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American International Group (AIG) FY2025 results: revenue $26.8 billion, down 1.7% on the year

American International Group, Inc. (AIG) reported revenue of $26.8 billion for fiscal 2025, the year ended 31 December 2025, down 1.7% on the year before. Net income was $3.1 billion, and diluted earnings per share $5.43. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$26.8 billion
-1.7% on the year
FY2018FY2025
Operating margin
14.5%
14.2% a year earlier
FY2018FY2025
Net income
$3.1 billion
FY2018FY2025
Diluted EPS
$5.43
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 kept.

  • Full-year adjusted EPS up 43%: Full-year adjusted after-tax income per diluted share was $7.09, up 43% from $4.95. Net income per diluted share was $5.43, compared with a net loss of $2.17 in 2024.
  • General Insurance underwriting income rose: Fourth-quarter General Insurance underwriting income was $670 million, up 48%. Full-year underwriting income was $2.3 billion, up 22% from the prior year.
  • North America Commercial underwriting income up: North America Commercial underwriting income was $330 million in the fourth quarter, against $25 million a year earlier, and $1,144 million for the full year, up 109%. Full-year combined ratio improved to 86.8% from 93.3%.
  • Global Commercial premiums grew 4%: Global Commercial net premiums written were $4.5 billion in the fourth quarter, up 4% reported and 3% comparable, driven by 11% growth in new business. Full-year new business grew 9%.
  • Business mix and expense reapportionment raised ratios: North America Commercial accident year combined ratio was 85.8% for the full year, up from 85.1%. Management cited business mix and a higher reapportionment of corporate expenses from lean parent implementation.
Read the Q4 FY2025 earnings call summary

From this 10-K

AIG is a global insurance organisation. It sells cover to businesses and to individuals in over 200 countries and jurisdictions, working through its own operations, licences and authorisations and through network partners where it has none. Its customers run from individuals and small businesses to multinational Fortune 500 companies. It is a Delaware corporation with its head office in New York.

American International Group, Inc., the 10-K for 2025

AIG is a global insurance organisation. It sells cover to businesses and to individuals in over 200 countries and jurisdictions, working through its own operations, licences and authorisations and through network partners where it has none. Its customers run from individuals and small businesses to multinational Fortune 500 companies. It is a Delaware corporation with its head office in New York.

Three segments

North America Commercial, International Commercial and Global Personal, together making up what AIG calls its General Insurance business, plus an Other Operations category. Other Operations is mostly investment income from the parent company's liquidity portfolio, dividend income from Corebridge Financial, corporate operating expenses and interest expense.

The two commercial segments write the same four product lines, split by geography. Property and short tail covers commercial and industrial property including business interruption, and package products against man-made and natural disasters. Casualty covers general liability, environmental, commercial motor liability, workers' compensation, excess casualty and crisis management, and includes risk-sharing and customised structured programmes for large corporate and multinational customers. Financial lines covers professional liability: directors and officers, mergers and acquisitions, fidelity, employment practices, fiduciary liability, cyber risk, kidnap and ransom, and errors and omissions. Global specialty covers marine, energy-related property, aviation, political risk, trade credit and trade finance.

Global Personal runs in the United States, Japan, the United Kingdom, the EMEA region, Asia Pacific, Latin America and the Caribbean, and China. Its accident and health line sells group personal accident and business travel cover to employers, associations and other organisations, and voluntary and sponsor-paid personal accident and supplemental health products to individuals. Its personal lines sell motor and homeowners cover in selected markets, extended warranty, device protection, home warranty, and cover for high net worth individuals through Private Client Select in the US, spanning motor, homeowners, umbrella, yacht, fine art and collections.

The companies underneath

General Insurance is written through National Union Fire Insurance Company of Pittsburgh, American Home Assurance Company, Lexington Insurance Company, AIG General Insurance Company, AIG Asia Pacific Insurance, AIG Europe, American International Group UK Limited, Talbot Underwriting, Western World Insurance Company and Glatfelter Insurance Group. Talbot is AIG's managing agent at Lloyd's, which puts it under the Society of Lloyd's as well as under the Prudential Regulation Authority and Financial Conduct Authority.

Corebridge, and what is left of the life business

AIG's life and retirement business was listed as Corebridge Financial in September 2022 and AIG has been selling down its holding since. Corebridge was deconsolidated from AIG's accounts on 9 June 2024, and from that point AIG has accounted for the remaining shares at fair value, so changes in Corebridge's share price and the dividends it pays now run through AIG's net investment income rather than being consolidated as an operating business. AIG still holds a stake, and says a fall in Corebridge's market value may reduce its investment income.

Two moves in the year

AIG acquired the renewal rights of Everest Group's global retail commercial insurance portfolios, for an aggregate purchase price of $301 million. Separately, AIG announced a collaboration with Amwins Group and Blackstone to form Lloyd's Syndicate 2479, providing capacity for portfolio solutions.

Two things the filing says about its own shape

A substantial portion of the business is conducted outside the United States, and the filing states that it intends to keep growing in strategic markets. It lists what that exposes the company to: regional economic downturns, changes in foreign currency exchange rates and foreign interest rates, geopolitical events, sanctions policies, changes to international trade and tariff policies, nationalisation and other restrictive government action.

AIG also maintains relationships with a number of key distributors, which the filing states results in distributor concentration. Distributors can renegotiate the terms of existing relationships, limit the products they sell on AIG's behalf, or reduce or end the relationship, and the filing links that to consolidation among distributors and to competition for access to them.

From AIG's annual report on Form 10-K for the year ended 31 December 2025, read as a whole: the filing carries no Item 1 or Item 7 heading in its body and uses a cross-reference index at the back instead. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue26,77527,25127,938-1.7%
Selling, general and administrative5,0535,5295,399-8.6%
Operating income3,8793,8702,867+0.2%
Operating margin14.5%14.2%10.3%
Interest expense396462516-14.3%
Pre-tax income3,8793,8702,867+0.2%
Income tax7821,170126-33.2%
Effective tax rate20.2%30.2%4.4%
Net income3,096-1,4043,643
Net margin11.6%-5.2%13.0%
Diluted EPS$5.43-$2.17$4.98
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow3,3143,2736,243+1.3%
Capital expendituren/an/a240
Free cash flown/an/a6,003
Free cash flow marginn/an/a21.5%
Cash from investing3,1901,672-7,021+90.8%
Cash from financing-6,543-5,063782
Depreciation and amortisation3,4553,5973,841-3.9%
Share-based compensation207211199-1.9%
Buybacks5,8366,6522,961-12.3%
Dividends paid9761,002997-2.6%
Dividend per share$1.75$1.56$1.40+12.2%
Diluted shares, weighted570m657m725m-13.2%
Shares outstanding at period end538m606m689m-11.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity41,13942,52145,351-3.3%
Non-controlling interest23.029.05,950-20.7%
Debt9,1918,92222,387+3.0%
Other liabilities110,901109,850465,618+1.0%
Total liabilities and equity161,254161,322539,306-0.0%
Fixed assets1,3691,1161,132+22.7%
Goodwill3,4353,3733,422+1.8%
Securities held for sale or to maturity71,03264,00665,242+11.0%
Loans2,8873,8684,441-25.4%
Cash and equivalents1,3451,3721,573-2.0%
Other assets81,18687,587463,496-7.3%
Total assets161,254161,322539,306-0.0%

10-K for the year ended 31 December 2025, filed 12 February 2026: the filing.