KabuDo

AIG Insurance

American International Group, Inc.

AIG is a global property and casualty insurer serving businesses and individuals in more than 200 countries and jurisdictions, through three segments: North America Commercial, International Commercial, and Global Personal. It became a focused general insurer after deconsolidating its life and retirement business, Corebridge Financial, in June 2024, and it has kept selling down its remaining Corebridge shares. FY2025 net premiums written were $23.7 billion, underwriting income $2.3 billion (combined ratio 90.1), and net income attributable to common shareholders $3.1 billion; AIG returned about $6.8 billion to shareholders in 2025, mostly through buybacks.

Latest 10-K (primary source) ↗Website ↗Investor relations ↗

Last updated

Analysis last edited: October 4, 2026 · Financial data fetched: October 4, 2026 11:02 (SEC EDGAR) · Source 10-K filed: February 12, 2026

Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

01

Company profile

Legal name
AMERICAN INTERNATIONAL GROUP, INC.
Headquarters
NEW YORK, NY
Incorporated in
Delaware
Fiscal year end
12/31
Exchange & ticker
NYSE: AIG
Industry
Insurance
CIK
5272
Website
https://www.aig.com/ ↗
IR page
https://www.aig.com/about-us/investors ↗

Workforce (as of FY2025 year-end)

  • Employees

    22,100

Source: Form 10-K (FY2025) cover page and business description

02

Earnings calendar

When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.

Next report

Q3 FY2026

Quarter end: September 2026. In past years, Q3 results were released 32–35 days after quarter end (Nov 4, 2025; Nov 4, 2024; Nov 1, 2023). No date has been announced in the sources this site uses.

Reporting pattern

  • Fiscal year ends around December 31.
  • Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
  • Earnings releases came 30–44 days after quarter end over the last 12 quarters.
QuarterQuarter endedEarnings release (8-K)Report filed (10-Q / 10-K)
Q2 FY2026Jun 30, 2026Aug 6, 2026 (+37 days)Aug 7, 2026 10-Q (+38 days)
Q1 FY2026Mar 31, 2026Apr 30, 2026 (+30 days)May 1, 2026 10-Q (+31 days)
Q4 FY2025Dec 31, 2025Feb 10, 2026 (+41 days)Feb 12, 2026 10-K (+43 days)
Q3 FY2025Sep 30, 2025Nov 4, 2025 (+35 days)Nov 5, 2025 10-Q (+36 days)
Q2 FY2025Jun 30, 2025Aug 6, 2025 (+37 days)Aug 7, 2025 10-Q (+38 days)
Q1 FY2025Mar 31, 2025May 1, 2025 (+31 days)May 2, 2025 10-Q (+32 days)
Q4 FY2024Dec 31, 2024Feb 11, 2025 (+42 days)Feb 13, 2025 10-K (+44 days)
Q3 FY2024Sep 30, 2024Nov 4, 2024 (+35 days)Nov 7, 2024 10-Q (+38 days)
Q2 FY2024Jun 30, 2024Jul 31, 2024 (+31 days)Aug 1, 2024 10-Q (+32 days)
Q1 FY2024Mar 31, 2024May 1, 2024 (+31 days)May 2, 2024 10-Q (+32 days)
Q4 FY2023Dec 31, 2023Feb 13, 2024 (+44 days)Feb 14, 2024 10-K (+45 days)
Q3 FY2023Sep 30, 2023Nov 1, 2023 (+32 days)Nov 2, 2023 10-Q (+33 days)

Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. Fiscal years are labeled by the calendar year in which they end.

03

Flagship products & services

  • Commercial

    Property & Short Tail; Casualty

    Examples: Commercial property, general and excess liability, workers' compensation

    Including risk-sharing programs for large and multinational customers.

  • Commercial

    Financial Lines

    Examples: Directors and officers, M&A, cyber, kidnap and ransom

    Professional liability coverage.

  • Commercial

    Global Specialty

    Examples: Marine, energy, aviation, political risk, trade credit

    Specialty commercial coverage.

  • Global Personal

    Personal insurance

    Examples: Accident & health, travel, Private Client Select

    High-net-worth coverage in the U.S. and personal lines in selected markets.

