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AMERICAN INTERNATIONAL GROUP, INC.

For the period ended Sep 30, 2025. Filed Nov 5, 2025.

View on SEC.gov

About 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

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Results of Operations

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.

For information regarding the critical accounting estimates that affect our results of operations, see Critical Accounting Estimates in this MD&A and Part II, Item 7. MD&A – Critical Accounting Estimates in the 2024 Annual Report.

The following table presents our consolidated results of operations and other key financial metrics:

Three Months EndedSeptember 30, · Percentage · Nine Months EndedSeptember 30, · Percentage
(in millions) · 2025 · 2024 · Change · 2025 · 2024 · Change
Revenues:
Premiums$6,073$5,9452%$17,720$17,5641%
Net investment income:
Net investment income - excluding Fortitude Re funds withheld assets743922(19)3,2352,81915
Net investment income - Fortitude Re funds withheld assets2951(43)108123(12)
Total net investment income772973(21)3,3432,94214
Net realized gains (losses):
Net realized gains (losses) - excluding Fortitude Re funds withheld assets and embedded derivative(431)8NM(683)(238)(187)
Net realized losses on Fortitude Re funds withheld assets(5)(18)72(59)(38)(55)
Net realized losses on Fortitude Re funds withheld embedded derivative(54)(157)66(109)(158)31
Total net realized losses(490)(167)(193)(851)(434)(96)
Other income (loss)(4)—NM132NM
Total revenues6,3516,751(6)20,22520,0741
Benefits, losses and expenses:
Losses and loss adjustment expenses incurred3,3913,773(10)10,67810,753(1)
Amortization of deferred policy acquisition costs850863(2)2,5222,543(1)
General operating and other expenses1,2971,346(4)3,5744,194(15)
Interest expense99112(12)291353(18)
(Gain) loss on extinguishment of debt——NM(5)1NM
Net (gain) loss on divestitures and other—8NM(53)(94)44
Total benefits, losses and expenses5,6376,102(8)17,00717,750(4)
Income from continuing operations before income tax expense714649103,2182,32438
Income tax expense1901681385257149
Income from continuing operations52448192,3661,75335
Loss from discontinued operations, net of income taxes—(24)NM—(3,580)NM
Net income (loss)524457152,366(1,827)NM
Less: Net income (loss) attributable to noncontrolling interests5(2)NM5475(99)
Net income (loss) attributable to AIG519459132,361(2,302)NM
Less: Dividends on preferred stock and preferred stock redemption premiums——NM—22NM
Net income (loss) attributable to AIG common shareholders$519$45913%$2,361$(2,324)NM%
(in millions, except per share data)September 30, 2025December 31, 2024
Balance sheet data:
Total assets$163,415$161,322
Long-term debt9,0878,764
Total AIG shareholders’ equity41,08542,521
Book value per share75.4570.16
Adjusted book value per share77.0473.79
Core operating book value per share66.6661.75
AIG | Third Quarter 2025 Form 10-Q61

NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS

Three Months Ended September 30, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders increased $60 million due to the following:

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;

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

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.

The increase in Net income (loss) attributable to AIG common shareholders was partially offset by the following:

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

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.

Nine Months Ended September 30, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders increased $4.7 billion due to the following:

an increase in Income (loss) from discontinued operations, net of income taxes of $3.6 billion as a result of the deconsolidation of Corebridge in June 2024;

a decrease in net income attributable to noncontrolling interest of $470 million primarily driven by the Corebridge accounting change post-deconsolidation;

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;

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;

a decrease in General operating and other expenses primarily driven by lower restructuring and other related costs of $323 million; and

a decrease in Net realized losses on Fortitude Re funds withheld embedded derivative of $49 million driven by interest rate movement.

The increase in Net income (loss) attributable to AIG common shareholders was partially offset by the following:

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;

an increase in Net realized losses on Fortitude Re funds withheld assets of $21 million; and

an increase in income tax expense of $281 million as a result of higher income before taxes.

INCOME TAX EXPENSE ANALYSIS

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.

For additional information, see Note 16 to the Condensed Consolidated Financial Statements.

62AIG | Third Quarter 2025 Form 10-Q

NON-GAAP RECONCILIATIONS

The following table presents reconciliations of Book value per share to Adjusted book value per share and Core operating book value per share, which are non-GAAP measures. For additional information, see Use of Non-GAAP Measures.

September 30,December 31,
(in millions, except per share data)20252024
Total AIG common shareholders' equity$41,085$42,521
Less: Investments related AOCI(1,410)(2,872)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets(545)(667)
Subtotal: Investments AOCI(865)(2,205)
AIG adjusted common shareholders' equity$41,950$44,726
Total AIG common shareholders' equity$41,085$42,521
Less: AIG's ownership interest in Corebridge2,6513,810
Less: Investments related AOCI - AIG(1,410)(2,872)
Add: Cumulative unrealized gains and losses related to Fortitude Re funds withheld assets - AIG(545)(667)
Subtotal: Investments AOCI - AIG(865)(2,205)
Less: Deferred tax assets3,0023,489
AIG core operating shareholders' equity$36,297$37,427
Total common shares outstanding544.5606.1
Book value per share$75.45$70.16
Adjusted book value per share77.0473.79
Core operating book value per share66.6661.75

The following table presents reconciliations of Return on equity to Adjusted return on equity and Core operating return on equity, which are non-GAAP measures. For additional information, see Use of Non-GAAP Measures.

