AMERICAN INTERNATIONAL GROUP (AIG) Company Report

Onex delivered Q4 net earnings of $181 million, compared with a $(2) million loss in Q4 2024, driving full-year net earnings of $617 million, up from $303 million in 2024.
On Feb. 6, Onex closed its $7 billion acquisition of Convex, now co-owned with AIG (63% Onex, 35% AIG); Convex generated $711 million in net income and $5.9 billion in gross premiums written in 2025.
Onex’s investing capital reached $8.7 billion (or $124.70 per share) at December 31, 2025, with a 10% return on invested capital in 2025.
Private equity and credit asset management platforms raised over $8 billion in new capital during 2025, supporting future growth.

8 days ago

Press Release

AIG reports Q4 2025 results

AIG

Earnings

Guidance Update

CEO Change

Adjusted EPS of $1.96 (+51% YoY) and underwriting income of $670 M (+48% YoY); full-year adjusted EPS $7.09 (+43%), underwriting income $2.3 B (+22%), and full-year accident year combined ratio 88.3%
Global commercial net premiums written up 3% in Q4 and 3% for the year (4% ex-one large casualty transaction); international commercial new business +14% in Q4, +10% for 2025
Returned $6.8 B of capital in 2025 (share repurchases $5.8 B, dividends $1 B), raised dividend 12.5%, and ended with $9 B of debt (18% debt-to-capital); remaining Corebridge stake 10.1%, with planned sales in 2026
2026 outlook: low-mid teens net premiums written growth; leadership transition with Peter Zaffino to Executive Chair and Eric Anderson as CEO Elect

Feb 11, 2026, 1:30 PM

Transcript

AIG reports strong Q4 2025 earnings and 2026 growth outlook

AIG

Earnings

Guidance Update

CEO Change

Q4 adjusted after-tax EPS of $1.96 (+51% y/y) and underwriting income of $670 M (+48% y/y); net premiums written of $6 B (+1%)
FY2025 adjusted EPS of $7.09 (+43% y/y) with underwriting income of $2.3 B (+22% y/y) and global commercial net premiums written of $17.4 B (+3% y/y)
Accident year combined ratio of 88.3% (calendar year 90.1%) for 2025; Q4 accident year combined ratio of 88.9%
Returned $6.8 B of capital in 2025 (share repurchases $5.8 B; dividends $1 B); dividend raised 12.5%; debt to total capital ratio of 18%
2026 outlook: expects low- to mid-teens net premiums written growth; Peter Zaffino to transition to Executive Chair, Eric Anderson named President & CEO Elect

Feb 11, 2026, 1:30 PM

Transcript

AIG reports Q4 and full year 2025 results

AIG

Earnings

Share Buyback

Dividends

Delivered Q4 adjusted after-tax EPS of $1.96 (+51% YoY) and underwriting income of $670 M (+48% YoY); accident year combined ratio was 88.9% and calendar year combined ratio 88.8%
Generated full year adjusted EPS of $7.09 (+43% YoY), adjusted after-tax income of $4 B (+24% YoY), underwriting income of $2.3 B (+22% YoY), and global commercial net premiums written of $17.4 B (+3% YoY); expense ratio ended at 31.1%
Q4 net premiums written were $6 B (+1% YoY) driven by 3% growth in global commercial, and net investment income was $954 M (+9% YoY)
Returned $6.8 B of capital in 2025 (including $5.8 B in share repurchases and $1 B in dividends, with a 12.5% dividend increase); debt outstanding was $9 B with a debt-to-total-capital ratio of 18%, and remaining Corebridge stake at 10.1%

Feb 11, 2026, 1:30 PM

Transcript

AIG reports Q4 2025 financial results

AIG

Earnings

Share Buyback

M&A

Q4 net income per diluted share was $1.35, with adjusted after-tax income (AATI) per share of $1.96, up 51% year-over-year.
General Insurance achieved $670 million of underwriting income (↑48% YOY) and a combined ratio of 88.8% (AYCR 88.9%).
Global Commercial net premiums written grew 4% to $4.5 billion, driven by 11% new business, and the company returned $809 million of capital via $567 million of buybacks and $242 million of dividends.
Completed stakes acquisitions in Convex Group and Onex, launched Syndicate 2479 with Amwins and Blackstone, committed up to $2 billion to CVC’s secondaries platform, and secured insurer rating upgrades.