Product descriptions are from the FY2025 Form 10-K's Item 1.

04

Recent strategic focus

FY2025 strategic moves from the 10-K, and 2026 leadership changes from 8-Ks.

  1. Buying renewal rights and stakes

    In late 2025 AIG agreed to acquire the renewal rights to Everest's global retail commercial insurance portfolios for $301M, and to buy 35% of Convex and 9.9% of Onex for about $2.7B combined (both closed February 6, 2026).

    Source: Form 10-K (FY2025) Note 1

  2. New CEO

    Eric Andersen, former President of Aon, became AIG's President and CEO on June 1, 2026; Peter Zaffino left the board on September 15, 2026, and John Rice became Chair.

    Source: 8-Ks filed 2026-04-27 and 2026-09-01

  3. Exiting Corebridge

    AIG sold about 77 million Corebridge shares in 2025, and in February 2026 Nippon Life waived a restriction that had required AIG to keep at least 9.9% of Corebridge until December 2026.

    Source: Form 10-K (FY2025) Liquidity and Note 4

Where the money goes, over time

Unit: $M. Capex went from $343M in FY2021 to — in FY2025

  • Capex

formulacapital expenditures ÷ depreciation & amortization

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12

05

Key figures at a glance

FY2021–FY2025, 5 years.

Total revenue (FY2025)

$26.78B

As reported in the 10-K

Revenue CAGR (4 years)

—

formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1

termsCAGR · ^ (exponent) · Revenue (net sales)

ROE (FY2025)

7.4%

5-year average: 9.5%

As reported in the 10-K

P/B (FY2025 end)

1.12x

formulaP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share)

e.g.15.8x × $5.43 ÷ $76.44 = 1.12x

termsP/B · P/E · EPS · BVPS

Period-end (fiscal year-end) value, not today's P/B

  • ▲

    Free cash flow was positive in 3 of 3 years

    Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.

  • ▲

    ROE averaged 9.5% over 5 years (latest: 7.4%)

    How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.

06

Business model

North America Commercial

Commercial insurance in North America — property, casualty, financial lines (such as directors and officers liability and cyber), and specialty lines.

North America Commercial: how money and goods flow

  1. 01 what it draws on

    Inputs & resources

    • Underwriting and claims expertise
    • Broker and agent relationships
    • Reinsurance

  2. 02 what it does

    Activities

    • Underwriting commercial risks
    • Paying claims
    • Investing premiums

  3. 03 who it serves

    Customers

    • Businesses from small companies to Fortune 500 multinationals

  4. 04 how money comes in

    How it earns

    • Insurance premiums
    • Investment income

North America Commercial: how it makes money

  • Net premiums written $8.8B (+4%) and underwriting income $1.14B in FY2025.
  • Growth came mainly from Programs and Casualty, partly offset by lower Property production.

International Commercial

Commercial insurance outside North America, including global specialty lines such as marine, energy, aviation, political risk, and trade credit.

International Commercial: how money and goods flow

  1. 01 what it draws on

    Inputs & resources

    • Employees in about 45 countries
    • Broker and agent relationships

  2. 02 what it does

    Activities

    • Underwriting commercial and specialty risks

  3. 03 who it serves

    Customers

    • Businesses and multinationals outside North America

  4. 04 how money comes in

    How it earns

    • Insurance premiums
    • Investment income

International Commercial: how it makes money

  • Net premiums written $8.7B and underwriting income $1.12B in FY2025.

Global Personal

Accident and health, travel, warranty and device protection, personal auto and homeowners in selected markets, and high-net-worth coverage (Private Client Select) in the U.S.

Global Personal: how money and goods flow

  1. 01 what it draws on

    Inputs & resources

    • Distribution partners and marketplaces

  2. 02 what it does

    Activities

    • Underwriting personal lines

  3. 03 who it serves

    Customers

    • Individuals and sponsoring organizations

  4. 04 how money comes in

    How it earns

    • Insurance premiums

Global Personal: how it makes money

  • Net premiums written fell to $6.3B from $7.1B in FY2025, and underwriting income was a thin $70M, hit by $185M of wildfire losses.

