AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
AIG$77.75-3.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000005272-25-000081
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future ResultsUse of Non-GAAP MeasuresCritical Accounting EstimatesExecutive SummaryOperating StructureRegulatory, Industry and Economic FactorsConsolidated Results of OperationsBusiness Segment OperationsGeneral InsuranceOther OperationsInvestmentsInvestment HighlightsInvestment StrategiesCredit RatingsInsurance ReservesLiquidity and Capital ResourcesLiquidity and Capital Resources HighlightsAnalysis of Sources and Uses of CashLiquidity and Capital Resources of AIG Parent and SubsidiariesCredit FacilitiesContractual ObligationsOff-Balance Sheet Arrangements and Commercial CommitmentsDebtFinancial Strength RatingsCredit RatingsRegulation and SupervisionDividendsRepurchases of AIG Common StockEnterprise Risk ManagementGlossaryAcronymsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000005272-25-000160
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCautionary Statement Regarding Forward-Looking Information and Factors That May Affect Future ResultsUse of Non-GAAP MeasuresCritical Accounting EstimatesExecutive SummaryOperating StructureRegulatory, Industry and Economic FactorsConsolidated Results of OperationsBusiness Segment OperationsGeneral InsuranceOther OperationsInvestmentsInvestment HighlightsInvestment StrategiesCredit RatingsInsurance ReservesLiquidity and Capital ResourcesLiquidity and Capital Resources HighlightsAnalysis of Sources and Uses of CashLiquidity and Capital Resources of AIG Parent and SubsidiariesCredit FacilitiesContractual ObligationsOff-Balance Sheet Arrangements and Commercial CommitmentsDebtFinancial Strength RatingsCredit RatingsRegulation and SupervisionDividendsRepurchases of AIG Common StockEnterprise Risk ManagementGlossaryAcronymsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 484 previous paragraphs and 496 current paragraphs.
355 unchanged; 84 reworded; 55 added; 38 removed; 7 previous and 2 current paragraphs rearranged.
Tables are not compared: 86 previous and 81 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (55)
Current report
•an increase in underwriting income driven by lower catastrophe losses of $317 million, higher net favorable prior year reserve development of $15 million, primarily in North America Casualty and Property, higher net premiums earned offset a higher accident year loss ratio, as adjusted due to changes in business mix and a lower expense ratio primarily driven by change in business mix and improved commission terms;
Current report
Nine Months Ended September 30, 2025 and 2024 Comparison
Current report
•an increase in Net realized losses on Fortitude Re funds withheld assets of $21 million; and
Current report
Net premiums written decreased by $10 million primarily due to lower production in Casualty, partially offset by growth in Financial Lines.
Current report
Underwriting income increased by $288 million primarily due to:
Current report
•lower Catastrophe losses (10.2 points or $215 million); and
Current report
•higher net favorable prior year reserve development (3.0 points or $62 million), with favorable development driven by Casualty and Property.
Current report
Underwriting income increased by $291 million primarily due to:
Current report
•higher net favorable prior year reserve development (2.5 points or $176 million), with favorable development driven by Casualty and Property; and
Current report
•lower Catastrophe losses (1.6 points or $71 million).
Current report
Higher net premiums earned offset a higher accident year loss ratio, as adjusted (0.7 points) due to changes in business mix.
Current report
Underwriting income increased by $10 million primarily due to lower catastrophe losses (3.3 points or $64 million). Higher net premiums earned offset a higher accident year loss ratio, as adjusted (1.7 points) due to changes in business mix.
Current report
•lower net favorable prior year development (1.3 points or $29 million), with favorable development driven by Property and Global Specialty, partially offset by unfavorable development in Casualty and Financial Lines.
Current report
This decrease was partially offset by lower catastrophe losses (2.1 points or $116 million). Higher net premiums earned offset a higher accident year loss ratio, as adjusted (1.5 points) due to changes in business mix.
