AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Jun 30, 2026. Filed Aug 7, 2026.
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.
Jun 30, 2026 · Filed Aug 7, 2026
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 2026-03-31; filed 2026-05-01.
0000005272-26-000052
Cautionary Note on Forward-LookingExecutive SummaryOperating StructureCritical Accounting EstimatesConsolidated Results of OperationsBusiness Segment OperationsGeneral InsuranceOther OperationsUse of Non-GAAP MeasuresInvestmentsInvestment 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 2026-06-30; filed 2026-08-07.
0000005272-26-000076
Cautionary Note on Forward-LookingExecutive SummaryOperating StructureCritical Accounting EstimatesConsolidated Results of OperationsBusiness Segment OperationsGeneral InsuranceOther OperationsUse of Non-GAAP MeasuresInvestmentsInvestment 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 368 previous paragraphs and 407 current paragraphs.
303 unchanged; 45 reworded; 52 added; 19 removed; 1 previous and 7 current paragraphs rearranged.
Tables are not compared: 67 previous and 73 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 (52)
Current report
Net income (loss) attributable to AIG common shareholders decreased $196 million due to the following:
Current report
Six Months Ended June 30, 2026 and 2025 Comparison
Current report
Net income (loss) attributable to AIG common shareholders decreased $131 million primarily driven by:
Current report
(b)Includes net losses related to the Middle East conflict of $75 million in the three months ended June 30, 2026.
Current report
Net premiums written increased by $262 million, or 9 percent, primarily due to the impact of strategic transactions and organic growth, notably in Casualty and Financial Lines, partially offset by lower production in certain Property lines. The increase in Net premiums earned is primarily driven by these same factors.
Current report
North America Commercial produced underwriting income of $372 million from a combined ratio of 84.0, which was a 1.9 point improvement. This was driven by a lower loss ratio (2.1 points) from:
Current report
•higher net favorable prior year reserve development (1.8 points), with favorable development driven by Casualty; and
Current report
North America Commercial produced underwriting income of $699 million from a combined ratio of 84.8, which was a 5.1 point improvement. This was driven by a lower loss ratio (5.4 points) from:
Current report
•higher net favorable prior year reserve development (2.0 points), with favorable development primarily driven by Casualty and Property.
Current report
This was partially offset by a higher accident year loss ratio, as adjusted (0.5 points) primarily due to changes in business mix.
Current report
Net premiums written, excluding the favorable impact of foreign exchange ($38 million), increased by $225 million, or 10 percent, primarily due to the impact of strategic transactions and organic growth, notably in Specialty and Property. The increase in Net premiums earned is primarily driven by these same factors.
Current report
International Commercial produced underwriting income of $200 million from a combined ratio of 91.3, which was a 5.4 point increase. This was driven by a higher loss ratio (4.1 points) from:
Current report
•higher accident year loss ratio, as adjusted (1.0 points) primarily due to changes in business mix; and
Current report
The expense ratio increased by 1.3 points, from a primarily mix-driven increase in the acquisition ratio (1.3 points).
Current report
International Commercial produced underwriting income of $478 million from a combined ratio of 89.2, which was a 2.1 point increase. This was driven by a higher loss ratio (1.9 points) from:
Current report
•higher accident year loss ratio, as adjusted (0.6 points) primarily due to changes in business mix; and
Current report
•net adverse prior year reserve development (0.6 points), with unfavorable development driven by prior year premiums.
Current report
Net premiums written, excluding the unfavorable impact of foreign exchange ($15 million), increased by $126 million, or 8 percent, primarily driven by reinsurance program changes and organic growth in U.S. high net worth and Accident & Health. The decrease in Net premiums earned was primarily driven by Warranty.
Current report
Global Personal produced underwriting income of $114 million from a combined ratio of 92.9, which was a 5.6 point improvement. This was driven by a lower loss ratio (3.4 points) from:
Current report
•lower accident year loss ratio, as adjusted (2.7 points) primarily due to changes in business mix; and
Current report
•lower accident year loss ratio, as adjusted (2.2 points) primarily due to changes in business mix; and
Current report
•higher net favorable prior year reserve development (1.0 points), with favorable development driven by prior year premiums.
