other Operations General Insurance Other Operations Net Net Net Net Net Investment Pre-tax In
Slide 23: Non-GAAP Reconciliations – Book Value Per Share
Non-GAAP Reconciliations – Book Value Per Share (in millions, except per share data) 2Q24 2Q25 Book Value Per Share Total AIG common shareholders' equity (a) $44,445 $41,501 Less: Investments AOCI (3,460) (1,957) Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld asse
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) 2Q24 2Q25 Actual or Annualized net income attributable to AIG common shareholders (a) $(15,908) $4,576 Actual or Annualized adjusted after-tax income attributable to AIG common
Slide 25: Non-GAAP Reconciliations – Comparable Basis
Non-GAAP Reconciliations – Comparable Basis(1) (dollars in millions) 2Q24 Foreign AIG's Travel Comparable As Reported Exchange business Basis Corporate and other general operating expenses $896 $— $(40) $856 General Insurance Net premiums written $6,933 $55 $(192) $6,796 Net premiums earned 5,749 —
Slide 26: 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 2Q24 2Q25 2Q24 2Q25 Loss ratio 61.0% 58.3% Loss ratio 67.4% 62.8% Catastrophe losses and reinstatement premiums (5.7) (2.9) Catastrophe losses and reinstatement premiums (
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