Current report
Underwriting income increased by $58 million primarily due to:
Current report
•a lower expense ratio (3.3 points) reflecting a lower acquisition ratio (3.0 points), primarily driven by change in business mix and improved commission terms, as well as a decrease in the general operating expense ratio (0.3 points); and
Current report
•lower catastrophe losses (2.1 points or $38 million).
Current report
•lower net premiums earned coupled with a higher accident year loss ratio, as adjusted (1.0 point) due primarily to the sale of AIG's global individual personal travel insurance and assistance business (1.9 points) partially offset by changes in business mix; and
Current report
•lower net favorable prior year development (0.8 points or $18 million), with favorable development driven by U.S. high net worth.
Current report
•lower net premiums earned coupled with a higher accident year loss ratio, as adjusted (0.5 points) due to changes in business mix;
Current report
•higher catastrophe losses (2.8 points or $129 million); and
Current report
•lower net favorable prior year development (0.3 points or $16 million), with favorable PYD driven by U.S. high net worth.
Current report
NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024 COMPARISON
Current report
*In the three and nine months ended September 30, 2025, Other increased primarily as a result of impairments on investments in real estate funds.
Current report
In the three months ended September 30, 2025, we recognized favorable prior year loss reserve development of $205 million. The key components of this development were:
Current report
•Favorable development in Other Product Lines, reflecting experience in several lines, most notably short-tail Property.
Current report
•Favorable development in U.S. Workers’ Compensation primarily related to loss sensitive business.
Current report
•Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.
Current report
•Adverse development in UK/Europe Casualty and Financial Lines driven by UK Financial Lines, and EMEA Casualty, particularly within Auto and General Liability lines, partially offset by favorable development in EMEA Financial Lines.
Current report
In the nine months ended September 30, 2025, we recognized favorable prior year loss reserve development of $397 million. The key components of this development were:
Current report
•Favorable development in Other Product Lines, reflecting favorable experience in several lines, most notably short-tail Property.
Current report
•Favorable development in Other Product Lines, primarily due to development in Global Specialty, notably within Energy and Trade Credit, as well as development in short-tail Property.
Current report
•Adverse development in UK/Europe Casualty and Financial Lines driven by UK Financial Lines, and EMEA Casualty, particularly within Auto and General Liability lines, partially offset by favorable development in EMEA Financial Lines.
Current report
In the three months ended September 30, 2024, we recognized favorable prior year loss reserve development of $151 million. The key components of this development were:
Current report
•Favorable development on U.S. Property and Special Risks reflecting favorable loss experience in Retail and Wholesale Property.
Current report
•Favorable development on Financial Lines in U.S. and Canada, reflecting favorable experience across most reserving classes, offset by unfavorable development in M&A and High Excess classes.
Current report
•Adverse development on U.S. Excess Casualty driven by a large settlement of a legacy mass tort claim with most of the gross loss in accident years covered under the Adverse Development Cover.
Current report
•Favorable development on Other Product Lines, primarily driven by Global Specialty which saw favorable development in Energy, Marine and Aviation lines.
Showing the first 40 of 55 passages. Open the source sections for the rest.
Removed paragraphs (38)
Previous report
Six Months Ended June 30, 2025 and 2024 Comparison
Previous report
•a decrease in underwriting income primarily driven by higher catastrophe losses of $259 million and a higher accident year loss ratio due to changes in business mix;
Previous report
Underwriting income increased by $110 million primarily due to:
Previous report
•higher net favorable prior year reserve development (3.2 points or $85 million), primarily in Casualty; and
Previous report
•lower Catastrophe losses (2.6 points or $42 million).
Previous report
•a higher accident year loss ratio, as adjusted (1.2 points) due to changes in business mix; and
Previous report
Underwriting income increased by $3 million primarily due to:
Previous report
•higher net favorable prior year reserve development (2.2 points or $114 million), primarily in Casualty; and
Previous report
•higher Catastrophe losses (3.0 points or $144 million); and
Previous report
•a higher accident year loss ratio, as adjusted (0.8 points) due to changes in business mix.