Three Months EndedSeptember 30, · Nine Months EndedSeptember 30, · Year EndedDecember 31,
(dollars in millions) · 2025 · 2024 · 2025 · 2024 · 2024
Actual or annualized net income (loss) attributable to AIG common shareholders$2,076$1,836$3,148$(3,099)$(1,426)
Actual or annualized adjusted after-tax income attributable to AIG common shareholders$4,904$3,216$3,963$3,249$3,254
Average AIG common shareholders' equity$41,293$44,742$41,635$44,434$44,051
Less: Average investments AOCI(1,128)(2,194)(1,560)(5,864)(5,132)
Average AIG adjusted common shareholders' equity$42,421$46,936$43,195$50,298$49,183
Average AIG common shareholders' equity$41,293$44,742$41,635$44,434$44,051
Less: Average AIG's ownership interest in Corebridge3,3478,3553,6317,5106,770
Less: Average Investments AOCI - AIG(1,128)(2,194)(1,560)(2,387)(2,351)
Less: Average deferred tax assets3,0934,0173,2614,1253,998
Average AIG core operating shareholders' equity$35,981$34,564$36,303$35,186$35,634
Return on equity5.0%4.1%7.6%(7.0)%(3.2)%
Adjusted return on equity11.66.99.26.56.6
Core operating return on equity13.69.310.99.29.1
AIG | Third Quarter 2025 Form 10-Q63

The following table presents a reconciliation of pre-tax income (loss)/net income (loss) attributable to AIG to adjusted pre-tax income (loss)/adjusted after-tax income (loss) attributable to AIG:

Three Months Ended September 30, · 2025 · 2024
(in millions, except per common share data) · Pre-tax · Total Tax(Benefit)Charge · Non-controllingInterests(a) · AfterTax · Pre-tax · Total Tax(Benefit)Charge · Non-controllingInterests(a) · AfterTax
Pre-tax income/net income, including noncontrolling interests$714$190$—$524$649$168$—$457
Noncontrolling interests(a)(5)(5)22
Pre-tax income/net income attributable to AIG - including discontinued operations$714$190$(5)$519$649$168$2$459
Dividends on preferred stock and preferred stock redemption premiums——
Net income attributable to AIG common shareholders$519$459
Changes in uncertain tax positions and other tax adjustments(5)—53—(3)
Deferred income tax valuation allowance releases———9—(9)
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares28860—228(25)(5)—(20)
Net investment income on Fortitude Re funds withheld assets(29)(6)—(23)(51)(11)—(40)
Net realized losses on Fortitude Re funds withheld assets51—4184—14
Net realized losses on Fortitude Re funds withheld embedded derivative5411—4315733—124
Net realized (gains) losses(b)433107—326(7)(27)—20
Loss from discontinued operations—24
Net gain on divestitures and other————828—(20)
Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements(9)(2)—(7)12627—99
Net loss reserve discount (benefit) charge(2)——(2)296—23
Net results of businesses in run-off(c)(1)(1)——82—6
Non-operating pension expenses61—5————
Integration and transaction costs associated with acquiring or divesting businesses72—5225—17
Restructuring and other costs(d)15332—12113728—109
Non-recurring costs related to regulatory or accounting changes31—241—3
Noncontrolling interests(a)——(2)(2)
Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders$1,622$391$(5)$1,226$1,075$271$—$804
Weighted average diluted shares outstanding558.5647.4
Income per common share attributable to AIG common shareholders (diluted)$0.93$0.71
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)$2.20$1.24
64AIG | Third Quarter 2025 Form 10-Q
Nine Months Ended September 30, · 2025 · 2024
(in millions, except per common share data) · Pre-tax · Total Tax(Benefit)Charge · Non-controllingInterests(a) · AfterTax · Pre-tax · Total Tax(Benefit)Charge · Non-controllingInterests(a) · AfterTax
Pre-tax income/net income (loss), including noncontrolling interests$3,218$852$—$2,366$2,324$571$—$(1,827)
Noncontrolling interests(a)(5)(5)(475)(475)
Pre-tax income/net income (loss) attributable to AIG - including discontinued operations$3,218$852$(5)$2,361$2,324$571$(475)$(2,302)
Dividends on preferred stock and preferred stock redemption premiums—22
Net income (loss) attributable to AIG common shareholders$2,361$(2,324)
Changes in uncertain tax positions and other tax adjustments(1)—18—(8)
Deferred income tax valuation allowance (releases) charges(9)—915—(15)
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares(393)(83)—(310)(172)(36)—(136)
(Gain) loss on extinguishment of debt and preferred stock redemption premiums(5)(1)—(4)1——16
Net investment income on Fortitude Re funds withheld assets(108)(23)—(85)(123)(26)—(97)
Net realized losses on Fortitude Re funds withheld assets5912—47388—30
Net realized losses on Fortitude Re funds withheld embedded derivative10923—8615833—125
Net realized losses(b)690102—58823428—206
Loss from discontinued operations—3,580
Net gain on divestitures and other(53)(11)—(42)(94)12—(106)
Non-operating litigation reserves and settlements(13)(3)—(10)————
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements5311—426614—52
Net loss reserve discount charge276—2113127—104
Net results of businesses in run-off(c)(8)(2)—(6)(4)——(4)
Non-operating pension expenses163—13————
Integration and transaction costs associated with acquiring or divesting businesses133—10378—29
Restructuring and other costs(d)30764—243630132—498
Non-recurring costs related to regulatory or accounting changes102—8153—12
Noncontrolling interests(a)——475475
Adjusted pre-tax income (loss)/Adjusted after-tax income (loss) attributable to AIG common shareholders$3,922$945$(5)$2,972$3,241$797$—$2,437
Weighted average diluted shares outstanding578.4667.4
Income (loss) per common share attributable to AIG common shareholders (diluted)$4.08$(3.48)
Adjusted after-tax income per common share attributable to AIG common shareholders (diluted)$5.14$3.65