Current report
Adjusted pre-tax loss before consolidation and eliminations increased $43 million primarily due to the following:
Current report
•lower net investment income and other of $53 million due to lower short-term investment income and lower Corebridge dividend income of $27 million; and
Current report
•lower corporate and other general operating expenses of $8 million.
Current report
Adjusted pre-tax loss before consolidation and eliminations increased $102 million primarily due to the following:
Current report
•lower net investment income and other of $109 million due to lower short-term investment income and lower Corebridge dividend income of $52 million; and
Current report
On February 6, 2026, AIG closed its previously announced acquisitions of (i) a 35 percent equity interest in Convex Group Limited (Convex), a global specialty insurer, for $2.1 billion and (ii) a 9.9 percent ownership stake in Onex Corporation (Onex), a global asset manager, for $642 million. AIG reflects its interest in Convex as an equity method investment in Other invested assets. The difference between the purchase price and the value of the underlying net assets acquired is primarily comprised of intangible assets and other basis differences of $520 million and goodwill of $440 million. AIG records its proportionate share of Convex’s net income less amortization of the basis differences described above as a component of Net investment income reported in General Insurance.
Current report
*Other includes impairments on investments in private equity and real estate funds.
Current report
In the three months ended June 30, 2026, we recognized favorable prior year loss reserve development of $172 million, primarily driven by:
Current report
•Adverse development in U.S. Excess Casualty reflecting unfavorable experience in first-layer umbrella and high excess casualty.
Showing the first 40 of 52 passages. Open the source sections for the rest.
Removed paragraphs (19)
Previous report
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 2025 Annual Report.
Previous report
Net income (loss) attributable to AIG common shareholders increased $65 million primarily driven by:
Previous report
North America Commercial produced underwriting income of $327 million from a combined ratio of 85.5, which was an 8.4 point improvement. This was driven by a lower loss ratio (8.7 points) from:
Previous report
•higher net favorable prior year reserve development (2.4 points), with favorable development driven by Property.
Previous report
International Commercial produced underwriting income of $278 million from a combined ratio of 87.3, which was a 0.9 point improvement. This was driven by a lower loss ratio (0.4 points) from lower catastrophe losses (1.4 points), partially offset by:
Previous report
•higher accident year loss ratio, as adjusted (0.2 points) due to changes in business mix; and
Previous report
•net favorable prior year reserve development (2.2 points), with favorable development driven by U.S. high net worth; and
Previous report
•lower accident year loss ratio, as adjusted (1.6 points) due to changes in business mix.
Previous report
Adjusted pre-tax loss before consolidation and eliminations increased $59 million primarily due to the following:
Previous report
•lower net investment income and other of $56 million due to lower dividend income from Corebridge of $25 million and lower interest on AIG Parent portfolio as a result of lower balance; and
Previous report
INVESTMENT HIGHLIGHTS IN THE THREE MONTHS ENDED MARCH 31, 2026
Previous report
In the three months ended March 31, 2026, we recognized favorable prior year loss reserve development of $153 million, primarily driven by:
Previous report
•Benefit from the amortization of the deferred gain on the adverse development cover.
Previous report
In the three months ended March 31, 2025, we recognized favorable prior year loss reserve development of $64 million, primarily driven by:
Previous report
•Amortization benefit related to the deferred gain on the adverse development cover.
Reworded paragraphs (45)
Previous wording
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three months ended March 31, 2026 and 2025. 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 six months ended June 30, 2026 and 2025. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.
Previous wording
•lower Net investment income of $393 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $449 million and lower income on Alternative investments and Mortgage loans of $48 million, partially offset by higher income from available for sale fixed maturity securities of $103 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements.