Previous report
Underwriting income increased by $70 million primarily due to lower catastrophe losses (5.3 points or $108 million).
Previous report
•a higher accident year loss ratio, as adjusted (1.6 points) due to changes in business mix; and
Previous report
•a higher accident year loss ratio, as adjusted (1.4 points) due to changes in business mix; and
Previous report
•a higher expense ratio (1.4 points) reflecting an increase in the general operating expense ratio (1.2 points), as well as a higher acquisition ratio (0.2 points), primarily driven by changes in business mix.
Previous report
This decrease was partially offset by lower catastrophe losses (1.4 points or $52 million).
Previous report
Underwriting income increased by $16 million primarily due to:
Previous report
•a lower expense ratio (1.3 points) reflecting a lower acquisition ratio (1.7 points), primarily driven by change in business mix, partially offset by an increase in the general operating expense ratio (0.4 points); and
Previous report
•lower catastrophe losses (0.4 points or $10 million).
Previous report
•a higher accident year loss ratio, as adjusted (0.6 points) due to changes in business mix; and
Previous report
•higher catastrophe losses (5.4 points or $167 million); and
Previous report
•a higher accident year loss ratio, as adjusted (0.4 points) due to changes in business mix.
Previous report
Investments in Residential Mortgage Backed Securities (RMBS)
Previous report
The following table presents the fair value of AIG’s RMBS available for sale securities:
Previous report
(a)Includes approximately $1.3 billion at both June 30, 2025 and December 31, 2024, of certain RMBS that had experienced deterioration in credit quality since their origination. This excludes impact of U.S. debt downgrade of Fannie Mae and Freddie Mac. For additional information on purchased credit deteriorated securities, see Note 6 to the Condensed Consolidated Financial Statements.
Previous report
(b)The weighted average expected life was six years at both June 30, 2025 and December 31, 2024.
Previous report
Investments in Commercial Mortgage Backed Securities (CMBS)
Previous report
The following table presents the fair value of our CMBS available for sale securities:
Previous report
The following table presents the fair value of our CLO/ABS available for sale securities by collateral type:
Previous report
*Excludes $78 million of fixed maturity securities for which no composite AIG credit rating is available.
Previous report
In the three months ended June 30, 2025, we recognized favorable prior year loss reserve development of $128 million. The key components of this development were:
Previous report
In the six months ended June 30, 2025, we recognized favorable prior year loss reserve development of $192 million. The key components of this development were:
Previous report
In the three and six months ended June 30, 2024, we recognized favorable prior year loss reserve development of $79 million and $113 million, respectively. The key components of this development were:
Previous report
•Adverse development on U.S. Excess Casualty, reflecting unfavorable loss experience, particularly in accident year 2021.
Previous report
During thesix months ended June 30, 2025, AIG Parent repurchased approximately 50 million shares of AIG Common Stock, for an aggregate purchase price of approximately $4.0 billion.
Reworded paragraphs (84)
Previous wording
•the impact of adverse developments affecting economic conditions in the markets in which we operate in the U.S. and globally, including financial market conditions, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and geopolitical events or conflicts;
Current wording
•the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, the U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, and geopolitical events or conflicts;
Previous wording
•changes in the fair values of equity securities, AIG's investment in Corebridge and gain on sale of shares;
Current wording
•changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares;
Previous wording
On June 9, 2024, AIG waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024 (the Deconsolidation Date). As a result, AIG met the requirements for the deconsolidation of Corebridge. The historical financial results of Corebridge, for all periods presented, are reflected in these Condensed Consolidated Financial Statements as discontinued operations.