Revenue by segment (FY2025)

Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100

  • North America Commercial

    8,626 (36%)

    profit 1,144 · margin 13.3%

  • International Commercial

    8,580 (36%)

    profit 1,118 · margin 13.0%

  • Global Personal

    6,472 (27%)

    profit 70 · margin 1.1%

Source: Form 10-K (FY2025) — Note 3, Segment Information Revenue is net premiums earned and profit is underwriting income (premiums earned minus losses, acquisition, and general operating expenses), before net investment income of $3.4B for General Insurance as a whole.

07

Contract structure

Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.

AIG earns revenue primarily from insurance premiums and from investing the money it holds to pay claims. Its profitability depends on pricing and managing risk correctly, setting adequate loss reserves, managing its investments, and controlling costs.

  • Commercial insurance (North America and International)

    $17.2B of FY2025 net premiums earned

    Includes risk-sharing and customized programs for large and multinational customers.

  • Personal insurance (Global Personal)

    $6.5B of FY2025 net premiums earned

    Accident and health, travel, warranty and device protection, personal auto and home.

Source: Form 10-K (FY2025) — Item 1 and Note 3

08

Alliances & capital ties

Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.

  • Capital tie / equity stake

    Corebridge Financial

    AIG's former life and retirement business, deconsolidated in June 2024 when AIG held 48.4% of it. AIG has kept selling shares — about 77 million shares in three 2025 sales for roughly $2.4B — and its remaining stake was valued at $1.5B at year-end 2025.

    Source: Form 10-K (FY2025) — Note 4 and Liquidity

  • Capital tie / equity stake

    Convex Group

    AIG bought a 35% stake for about $2.1B (closed February 6, 2026) and participates in Convex's underwriting through a whole-account quota share from January 1, 2026.

    Source: Form 10-K (FY2025) — Note 1

  • Capital tie / equity stake

    Onex Corporation

    AIG bought a 9.9% stake in the asset manager for about $646M (closed February 6, 2026) and intends to invest up to $2.0B over three years in Onex funds.

    Source: Form 10-K (FY2025) — Note 1

  • Business partnership

    CVC Capital Partners

    Strategic partnership: separately managed credit accounts and AIG as cornerstone investor in a CVC private equity secondaries platform, contributing up to $1.5B from its existing private equity portfolio; AIG intends to allocate up to $2B to CVC-managed accounts and funds.

    Source: Form 10-K (FY2025) — MD&A Executive Summary

  • Joint venture

    Amwins and Blackstone

    Collaboration to form Lloyd's Syndicate 2479, providing capacity for portfolio solutions.

    Source: Form 10-K (FY2025) — MD&A Executive Summary

09

Customers & suppliers

Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.

Customers

Businesses from small companies to multinational Fortune 500 firms, and individuals, reached through brokers, agents, advisors, and marketplaces.

Named by the company

No customer is named.

What the filings disclose

  • 47% of employees are in Asia Pacific, 27% in North America, and 26% in Europe, the Middle East, and Africa. (Form 10-K (FY2025), Item 1)

Suppliers

Distribution partners (brokers, agents, marketplaces) and reinsurers that take on part of AIG's risk.

Named by the company

None named in the 10-K or the company’s press releases.

What the filings disclose

  • AIG relies on reinsurance to manage catastrophe and other exposures, and losses from reinsurer nonperformance are a disclosed risk. (Form 10-K (FY2025), Item 1A)

10

Competitors & peers

Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.

AIG's 10-K says General Insurance competes with global, national, and local insurers and reinsurers and underwriting syndicates, through risk acceptance criteria, pricing, service, and terms. No company is named.

Competitors named in the 10-K

AIG's 10-K doesn't name competitors.

Peer group the company chose

2026 compensation benchmarking peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.

Refreshed for 2026 after the disposition of the life and retirement business, using criteria such as P&C insurance or brokerage, risk management capability, global and balance-sheet complexity, technology transformation, size, and competition for talent. Four life and retirement companies and two large banks were removed; Aon, Ameriprise, PayPal, and Visa were added.