Current wording
•lower Net investment income of $339 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $295 million and lower income on Alternative investments and Mortgage loans of $53 million, partially offset by higher income from available for sale fixed maturity securities of $29 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements; and
Previous wording
•higher underwriting income primarily driven by lower catastrophe losses of $345 million and higher net favorable prior year reserve development of $68 million. For additional information, see Business Segment Operations – General Insurance; and
Current wording
•higher underwriting income primarily driven by lower catastrophe losses of $305 million and higher net favorable prior year reserve development of $101 million. For additional information, see Business Segment Operations – General Insurance.
Previous wording
(a)Consistent with our definition of APTI, excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.
Current wording
(a)Consistent with our definition of Adjusted pre-tax income (APTI), excludes net loss reserve discount and the portion of favorable or unfavorable prior year reserve development for which we have ceded the risk under retroactive reinsurance agreements and related changes in amortization of the deferred gain.
Previous wording
Net premiums written increased by $431 million, or 37 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Casualty and Property. The increase in Net premiums earned is primarily driven by business growth.
Current wording
Net premiums written increased by $693 million, or 17 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Casualty, Property and Financial Lines. The increase in Net premiums earned is primarily driven by these same factors.
Previous wording
This was partially offset by a higher accident year loss ratio, as adjusted (0.9 points) due to changes in business mix.
Current wording
This was partially offset by a higher accident year loss ratio, as adjusted (0.3 points) primarily due to changes in business mix.
Previous wording
The expense ratio improved by 0.5 points, as a mix-driven increase in the acquisition ratio (0.1 points) was more than offset by a lower general operating expense ratio (0.6 points).
Current wording
The expense ratio increased by 0.2 points, as a primarily mix-driven increase in the acquisition ratio (0.5 points) more than offset a lower general operating expense ratio (0.3 points).
Previous wording
Net premiums written, excluding the favorable impact of foreign exchange ($162 million), increased by $261 million, or 12 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Property and Casualty. The increase in Net premiums earned is primarily driven by business growth.
Current wording
Net premiums written, excluding the favorable impact of foreign exchange ($200 million), increased by $486 million, or 11 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Property, Casualty and Specialty. The increase in Net premiums earned is primarily driven by these same factors.
Previous wording
•net adverse prior year reserve development (0.8 points), driven by prior year premiums.
Current wording
•net adverse prior year reserve development (0.6 points), with unfavorable development driven by prior year premiums.
Previous wording
The expense ratio increased by 0.3 points, as a lower acquisition ratio (0.4 points) primarily driven by changes in business mix partially offset the increase in the general operating expense ratio (0.7 points).
Current wording
The expense ratio increased by 0.2 points, as a primarily mix-driven increase in the acquisition ratio (0.6 points) was partially offset by a lower general operating expense ratio (0.4 points).
Previous wording
Net premiums written, excluding the favorable impact of foreign exchange ($60 million) increased by $159 million, or 11 percent, primarily driven by reinsurance program changes and organic growth in U.S. high net worth and Accident & Health. The increase in Net premiums earned is primarily driven by these same factors.
Current wording
Net premiums written, excluding the favorable impact of foreign exchange ($45 million) increased by $285 million, or 9 percent, primarily driven by reinsurance program changes and organic growth in U.S. high net worth and Accident & Health. The decrease in Net premiums earned was primarily driven by Warranty.
Previous wording
The expense ratio improved by 4.1 points, reflecting a lower acquisition ratio (2.7 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (1.4 points).
Current wording
The expense ratio improved by 2.2 points, reflecting a lower acquisition ratio (0.9 points) primarily driven by changes in business mix and improved commission terms and a lower general operating expense ratio (1.3 points).
Previous wording
Global Personal produced underwriting income of $169 million from a combined ratio of 89.4, which was an 18.5 point improvement. This was driven by a lower loss ratio (14.4 points) from:
Current wording
Global Personal produced underwriting income of $283 million from a combined ratio of 91.2, which was an 12.0 point improvement. This was driven by a lower loss ratio (8.9 points) from:
Previous wording
•higher interest expense of $9 million primarily driven by new debt issuance of $1.25 billion in 2025 partially offset by interest savings from $693 million debt repurchases, through cash tender offers and debt redemption in 2025.