Current wording
On June 9, 2024, AIG waived its right to majority representation on the Corebridge Board of Directors and one of AIG's designees resigned from the Corebridge Board of Directors as of June 9, 2024. As a result, AIG met the requirements for the deconsolidation of Corebridge. The historical financial results of Corebridge, for all periods presented, are reflected in these Condensed Consolidated Financial Statements as discontinued operations.
Previous wording
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and six months ended June 30, 2025 and 2024. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.
Current wording
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and nine months ended September 30, 2025 and 2024. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.
Previous wording
Net income (loss) attributable to AIG common shareholders increased $4.6 billion due to the following:
Current wording
Net income (loss) attributable to AIG common shareholders increased $60 million due to the following:
Previous wording
•an increase in Net realized losses on Fortitude Re funds withheld embedded derivative of $22 million driven by interest rate movement and an increase in Net realized losses on Fortitude Re funds withheld assets of $51 million;
Current wording
•a decrease in Net realized losses on Fortitude Re funds withheld embedded derivative of $103 million driven by interest rate movement and a decrease in Net realized losses on Fortitude Re funds withheld assets of $13 million; and
Previous wording
•an increase in Income (loss) from discontinued operations, net of income taxes of $4.4 billion as a result of the deconsolidation of Corebridge in June 2024;
Current wording
•an increase in Income (loss) from discontinued operations, net of income taxes of $24 million as a result of the deconsolidation of Corebridge in June 2024.
Previous wording
•an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $5 million, primarily driven by an increase in foreign exchange losses of $79 million and higher derivative and hedge activity losses of $77 million, partially offset by lower losses on sales of securities of $66 million and changes in allowance for credit losses on loans of $57 million;
Current wording
•an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $439 million, primarily driven by impairments on investments in real estate funds, an increase in foreign exchange losses of $75 million, changes in allowance for credit losses on loans of $49 million, higher losses on sales of securities of $30 million and higher derivative and hedge activity losses of $18 million, partially offset by lower losses on sales of alternative investments of $16 million; and
Previous wording
•an increase in Net investment income of $476 million primarily driven by changes in the fair value of AIG's investment in Corebridge and gain on sale of shares of $455 million in 2025 compared to $65 million in 2024 and higher income from available for sale fixed maturity securities of $149 million;
Current wording
•a decrease in Net investment income of $201 million primarily driven by a decrease in changes in the fair value of AIG's investment in Corebridge and gain/loss on sales of Corebridge shares of $313 million, partially offset by higher income from available for sale fixed maturity securities of $115 million and higher income from alternative investments of $95 million.
Previous wording
Net income (loss) attributable to AIG common shareholders increased $5.1 billion due to the following:
Current wording
Net income (loss) attributable to AIG common shareholders increased $4.7 billion due to the following:
Previous wording
•a decrease in income attributable to noncontrolling interest of $93 million primarily driven by the deconsolidation of Corebridge.
Current wording
•a decrease in net income attributable to noncontrolling interest of $470 million primarily driven by the Corebridge accounting change post-deconsolidation;
Previous wording
•an increase in Net investment income of $602 million primarily driven by changes in the fair value of AIG's investment in Corebridge and gain on sale of shares of $664 million in 2025 compared to $65 million in 2024, higher income from available for sale fixed maturity securities of $174 million, partially offset by a decrease in the fair value of equity securities of $61 million and a decrease in interest income on mortgages and other loans of $46 million; and
Current wording
•an increase in Net investment income of $401 million primarily driven by an increase in changes in the fair value of AIG's investment in Corebridge and gain/loss on sales of Corebridge shares of $286 million, higher income from available for sale fixed maturity securities of $289 million and higher income from alternative investments of $100 million, partially offset by a decrease in the fair value of equity securities of $59 million and a decrease in interest income on mortgages and other loans of $61 million;
Previous wording
•an increase in underwriting income driven by higher net favorable prior year reserve development of $92 million, primarily in Casualty and lower catastrophe losses of $160 million partially offset by a higher accident year loss ratio due to changes in business mix.