Feb 11, 2026, 1:30 PM

Presentation

AIG reports record 2025 results, strong Q4

AIG

Earnings

Accounting Changes

AIG posted Q4 adjusted EPS of $1.96, surpassing the ~$1.90 consensus, while GAAP EPS declined to $1.35 year-over-year.
Q4 underwriting income rose 48% to about $670 million, with a Q4 combined ratio of 88.8% and a full-year combined ratio of 90.1%, driving a core operating ROE of 11.1%.
Full-year adjusted after-tax income per diluted share was $7.09, up 43% year-over-year, amid a swing from a 2024 net loss due to clearing a $4.7 billion non-cash charge.
Net investment income increased 13% to roughly $881 million in Q4, though net premiums written of $6.04 billion missed forecasts.

Feb 10, 2026, 10:21 PM

Morningstar

AIG reports Q4 2025 results

AIG

Earnings

Share Buyback

Dividends

Net income per diluted share of $1.35; adjusted after-tax income per diluted share of $1.96, up 51% year-over-year
General Insurance underwriting income of $670 million, up 48% year-over-year; combined ratio of 88.8% and accident year combined ratio of 88.9%
Global Commercial net premiums written of $4.5 billion, up 4% on a reported basis (3% on a comparable basis), driven by 11% new business growth
Returned $809 million of capital to shareholders, including $567 million in share repurchases and $242 million in dividends; ROE of 7.2% and Core Operating ROE of 11.7%

Feb 10, 2026, 9:19 PM

8-K

AIG reports Q4 and full year 2025 results

AIG

Earnings

Share Buyback

Dividends

Fourth quarter 2025: net income per diluted share of $1.35 (vs. $1.43 prior year) and adjusted after-tax income per diluted share of $1.96, up 51% year-over-year.
General Insurance Q4 underwriting income of $670 million, combined ratio of 88.8%, AYCR of 88.9%, and Global Commercial NPW of $4.5 billion, up 4% on a reported basis.
Returned $809 million of capital in Q4—$567 million in share repurchases and $242 million in dividends; ROE of 7.2% and Core Operating ROE of 11.7%.
Full year 2025: net income per diluted share of $5.43 (vs. net loss of $2.17 prior year), AATI per share of $7.09, up 43%; GI underwriting income of $2.3 billion and combined ratio of 90.1%.
Full year returned $6.8 billion of capital—$5.8 billion in buybacks and ~$1.0 billion in dividends; ROE of 7.5% and Core Operating ROE of 11.1%.

Feb 10, 2026, 9:17 PM

Press Release

AIG completes minority stake acquisitions in Convex and Onex

AIG

M&A

New Projects/Investments

AIG acquired a 35% equity interest in Convex Group for $2.1 billion and a 9.9% stake in Onex Corporation for $642 million.
Onex becomes the majority shareholder in Convex with a 63% ownership interest following the transactions.
AIG will participate in a whole account quota share of Convex’s business beginning January 1, 2026, with increased cessions planned for 2027 and 2028.

Feb 6, 2026, 9:30 PM

Press Release

AIG participates in Onex acquisition of Convex Group

AIG

M&A

New Projects/Investments

AIG acquired a 35% stake in Convex Group as part of Onex’s $7 billion acquisition, with Onex holding 63%.
As part of the agreement, AIG subscribed to 7.5 million subordinate voting shares (~9.9% of Onex) and committed $2 billion to Onex’s private equity and credit strategies over the next three years.
Convex will become a core platform for Onex, expected to generate meaningful recurring net income and free cash flow; Onex will report Convex’s 2025 results with its Q4 earnings on February 20, 2026.

Feb 6, 2026, 9:30 PM

Press Release