Current wording
•higher interest expense of $7 million primarily driven by new debt issuance of $1.25 billion in 2025 partially offset by interest savings from $0.8 billion debt repurchases, through cash tender offers and debt redemption in 2025.
Previous wording
(c)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.
Current wording
(b)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
(b)In the three months ended March 31, 2026, Net (gain) loss on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and global personal travel and assistance business.
Current wording
(c)In the six months ended June 30, 2026, Net (gain) loss on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and global personal travel and assistance business.
Previous wording
•Blended investment yields on new investments were higher than blended rates on investments that were sold, matured or called during this period. We continued to make investments in structured securities and other fixed maturity securities with attractive risk-adjusted return characteristics to improve yields and increase net investment income.•Total Net investment income decreased for the three months ended March 31, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities and lower income from mortgage loans and alternative investments, partially offset by higher income on available for sale fixed maturity securities.
Current wording
Total Net investment income decreased for the six months ended June 30, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investment in Corebridge and Equity securities and lower income from alternative investments and mortgage loans, partially offset by higher income on available for sale fixed maturity securities.
Previous wording
At March 31, 2026, we had direct commercial mortgage loan exposure of $2.4 billion.
Current wording
At June 30, 2026, we had direct commercial mortgage loan exposure of $2.3 billion.
Previous wording
Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended March 31, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities.
Current wording
Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended June 30, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities. Higher Net realized losses excluding Fortitude Re funds withheld assets in the six months ended June 30, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities.
Previous wording
Net unrealized investment losses included in shareholders’ equity were $2.0 billion at March 31, 2026 compared with $2.4 billion at March 31, 2025. The change in net unrealized gains and losses on investments in the three months ended March 31, 2026 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to higher interest rates and slight widening of credit spreads. The change in net unrealized gains and losses on investments in the three months ended March 31, 2025 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to lower interest rates and narrowing of credit spreads.
Current wording
Net unrealized investment losses included in shareholders’ equity were $1.9 billion at June 30, 2026 compared with $2.0 billion at June 30, 2025. The change in net unrealized gains and losses on investments in the six months ended June 30, 2026 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to higher interest rates offset by slight narrowing of credit spreads. The change in net unrealized gains and losses on investments in the six months ended June 30, 2025 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to lower interest rates and narrowing of credit spreads.
Previous wording
At March 31, 2026 and December 31, 2025, below investment grade securities comprised 8 percent and 8 percent, respectively, of the fair value of our fixed maturity investment portfolio. Included in below investment grade securities at March 31, 2026 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $2.8 billion and a fair value of $2.7 billion, resulting in a net pre-tax unrealized investment loss of $125 million.
Current wording
At June 30, 2026 and December 31, 2025, below investment grade securities comprised 8 percent and 8 percent, respectively, of the fair value of our fixed maturity investment portfolio. Included in below investment grade securities at June 30, 2026 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $2.3 billion and a fair value of $2.2 billion, resulting in a net pre-tax unrealized investment loss of $100 million.
Previous wording
At March 31, 2026, approximately 62 percent of our fixed maturity securities were held by our U.S. entities. Approximately 91 percent of these securities were rated investment grade by one or more of the major rating agencies.
Current wording
At June 30, 2026, approximately 63 percent of our fixed maturity securities were held by our U.S. entities. Approximately 92 percent of these securities were rated investment grade by one or more of the major rating agencies.
Previous wording
At March 31, 2026, approximately 93 percent of our fixed maturity securities held by our foreign entities were either rated investment grade or, on the basis of analysis of our investment managers, were equivalent from a credit standpoint to securities rated investment grade. Approximately 17 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.