Current wording
•an increase in underwriting income primarily driven by lower catastrophe losses of $58 million and higher net favorable prior year reserve development of $149 million primarily in North America Casualty and Property, partially offset by a higher accident year loss ratio due to changes in business mix;
Previous wording
•a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $348 million; and
Current wording
•a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $323 million; and
Previous wording
•an increase in Net realized losses on Fortitude Re funds withheld embedded derivative of $54 million driven by interest rate movement and an increase in Net realized losses on Fortitude Re funds withheld assets of $34 million;
Current wording
•a decrease in Net realized losses on Fortitude Re funds withheld embedded derivative of $49 million driven by interest rate movement.
Previous wording
•an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $6 million, primarily driven by derivative and hedge activity losses of $57 million and losses from sales of securities of $103 million, partially offset by changes in allowances for credit losses on loans of $70 million and an increase in foreign exchange gains of $82 million;
Current wording
•an increase in Net realized losses excluding Fortitude Re funds withheld assets and embedded derivative of $445 million, primarily driven by impairments on investments in real estate funds, derivative and hedge activity losses of $75 million and losses from sales of securities of $133 million, partially offset by changes in allowance for credit losses on loans of $21 million;
Previous wording
•an increase in income tax expense of $259 million as a result of higher income before taxes; and
Current wording
•an increase in income tax expense of $281 million as a result of higher income before taxes.
Previous wording
For the three months ended June 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 25.9 percent and 23.0 percent, respectively. For the six months ended June 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.4 percent and 24.1 percent, respectively.
Current wording
For the three months ended September 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.6 percent and 25.9 percent, respectively. For the nine months ended September 30, 2025 and 2024, the effective tax rate on income (loss) from continuing operations was 26.5 percent and 24.6 percent, respectively.
Previous wording
(c)In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes.
Current wording
(c)In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.
Previous wording
(d)In the second quarter of 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and real estate impairment charges.
Current wording
(d)In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.
Previous wording
Pre-tax income was $1.5 billion and $617 million in the three months ended June 30, 2025 and 2024, respectively. Pre-tax income was $2.5 billion and $1.7 billion in the six months ended June 30, 2025 and 2024, respectively.
Current wording
Pre-tax income was $714 million and $649 million in the three months ended September 30, 2025 and 2024, respectively. Pre-tax income was $3.2 billion and $2.3 billion in the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Adjusted pre-tax income was $1.4 billion and $1.0 billion in the three months ended June 30, 2025 and 2024, respectively. Adjusted pre-tax income was $2.3 billion and $2.2 billion in the six months ended June 30, 2025 and 2024, respectively.
Current wording
Adjusted pre-tax income was $1.6 billion and $1.1 billion in the three months ended September 30, 2025 and 2024, respectively. Adjusted pre-tax income was $3.9 billion and $3.2 billion in the nine months ended September 30, 2025 and 2024, respectively.
Previous wording
Reinsurance Optimization: Strategically partner with reinsurers to effectively manage exposure to losses arising from frequency of large catastrophic events and severity from individual risk losses. We strive to optimize our reinsurance program to manage volatility and protect the balance sheet from tail events and unpredictable net losses in support of our profitable growth objectives.
Current wording
Reinsurance Optimization: Strategically partner with reinsurers to effectively manage exposure to losses arising from frequency of large catastrophic events and severity from individual risk losses. Strive to optimize our reinsurance program to manage volatility and protect the balance sheet from tail events and unpredictable net losses in support of our profitable growth objectives.
Previous wording
North America Commercial continues to pursue profitable growth, while capacity in certain segments is putting pressure on rates. We have focused on retaining our best accounts which has led to strong retention across the portfolio. These retention rates are often coupled with our management of exposure limits to reduce volatility within the portfolio. We continue to proactively identify segment growth areas as market conditions warrant through effective portfolio management.