(a)Noncontrolling interest primarily relates to Corebridge and is the portion of Corebridge earnings that AIG did not own. Corebridge was consolidated until June 9, 2024. The historical results of Corebridge owned by AIG are reflected in Income (loss) from discontinued operations, net of income taxes.

(b)Includes all net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets.

(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.

(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.

PRE-TAX INCOME (LOSS) COMPARISON

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.

For the main drivers impacting AIG’s results of operations, see – Net Income (Loss) Attributable to AIG Common Shareholders above.

ADJUSTED PRE-TAX INCOME (LOSS) COMPARISON

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.

For the main drivers impacting AIG’s adjusted pre-tax income (loss), see Business Segment Operations.

AIG | Third Quarter 2025 Form 10-Q65

The following table presents a reconciliation of General Insurance and Other Operations Net investment income and other/pre-tax income (loss) to Net investment income and other, APTI basis/adjusted pre-tax income (loss):

General Insurance · Three Months Ended September 30, · Nine Months Ended September 30,
2025202420252024
(in millions)NetInvestmentIncomeand OtherPre-taxIncome(Loss)NetInvestmentIncomeand OtherPre-taxIncome(Loss)NetInvestmentIncomeand OtherPre-taxIncome(Loss)NetInvestmentIncomeand OtherPre-taxIncome(Loss)
Net investment income and other/Pre-tax income (loss)$991$1,188$811$1,058$2,619$3,183$2,400$3,005
Other income (expense) - net——————(31)—
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares(46)(46)55(70)(70)(38)(38)
Net investment income on Fortitude Re funds withheld assets——(42)(42)11(43)(43)
Net realized (gains) losses on Fortitude Re funds withheld assets—(1)—1—6—1
Net realized (gains) losses—456(1)(80)2779(7)217
Net loss (gain) on divestitures and other—(1)—2—(38)—(5)
Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements—7—129—81—112
Net loss reserve discount (benefit) charge—(2)—29—27—131
Non-operating pension expenses—4———13——
Restructuring and other costs—130—104—222—349
Non-recurring costs related to regulatory or accounting changes—3—4—10—15
Net investment income and other, APTI basis/Adjusted pre-tax income (loss)$945$1,738$773$1,210$2,552$4,214$2,281$3,744
Other Operations · Three Months Ended September 30, · Nine Months Ended September 30,
2025202420252024
(in millions)NetInvestmentIncomeand OtherPre-taxIncome(Loss)NetInvestmentIncomeand OtherPre-taxIncome(Loss)NetInvestmentIncomeand OtherPre-taxIncome(Loss)NetInvestmentIncomeand OtherPre-taxIncome(Loss)
Net investment income and other/Pre-tax income (loss)$(226)$(474)$162$(409)$734$35$544$(681)
Consolidation and Eliminations(2)—1—1—1—
Other income (expense) - net2———(9)—16—
Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares334334(30)(30)(323)(323)(134)(134)
Gain on extinguishment of debt—————(5)—1
Net investment income on Fortitude Re funds withheld assets(29)(29)(9)(9)(109)(109)(80)(80)
Net realized losses on Fortitude Re funds withheld assets—6—17—53—37
Net realized losses on Fortitude Re funds withheld embedded derivative—54—157—109—158
Net realized (gains) losses2(23)1732(89)117
Net loss (gain) on divestitures and other—1—6—(15)—(89)
Non-operating litigation reserves and settlements—————(13)——
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements—(16)—(3)—(28)—(46)
Net results of businesses in run-off(9)(1)(5)8(22)(8)(13)(4)
Non-operating pension expenses—2———3——
Integration and transaction costs associated with acquiring or divesting businesses—7—22—13—37
Restructuring and other costs—23—33—85—281
Net investment income and other, APTI basis/Adjusted pre-tax income (loss)$72$(116)$120$(135)$274$(292)$335$(503)
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.