Current wording
At June 30, 2026, approximately 93 percent of our fixed maturity securities held by our foreign entities were either rated investment grade or, on the basis of analysis of our investment managers, were equivalent from a credit standpoint to securities rated investment grade. Approximately 16 percent of the foreign entities’ fixed maturity securities portfolio is comprised of sovereign fixed maturity securities supporting policy liabilities in the country of issuance.
Previous wording
*Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $26 million and $31 million for the three months ended March 31, 2026 and 2025, respectively. Consistent with our definition of APTI, the amount excludes the portion of (favorable)/unfavorable prior year reserve development for which we have ceded the risk under the NICO reinsurance agreements of $0 million and $0 million for the three months ended March 31, 2026 and 2025, respectively. Also excludes the related changes in amortization of the deferred gain, which were $9 million and $(9) million for the three months ended March 31, 2026 and 2025, respectively.
Current wording
*Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $26 million and $31 million for the three months ended June 30, 2026 and 2025, respectively, and $52 million and $62 million for the six months ended June 30, 2026 and 2025, respectively. Consistent with our definition of APTI, the amount excludes the portion of (favorable)/unfavorable prior year reserve development for which we have ceded the risk under the NICO reinsurance agreements of $(100) million and $122 million for the three months ended June 30, 2026 and 2025, respectively, and $(100) million and $122 million for the six months ended June 30, 2026 and 2025, respectively. Also excludes the related changes in amortization of the deferred gain, which were $(34) million and $69 million for the three months ended June 30, 2026 and 2025, respectively, and $(25) million and $60 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
•Favorable development in U.S. Workers’ Compensation driven by Excess of Loss Sensitive and Primary business.
Previous wording
•Favorable development in U.S. Property and Special Risks primarily reflecting lower than expected non-CAT loss experience in Property Lines.
Current wording
•Favorable development in U.S. Property and Special Risks primarily reflecting development in Programs, along with lower than expected non-CAT loss experience in Property Lines.
Previous wording
Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to our run-off operations. Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity. As of March 31, 2026, $3.1 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.
Current wording
Fortitude Re was established during the first quarter of 2018 in a series of reinsurance transactions related to our run-off operations. Those reinsurance transactions were designed to consolidate most of our insurance run-off lines into a single legal entity. As of June 30, 2026, $3.0 billion of reserves related to business written by multiple wholly-owned AIG subsidiaries had been ceded to Fortitude Re under these reinsurance transactions.
Previous wording
During the three months ended March 31, 2026, our General Insurance companies distributed dividends of $0.7 billion to AIG Parent or applicable intermediate holding companies.
Current wording
During the six months ended June 30, 2026, our General Insurance companies distributed dividends of $1.8 billion to AIG Parent or applicable intermediate holding companies.
Previous wording
Sale of Corebridge Shares by AIG
Current wording
Sales of Corebridge Shares by AIG
Previous wording
In February 2026, we sold 24.7 million shares of Corebridge common stock at a per share purchase price of $30.42. The aggregate proceeds to AIG Parent were $750 million. As of March 31, 2026, we owned 25,457,020 shares of Corebridge common stock.
Current wording
In February 2026, we sold 24.7 million shares of Corebridge common stock at a per share purchase price of $30.42. The aggregate proceeds to AIG Parent were $750 million.
Previous wording
We made interest payments on our general borrowings totaling $65 million during the three months ended March 31, 2026.
Current wording
We made interest payments on our general borrowings totaling $202 million during the six months ended June 30, 2026.
Previous wording
We made a cash dividend payment in the amount of $0.45 per share on AIG Common Stock for the three month period ended March 31, 2026, totaling $241 million in the aggregate.
Current wording
We made cash dividend payments in the amount of $0.50 per share on AIG Common Stock for the three month period ended June 30, 2026 (an increase of 11 percent from prior dividend payments), and $0.45 per share for the three months ended March 31, 2026, totaling $504 million in the aggregate.