Current wording
North America Commercial continues to pursue profitable growth, while capacity in certain segments is putting pressure on rates. We have focused on retaining our best accounts and pursuing profitable new business opportunities while maintaining our underwriting discipline, including our management of exposure limits to reduce volatility within the portfolio. We continue to proactively identify segment growth areas as market conditions warrant through effective portfolio management.
Previous wording
We are continuing to pursue growth in our most profitable lines of business and diversify our portfolio across all regions by expanding key business lines while remaining a market leader in key developed and developing markets. We are maintaining our underwriting discipline, against a backdrop of rate pressures in certain lines and in some geographies, utilizing reinsurance to reduce volatility and continuing our risk selection strategy to improve profitability.
Current wording
International Commercial continues to pursue growth in our most profitable lines of business and diversify our portfolio across all regions by expanding key business lines while remaining a market leader in key developed and developing markets. We are maintaining our underwriting discipline, against a backdrop of rate pressures in certain lines and in some geographies, utilizing reinsurance to reduce volatility and continuing our risk selection strategy to improve profitability.
Previous wording
Net premiums written increased by $113 million primarily due to growth in Casualty driven by new business production and strong retention, partially offset by lower production in Property.
Current wording
Net premiums written increased by $244 million primarily due to growth in Casualty driven by new business production and strong retention, partially offset by lower production in Property.
Previous wording
•a higher expense ratio (0.3 points) reflecting an increase in general operating expense ratio (1.5 points), partially offset by a lower acquisition ratio (1.2 points), primarily driven by changes in business mix.
Current wording
Higher net premiums earned offset a higher accident year loss ratio, as adjusted (0.3 points) due to changes in business mix. The Expense ratio remained flat reflecting an increase in the general operating expense ratio (0.6 points), partially offset by a lower acquisition ratio (0.6 points), primarily driven by changes in business mix.
Previous wording
Net premiums written, excluding the unfavorable impact of foreign exchange ($39 million), increased by $168 million primarily due to growth in Property, Global Specialty and Casualty driven by strength of renewal retentions and new business production, partially offset by lower production in Financial Lines.
Current wording
Net premiums written, excluding the favorable impact of foreign exchange ($46 million), increased by $17 million primarily due to growth in Global Specialty and Property driven by strength of new business production, partially offset by lower production in Financial Lines.
Previous wording
Net premiums written, excluding the favorable impact of foreign exchange ($26 million), increased by $15 million primarily due to growth in Casualty and Global Specialty driven by strength of renewal retentions and new business production, partially offset by lower production in Financial Lines.
Current wording
Net premiums written, excluding the favorable impact of foreign exchange ($7 million), increased by $185 million primarily due to growth in Property, Global Specialty and Casualty driven by strength of renewal retentions and new business production, partially offset by lower production in Financial Lines.
Previous wording
•a lower expense ratio (0.9 points) reflecting a lower acquisition ratio (0.6 points), primarily driven by changes in business mix and a lower general operating expense ratio (0.3 points).
Current wording
•a higher general operating expense ratio (0.9 points); and
Previous wording
Underwriting income decreased by $20 million primarily due to:
Current wording
Underwriting income decreased by $10 million primarily due to:
Previous wording
•a higher expense ratio (1.3 points) reflecting an increase in the general operating expense ratio (1.0 point), as well as a higher acquisition ratio (0.3 points), primarily driven by changes in business mix.
Current wording
•a higher expense ratio (1.1 points) reflecting an increase in the general operating expense ratio (1.0 point), as well as a higher acquisition ratio (0.1 points), primarily driven by changes in business mix; and
Previous wording
•lower net favorable prior year development (0.2 points or $4 million).
Current wording
•lower net favorable prior year development (0.2 points or $11 million), with favorable development driven by Property and Global Specialty, partially offset by unfavorable development in Casualty and Financial Lines.
Previous wording
Net premiums written, excluding the unfavorable impact of foreign exchange ($13 million), decreased by $409 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($401 million), as well as PCS due to changes in reinsurance structure, partially offset by growth in Personal Auto from positive rate change and new business production.