Source: Proxy statement (DEF 14A, filed 2026-03-31) — Compensation Discussion and Analysis, peer group

Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.

11

M&A history

Companies acquired over the last five years, plus older large acquisitions that still anchor a current business — what each was bought to do, and what happened afterward. From the 10-K, 8-Ks, and the company's press releases.

Since separating from its life business, AIG has bought stakes and renewal rights to grow in specialty commercial insurance rather than acquiring whole companies.

  1. Q4 2025

    Renewal rights to Everest's global retail commercial insurance portfolios

    $301M (plus $30M to Everest for structuring and costs)

    The right to renew Everest's retail commercial insurance business worldwide.

    Stated purpose (company)
    Listed among AIG's 2025 strategic transactions.

    Source: Form 10-K (FY2025) — Note 1

  2. Feb 2026

    35% of Convex Group

    About $2.1B

    A privately held global specialty insurer.

    Stated purpose (company)
    A strategic investment; AIG also takes part of Convex's underwriting through a whole-account quota share from January 1, 2026.

    Source: Form 10-K (FY2025) — Note 1

  3. Feb 2026

    9.9% of Onex Corporation

    About $646M

    A global asset manager.

    Stated purpose (company)
    A strategic investment, with AIG intending to invest up to $2.0B over three years in Onex funds.

    Source: Form 10-K (FY2025) — Note 1

  4. Jun 2024 (deconsolidation)

    Corebridge Financial (life and retirement) — separated

    Sold down through share sales

    Since divested

    AIG's former life and retirement business.

    Stated purpose (company)
    AIG describes its business transformation as including the disposition of its life and retirement business.

    Source: Form 10-K (FY2025) — Note 4

Figures as disclosed in the FY2025 10-K.

12

Five years of financials

Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.

Total revenue over time

Unit: $M

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12

Profit over time (operating → net)

Unit: $M

  • Pretax income
  • Net income

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12

Cash flow over time

Unit: $M (below zero = cash went out)

  • Operating CF
  • Investing CF
  • Free CF

formulacash flow from operations − capital expenditures

termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12

Financial stability & capital efficiency

Unit: %

  • Equity ratio
  • ROE

formulatotal equity ÷ total assets × 100 (as reported in the 10-K)

termsStockholders’ equity · Total assets

formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)

termsNet income (attributable to the company) · Stockholders’ equity

Earnings per share (EPS) and dividend per share

Unit: $

  • EPS
  • Dividend per share

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12

Line itemFY202110-K on EDGAR ↗FY202210-K on EDGAR ↗FY202310-K on EDGAR ↗FY202410-K on EDGAR ↗FY202510-K on EDGAR ↗
Income statement ($M)
Revenue—29,99627,93827,25126,775
Pretax income—3,7722,8673,8703,879
Net income (attributable)10,36710,2273,643-1,4043,096
Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100——-6.9%-2.5%-1.7%
Net margincalcnet income attributable to the company ÷ revenue × 100—34.1%13.0%-5.2%11.6%
Balance sheet ($M)
Total assets596,112522,228539,306161,322161,254
Total equity69,03443,45451,30142,55041,162
Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable30,16328,67910,8568,9229,191
Equity ratio11.1%7.8%8.4%26.4%25.5%
ROE15.7%19.1%8.4%-3.2%7.4%
Cash flow ($M)
Operating CF6,2234,1346,2433,2733,314
Investing CF-3,280-3,626-7,0211,6723,190
Financing CF-3,679-602782-5,063-6,543
Free cash flowcalccash flow from operations − capital expenditures5,8803,9246,003——
Cash and equivalents2,4271,5711,5731,3721,345
Per share & other
EPS ($)11.9512.944.98-2.175.43
BVPS ($)80.5655.8165.8470.1676.44
Dividend per share ($)1.281.281.401.561.75
Payout ratiocalcdividend per share ÷ diluted EPS × 10010.7%9.9%28.1%—32.2%
P/E (x)4.84.913.6—15.8
P/B (x)calcP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share)0.711.131.03—1.12

P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (five-year selected financial data and the consolidated financial statements), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.

13

Is ROIC above WACC?

ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.

Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.

14

What the price implies (DCF)

A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.

Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.

15

Earnings quality

The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.

Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.

16

Strengths & weaknesses

Strengths

  1. 1. Improving underwriting profit

    Underwriting income rose 22% to $2.3B in FY2025 with a combined ratio of 90.1, helped by lower catastrophe losses and favorable prior-year reserve development.

    Evidence: Form 10-K (FY2025) MD&A

  2. 2. Global commercial franchise

    Serves clients in more than 200 countries and jurisdictions, with about 22,100 employees in roughly 45 countries.

    Evidence: Form 10-K (FY2025) Item 1

  3. 3. Large capital return

    Returned about $6.8B in 2025 — $5.8B of buybacks, cutting outstanding shares by 11%, and $1.0B of dividends; shares fell from 819M (FY2021) to 538M (FY2025).

    Evidence: Form 10-K (FY2025) MD&A; SEC EDGAR XBRL

  4. 4. Strong parent liquidity and ratings

    AIG Parent liquidity sources were $9.3B at year-end 2025, and Fitch, S&P, and Moody's upgraded the financial strength ratings of its main insurance subsidiaries in 2025.

    Evidence: Form 10-K (FY2025) Item 1 and MD&A

Weaknesses

  1. 1. Thin profits in Global Personal

    Global Personal earned just $70M of underwriting income on $6.5B of premiums in FY2025, and its net premiums written fell 12%.

    Evidence: Form 10-K (FY2025) Note 3

  2. 2. Modest return on equity

    Return on equity was 7.5% in 2025 (core operating ROE, a non-GAAP measure, was 11.1%).

    Evidence: Form 10-K (FY2025) MD&A

  3. 3. Reported results hard to compare

    The Corebridge deconsolidation produced a net loss of $1.4B in 2024, and pre-2022 revenue includes the life and retirement business; net realized losses rose $654M in 2025 on real estate fund impairments and derivative losses.

    Evidence: Form 10-K (FY2025) MD&A; SEC EDGAR XBRL

17

What draws investors to it

Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.

P/E (FY2025)

15.8x

Price at fiscal year-end ÷ diluted EPS

Dividend yield (FY2025)

2.04%

Dividends per share ÷ fiscal year-end price

Payout ratio (FY2025)

32%

Dividends per share ÷ diluted EPS

  1. 1. Underwriting turnaround

    A 90.1 combined ratio and 22% higher underwriting income in 2025 show the general insurance business earning money on underwriting, not just investments.

    What has to hold
    Pricing and reserve discipline hold under new leadership.
    The other side
    2025 benefited from lower catastrophe losses than 2024; a bad catastrophe year can erase much of the improvement.

    Evidence: Form 10-K (FY2025) MD&A

  2. 2. Shrinking share count

    Buybacks cut outstanding shares by about a third over FY2021–FY2025, and the 2025 reduction alone was 11%.

    What has to hold
    Corebridge share sales and earnings keep funding buybacks.
    The other side
    The remaining Corebridge stake was worth only $1.5B at year-end 2025, so that funding source is shrinking.

    Evidence: Form 10-K (FY2025) MD&A; SEC EDGAR XBRL

  3. 3. Rising dividend

    Dividends per share rose from $1.28 (FY2021–FY2022) to $1.75 (FY2025), and the quarterly dividend was $0.50 as of August 2026.

    What has to hold
    Earnings keep growing.
    The other side
    The payout depends on underwriting results that swing with catastrophes.

    Evidence: SEC EDGAR XBRL; 8-K filed 2026-08-06

P/E, dividend yield, and payout ratio use the FY2025 year-end share price. FCF yield isn't shown for insurers because operating cash flow includes premiums held to pay future claims.

18

Resilience

How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.

1. Financial buffer (FY2025)

For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.

2. Worst year in the record, and the recovery

FigureWorst year-over-year changeBack to the prior level?
Revenue-6.9% in FY2023 ($30B → $27.94B)Not yet, as of FY2025
Net income-138.5% in FY2024 ($3.64B → −$1.4B)Not yet, as of FY2025

Covers only the 5 fiscal years on record (FY2021–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.