Previous wording
During the three months ended March 31, 2026, AIG Parent repurchased approximately 7 million shares of AIG Common Stock, for an aggregate purchase price of approximately $0.5 billion. Pursuant to a Rule 10b5-1 plan, from April 1, 2026 to April 24, 2026, AIG Parent repurchased approximately 3 million shares of AIG Common Stock for an aggregate purchase price of approximately $209 million.
Current wording
During the six months ended June 30, 2026, AIG Parent repurchased approximately 15 million shares of AIG Common Stock, for an aggregate purchase price of approximately $1.2 billion. Pursuant to a Rule 10b5-1 plan, from July 1, 2026 to July 31, 2026, AIG Parent repurchased approximately 2 million shares of AIG Common Stock for an aggregate purchase price of approximately $195 million.
Previous wording
Interest payments totaled $67 million and $72 million in the three months ended March 31, 2026 and 2025, respectively. Excluding interest payments, AIG had operating cash inflows of $222 million and $16 million in the three months ended March 31, 2026 and 2025, respectively.
Current wording
Interest payments totaled $205 million and $200 million in the six months ended June 30, 2026 and 2025, respectively. Excluding interest payments, AIG had operating cash inflows of $2.1 billion and $1.5 billion in the six months ended June 30, 2026 and 2025, respectively.
Previous wording
Net cash provided by investing activities in the three months ended March 31, 2026 was $833 million compared to $2.8 billion in the prior year period.
Current wording
Net cash provided by investing activities in the six months ended June 30, 2026 was $81 million compared to $3.3 billion in the prior year period.
Previous wording
Net cash used in financing activities in the three months ended March 31, 2025 totaled $2.7 billion reflecting:
Current wording
Net cash used in financing activities in the six months ended June 30, 2026 totaled $1.7 billion, reflecting:
Previous wording
•$0.5 billion to repurchase approximately 7 million shares of AIG Common Stock.
Current wording
•$1.2 billion to repurchase approximately 15 million shares of AIG Common Stock.
Previous wording
Net cash used in financing activities in the three months ended March 31, 2026 totaled $799 million, reflecting:
Current wording
Net cash used in financing activities in the six months ended June 30, 2025 totaled $4.2 billion reflecting:
Previous wording
•$241 million to pay dividends of $0.45 per share on AIG Common Stock; and
Current wording
•$488 million to pay dividends of $0.45 per share in the three months ended June 30, 2025, and $0.40 per share for the three months ended March 31, 2025 on AIG Common Stock;
Previous wording
•$2.2 billion to repurchase approximately 29 million shares of AIG Common Stock; and
Current wording
•$4.0 billion to repurchase approximately 50 million shares of AIG Common Stock; and
Showing the first 40 of 45 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
•higher underwriting income primarily driven by higher net favorable prior year reserve development of $33 million. For additional information, see Business Segment Operations – General Insurance.
Current report — wording carried from elsewhere
•lower Net investment income of $732 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $744 million and lower income on Alternative investments and Mortgage loans of $101 million, partially offset by higher income from available for sale fixed maturity securities of $132 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements; and
Current report — wording carried from elsewhere
The expense ratio increased by 0.3 points from an increase in the general operating expense ratio (0.3 points).
Current report — wording carried from elsewhere
The expense ratio improved by 3.1 points, reflecting a lower acquisition ratio (1.8 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (1.3 points).
Current report — wording carried from elsewhere
Blended investment yields on new investments were higher than blended rates on investments that were sold, matured or called during this period. We continued to make investments in structured securities and other fixed maturity securities with attractive risk-adjusted return characteristics to improve yields and increase net investment income.
Current report — wording carried from elsewhere
•Favorable development in U.S. Property and Special Risks primarily reflecting favorable experience in Programs.
Current report — wording carried from elsewhere
In May 2026, we sold 25.5 million shares of Corebridge common stock, representing our remaining interest in Corebridge, at a per share purchase price of $27.90. The aggregate proceeds to AIG Parent were approximately $710 million.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•$234 million to pay dividends of $0.40 per share on AIG Common Stock;