AMERICAN INTERNATIONAL GROUP (AIG) Company Report

AIG and John Neal have mutually agreed to cancel his scheduled appointment as president effective December 1, 2025, due to personal circumstances.
Neal, formerly CEO of Lloyd’s of London, was set to oversee AIG’s general insurance division, encompassing North America commercial, international commercial, and global personal insurance.
AIG’s chairman and CEO Peter Zaffino will continue collaborating with the board to define the company’s future organizational structure.
The announcement comes as AIG maintains a $42.28 billion market capitalization, a 0.23 debt-to-equity ratio, and robust profitability margins with an 11.9% net margin and 31.89% EBITDA margin amid declining revenue growth.

Nov 14, 2025, 11:29 AM

Morningstar

AIG reports Q3 2025 results and strategic investments

AIG

Earnings

M&A

Share Buyback

AIG delivered adjusted after-tax income per diluted share of $2.20 (up 77% y/y) and adjusted after-tax income of $1.2 billion (up 52% y/y), driven by strong general insurance performance; underwriting income rose to $793 million (up 81% y/y) and net investment income increased to $1 billion (up 15% y/y).
General insurance gross premiums written were $8.7 billion (up 1% y/y); the accident year combined ratio as adjusted remained 88.3% (16th consecutive quarter below 90%), and the calendar year combined ratio improved to 86.8% (580 bps better y/y).
Announced three strategic transactions: acquiring a 35% stake in Convex Group, a 9.9% stake in Onyx Corporation with a $2 billion commitment over three years, and renewal rights to Everest’s ~$2 billion P&C portfolio for $300 million (with up to $70 million adjustment).
Returned $1.5 billion of capital in Q3 through $1.25 billion of share repurchases and $250 million of dividends; YTD repurchases total $5.3 billion, reducing shares outstanding to ~544 million and lifting book value per share to $75.45.
Year-to-date core operating ROE was 10.9%, on track for the 10–13% target; expense ratio progressing toward sub-30% by 2027, and GenAI underwriting tools being deployed to accelerate data-driven decisioning.

Nov 5, 2025, 1:30 PM

Transcript

AIG reports Q3 2025 earnings results

AIG

Earnings

AIG posted $1.622 billion adjusted pre-tax income and $519 million net income for Q3 2025, up from $1.075 billion and $459 million, respectively, in Q3 2024.
The General Insurance segment delivered $1.738 billion adjusted pre-tax income, driven by $945 million net investment income and $793 million underwriting income, with a 55.9% loss ratio in the quarter.
Book value per share was $75.45, tangible book value per share $68.48, and AIG common shareholders’ equity stood at $41.085 billion as of September 30, 2025.
Return on equity was 5.0% on a reported basis and 11.6% adjusted, reflecting improved profitability compared to both the prior quarter and year-ago period.

Nov 5, 2025, 1:30 PM

Presentation

AIG reports Q3 2025 results

AIG

Earnings

M&A

Share Buyback

AIG delivered adjusted after-tax EPS of $2.20 (up 77% YoY) and $1.2 billion of adjusted after-tax income, with underwriting income of $793 million (+81% YoY) and net investment income of $1 billion (+15% YoY). The accident year combined ratio was 88.3% (16th consecutive sub-90%) and the calendar year combined ratio improved to 86.8% (580 bps YoY).
Announced strategic investments including a 35% equity stake and escalating quota share in Convex Group, a 9.9% equity interest in Onyx Corporation with a $2 billion commitment over three years, and purchase of renewal rights for roughly $2 billion of Everest portfolios for $300 million.
Continued disciplined capital management by returning $1.5 billion to shareholders in Q3—$1.25 billion in share repurchases and $250 million in dividends—bringing YTD repurchases to $5.3 billion, reducing Corebridge ownership to ~15.5%, maintaining an 18% debt-to-capital ratio, and lifting book value per share 6% to $75.45.
Strengthened portfolio yields with General Insurance net investment income of $945 million (+22% YoY), an average new-money yield of 4.58%, alternative investment income of $137 million (13.6% yield), and raised private credit to $6.4 billion (8% of GI assets) targeting 12–15% over time.