Current wording
Net premiums written, excluding the favorable impact of foreign exchange ($61 million), decreased by $264 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($193 million), as well as U.S. high net worth due to changes in reinsurance structure, partially offset by growth in Accident & Health, Personal Auto and Property.
Previous wording
Net premiums written, excluding the favorable impact of foreign exchange ($33 million), decreased by $240 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($192 million), as well as PCS due to changes in reinsurance structure, partially offset by growth in Personal Auto from positive rate change and new business production.
Current wording
Net premiums written, excluding the favorable impact of foreign exchange ($48 million), decreased by $673 million due to the sale of AIG's global individual personal travel insurance and assistance business in December 2024 ($594 million), as well as U.S. high net worth due to changes in reinsurance structure, partially offset by growth in Personal Auto from positive rate change and new business production.
Previous wording
Underwriting loss of $101 million in 2025 compared to underwriting income of $39 million in 2024 is primarily due to:
Current wording
Underwriting loss of $22 million in 2025 compared to underwriting income of $60 million in 2024 is primarily due to:
Previous wording
This decrease was partially offset by a lower expense ratio (1.4 points) reflecting a lower acquisition ratio (1.2 points), primarily driven by change in business mix, as well as a decrease in the general operating expense ratio (0.2 points).
Current wording
This decrease was partially offset by a lower expense ratio (2.1 points) reflecting a lower acquisition ratio (1.8 points), primarily driven by change in business mix and improved commission terms, as well as a decrease in the general operating expense ratio (0.3 points).
Previous wording
Adjusted pre-tax loss before consolidation and eliminations was $104 million in 2025 compared to $158 million in 2024, a decrease of $54 million, primarily due to:
Current wording
Adjusted pre-tax loss before consolidation and eliminations was $118 million in 2025 compared to $138 million in 2024, a decrease of $20 million, primarily due to:
Previous wording
•lower corporate and other general operating expenses of $94 million primarily driven by increased allocation of expenses to the business; and
Current wording
•lower corporate and other general operating expenses of $58 million primarily driven by increased allocation of expenses to the business; and
Previous wording
•lower interest expense of $10 million primarily driven by interest savings from $1.5 billion debt repurchases, through cash tender offers and debt redemption in 2024 partially offset by new issuance of $1.25 billion debt in 2025.
Current wording
•lower interest expense of $10 million primarily driven by interest savings from $2.0 billion debt repurchases, through cash tender offers and debt redemption in 2025 and 2024 partially offset by new issuance of $1.25 billion debt in 2025 and ¥100 billion debt in 2024.
Showing the first 40 of 84 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
and commercial real estate; and commercial mortgage loans. Fixed maturity securities of the General Insurance companies have an average duration of 3.8 years, with an average of 4.2 years for North America and 3.1 years for International.
Current report — wording carried from elsewhere
•Amortization benefit related to the deferred gain on the adverse development cover.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
•an increase in income tax expense of $258 million as a result of higher income from continuing operations; and
Previous report — wording carried elsewhere
•a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $339 million.
Previous report — wording carried elsewhere
•a decrease in net income attributable to noncontrolling interest of $477 million primarily driven by Corebridge.
Previous report — wording carried elsewhere
Net premiums written increased by $254 million primarily due to growth in Casualty driven by new business production and strong retention, partially offset by lower production in Financial Lines.
Previous report — wording carried elsewhere
The following table presents the fixed maturity security portfolio categorized by composite AIG credit rating, at fair value:
Previous report — wording carried elsewhere
•Favorable development in U.S. Workers’ Compensation primarily driven by favorable experience within Excess of Loss Sensitive offset by adverse development within Primary Guaranteed Cost and Defense Base Act business.
Previous report — wording carried elsewhere
•Adverse development in U.S. Excess Casualty primarily driven by unfavorable development in Mass Tort.