3. Business resilience (from the 10-K)

  • Parent liquidity

    AIG Parent liquidity sources were $9.3B at year-end 2025.

    Source: Form 10-K (FY2025), Item 1

  • Capital strength

    About $41B of shareholders' equity, and rating upgrades from Fitch, S&P, and Moody's for its main insurance subsidiaries in 2025.

    Source: Form 10-K (FY2025), Item 1 and MD&A

  • Catastrophe exposure

    Catastrophe charges were $920M in 2025, lower than in 2024; AIG's subsidiaries are major buyers of reinsurance to manage such exposures.

    Source: Form 10-K (FY2025), MD&A

  • Diversified book

    Premiums are spread across three segments and across commercial and personal lines, with employees in about 45 countries.

    Source: Form 10-K (FY2025), Item 1 and Note 3

19

Risks (including geopolitical)

Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.

Risk map

Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).

Impact
High
2
1
Med
345
Low
LowMedHigh

Likelihood →

"Company disclosure" vs. "this site’s assessment"

The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.

Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring).

  1. 1Disaster

    Catastrophes and climate change

    Company disclosure (summarized from the 10-K)
    Catastrophe charges were $920M in 2025, including $440M from wildfires; the 10-K says climate change makes catastrophe risk harder to model and price.
    Company’s stated mitigation
    Reinsurance and catastrophe exposure management.
    This site’s assessment
    Impact High / Likelihood High
  2. 2Governance & quality

    Reserve adequacy

    Company disclosure (summarized from the 10-K)
    Liability claims are hard to predict and could exceed the reserves set aside for unpaid losses.
    Company’s stated mitigation
    Reserve reviews; 2025 saw favorable prior-year development.
    This site’s assessment
    Impact High / Likelihood Med
  3. 3FX & interest rates

    Investment portfolio

    Company disclosure (summarized from the 10-K)
    Defaults, concentrations, and market declines would hurt investment income and capital; 2025 included impairments on real estate fund investments.
    Company’s stated mitigation
    Diversified portfolio; partnerships such as CVC for private credit.
    This site’s assessment
    Impact Med / Likelihood Med
  4. 4Governance & quality

    Leadership transition

    Company disclosure (summarized from the 10-K)
    Eric Andersen became CEO on June 1, 2026; former Chairman and CEO Peter Zaffino stepped down as Executive Chair on September 15, 2026, and the head of General Insurance will retire at the end of 2026.
    Company’s stated mitigation
    Announced succession plan with a transition period.
    This site’s assessment
    Impact Med / Likelihood Med
  5. 5Law & regulation

    Regulation

    Company disclosure (summarized from the 10-K)
    AIG's businesses are heavily regulated, and changes in laws could raise subsidiary capital requirements or reduce profitability.
    Company’s stated mitigation
    Not stated beyond compliance programs.
    This site’s assessment
    Impact Med / Likelihood Med

20

What to watch going forward

  • Results under the new CEO, Eric Andersen, and the strategy he sets.
  • Integration of the Convex stake and the Everest renewal rights.
  • Catastrophe losses and reserve development.
  • Further sales of the remaining Corebridge stake.
  • Pace of share repurchases.

21

Source documents

This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.

Form 10-K (FY2025)Accession no. 0000005272-26-000023 — filed 2026-02-12Open on EDGAR ↗Form 10-K (FY2024)Accession no. 0000005272-25-000012 — filed 2025-02-13Open on EDGAR ↗Form 10-K (FY2023)Accession no. 0000005272-24-000023 — filed 2024-02-14Open on EDGAR ↗Form 10-K (FY2022)Accession no. 0000005272-23-000007 — filed 2023-02-17Open on EDGAR ↗Form 10-K (FY2021)Accession no. 0001104659-22-024701 — filed 2022-02-17Open on EDGAR ↗American International Group, Inc. investor relations pageEarnings releases, investor presentations, etc. (official company source)Open website ↗

Last updated

Analysis last edited: October 4, 2026 · Financial data fetched: October 4, 2026 11:02 (SEC EDGAR) · Source 10-K filed: February 12, 2026

Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.

This page is this site’s own analysis based on public information, and does not represent American International Group, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.