Nov 5, 2025, 1:30 PM

Transcript

AIG reports Q3 2025 financial and strategic update

AIG

Earnings

M&A

AIG delivered adjusted after-tax EPS of $2.20, up 77% year-over-year, with adjusted after-tax income of $1.2 billion (+52%) and an accident year combined ratio of 88.3% for Q3 2025.
North America commercial insurance net premiums written were flat (or +3% ex-casualty closeout), driven by growth in programs (+27%) and Excess Casualty (+8%).
AIG agreed to acquire a 9.9% equity stake in Onex Corporation and to invest $2 billion over three years in its asset management platform, leveraging Onex’s $56 billion AUM and insurance-sector expertise.
The company purchased renewal rights to ~$2 billion of Everest’s retail P&C portfolios for $300 million (with up to $70 million downward adjustment), without assuming prior liabilities.

Nov 5, 2025, 1:30 PM

Transcript

AIG prices $1B Corebridge secondary offering

AIG

Share Buyback

AIG has priced a secondary offering of 32.6 million Corebridge Financial shares at $31.10, expected to close November 6, 2025, raising approximately $1.0 billion in gross proceeds, all of which will go to AIG.
Corebridge Financial plans to repurchase $500 million of its common stock from the underwriter at the same price, funded with cash on hand and contingent on the offering’s completion.
The share sale represents about 6.3% of Corebridge’s roughly 520 million shares outstanding, with J.P. Morgan serving as the sole underwriter.
Following AIG’s spin-off of its life insurance unit into Corebridge, AIG retains a minority stake; the company currently has a market capitalization of $44.7 billion, a dividend yield of 2.23%, a P/E ratio of 15.23, and a year-to-date return of 12.65%.

Nov 5, 2025, 3:35 AM

Morningstar

AIG reports Q3 2025 results

AIG

Earnings

Share Buyback

M&A

AIG reported net income per diluted share of $0.93, up 31%, and adjusted after-tax income per diluted share of $2.20, up 77%, with net income of $519 million and AATI of $1.2 billion in Q3 2025.
General Insurance underwriting income rose 81% to $793 million, with a combined ratio improving 580 bps to 86.8% and an accident year combined ratio of 88.3%.
Net investment income was $772 million, down 21%, while on an adjusted pre-tax income basis it increased 15% to $1.0 billion.
AIG returned $1.5 billion of capital to shareholders in the quarter, including $1.25 billion of share repurchases and $250 million of dividends.
AIG announced strategic investments in Convex Group and Onex Corporation and agreements to acquire renewal rights for $2 billion of Everest Group’s retail commercial insurance portfolios.

Nov 4, 2025, 9:19 PM

8-K

AIG reports Q3 profit as premium growth accelerates

AIG

Earnings

Revenue Acceleration/Inflection

AIG’s Corebridge Financial posted a net profit of $144 million, marking a turnaround from prior losses.
Premiums and deposits climbed 34% YoY to $12.3 billion, driven by strong fixed index annuity and RILA sales.
Adjusted after-tax operating income fell 28%, reflecting a $98 million charge from updated long-term actuarial assumptions.
A significant variable annuity reinsurance deal boosted holding company liquidity by $1.8 billion and reduced risk.
Fee-based revenues now account for 56% of total income, underscoring a strategic shift away from spread-based earnings.

Nov 3, 2025, 10:17 PM

Morningstar

AIG plans $2.7B stakes in Convex and Onex

AIG

New Projects/Investments

M&A

AIG will invest $2.7 billion to acquire a 35% stake in Convex Group and a 9.9% stake in Onex Corporation
Commits $2 billion over three years to Onex-managed private equity and credit funds, enhancing asset management exposure
Convex deal structured as a $7 billion joint buyout (AIG 35%, Onex 63%), with a whole-account quota share arrangement starting January 1, 2026
Appoints two directors to Convex’s board and one to Onex’s board; transactions expected to close in 1H 2026, accretive to earnings and ROE

Oct 30, 2025, 5:13 PM

Bloomberg

AIG and Onex to acquire Convex for $7 billion

AIG

M&A

Onex Partners V and other founding investors have agreed to sell Convex Group Limited to Onex Corporation and AIG for $7 billion.
Convex, founded in 2019, is expected to write $6 billion of gross premium in 2025, achieving 25% CAGR in gross premiums and an 18% average ROE over the past three years.
The transaction, which retains significant economic interest for Convex’s management, is slated to close in H1 2026, subject to customary conditions.

Oct 30, 2025, 12:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for AMERICAN INTERNATIONAL GROUP.

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