AIG’s GenAI Deployment Sees Outcomes ‘Beyond Expectations’

New York, NY (Feb. 12, 2026) – American International Group (AIG) has reported significant progress in its deployment of artificial intelligence over the last year, with CEO Peter Zaffino indicating AI has become integral to the company’s core infrastructure, with GenAI embedded across underwriting, portfolio management, and operations.

“We’re seeing a massive shift in our ability to process a significant submission flow way beyond our expectations without additional human capital resources,” said Zaffino on a recent fourth-quarter earnings call. Referring to a 2025 Investor Day discussion slightly less than one year ago, he added, “What we had outlined in March was aspirational; and six to twelve months later, we see the capabilities are much greater.”

Zaffino said AIG has made “significant progress embedding gen AI across our core underwriting and claims processes,” expanding the technology deployment across multiple lines of business.

The Underwriting by AIG Assist tool, which has been rolled out to seven additional lines, is scheduled for broader deployment in 2026 across North America, the UK, and EMEA.

AIG’s excess and surplus unit, Lexington Insurance, saw a 26% YOY increase in submission counts, and the company has already reached more than 370,000 submissions against its original goal of 500,000 submissions by 2030.

“We believe our use of gen AI gives us a strong advantage going forward in this dynamic market,” said Zaffino, who described a new push to orchestrate AI agents at scale; orchestration refers to the coordination and management of multiple separate AI models or systems.

AIG uses generative AI to analyze volumes of incoming data more efficiently and in “a fraction of the time,” and the company developed an orchestration layer in the technology stack “to coordinate AI agents to drive better decision-making and reduce costs across the organization.” Zaffino described these agents as “companions that operate alongside our teams,” with specifically defined roles, such as knowledge assistants (providing real-time information), adviser agents (generating insights based on historical data), and critic agents (to challenge underwriting decisions).

This orchestration can “streamline simple, repetitive, and lengthy processes to support decision-making,” Zaffino said. The orchestration layer will determine when agents are activated, how they share data, and when human oversight is needed.

This year, the goal is to expand from isolated use cases to enterprise scale. “The implementation of single agents throughout organizations is real, but orchestrating that in an orderly way of being able to get that at scale is what we’re going to focus on in 2026.”

About AIG

AIG (NYSE: AIG) is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Backgrounder:

AIG Reports Excellent Fourth Quarter and Full Year 2025 Results

Fourth Quarter 2025:

• Net income per diluted share of $1.35, compared to $1.43 in the prior year quarter; Adjusted after-tax income* (AATI) per diluted share of $1.96, compared to $1.30, up 51% year-over-year
• General Insurance underwriting income of $670 million, up 48% year-over-year
• General Insurance combined ratio of 88.8%; Accident year combined ratio, as adjusted* (AYCR) of 88.9%
• Global Commercial net premiums written (NPW) of $4.5 billion, an increase of 4% year-over-year on a reported basis, or 3% on a comparable basis,*^† driven by 11% growth in new business
• Returned $809 million of capital to shareholders, including $567 million of share repurchases and $242 million of dividends in the quarter
• Return on equity (ROE) of 7.2% and Core Operating ROE* of 11.7%

Full Year 2025:

• Net income per diluted share of $5.43, compared to net loss per diluted share of $2.17 in the prior year; AATI per diluted share of $7.09, compared to $4.95, up 43% year-over-year
• General Insurance underwriting income of $2.3 billion, up 22% year-over-year
• General Insurance combined ratio of 90.1%; AYCR of 88.3%
• Global Commercial NPW of $17.4 billion, an increase of 4% year-over-year on a reported basis, or an increase of 3% on a comparable basis,^† driven by 9% growth in new business
• Net investment income of $4.2 billion, a decrease of 1% year-over-year, and Net investment income on an adjusted pre-tax income* (APTI) basis of $3.8 billion, an increase of 8%
• Returned $6.8 billion of capital to shareholders, including $5.8 billion of share repurchases and approximately $1.0 billion of dividends
• ROE of 7.5% and Core Operating ROE of 11.1%

New York, NY (Feb. 10, 2026) – American International Group, Inc. (NYSE: AIG) has reported financial results for the fourth quarter and full year ended December 31, 2025.

“2025 was an exceptional year for AIG. We made tremendous progress against our strategy, delivered outstanding financial results, and achieved important milestones that have positioned AIG for a bright future,” said Peter Zaffino, AIG Chairman & Chief Executive Officer.

“For the full year, adjusted after-tax income per diluted share increased 43% to $7.09. Core Operating ROE of 11.1% was above our 10% plus target for 2025. This performance was driven by AIG’s continued strong underwriting results and operational excellence, effective expense discipline and strategic capital deployment. Underwriting income of $2.3 billion grew 22% and we achieved a calendar year combined ratio of 90.1%.

“We delivered on our disciplined capital management strategy in 2025, supported by our strengthened balance sheet and strong liquidity. For the full year, we returned $6.8 billion of capital to shareholders, including $5.8 billion of share repurchases and approximately $1.0 billion of dividends. We ended the year with a debt to total capital ratio of 18.0%.

“Over the last two months, we announced several strategic partnerships that we expect will contribute to AIG’s earnings, earnings per share, and ROE in 2026. These include the formation of Syndicate 2479 with Blackstone and Amwins, an investment in CVC’s new private equity secondaries evergreen platform, and the completion of our acquisitions of minority ownership stakes in Convex Group and Onex Corporation. We have also made excellent progress on our conversion of Everest’s global retail portfolio. These innovative, capital-efficient transactions should enable us to grow, deliver earnings and improve ROE without adding complexity to our organization.

“We have entered 2026 with strong momentum, and our January 1 reinsurance renewal activity resulted in enhanced terms and favorable pricing, reflecting the quality of our portfolio. We are off to a great start on our Investor Day guidance and are on track to achieve or even exceed our financial objectives. Thanks to the hard work and commitment of our talented colleagues, AIG is positioned for another exceptional year.”

* Refers to financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP); definitions of non-GAAP measures and reconciliations to their closest GAAP measures can be found in this press release under the heading Comment on Regulation G and Non-GAAP Financial Measures.

^† NPW on a comparable basis reflects year-over-year comparison on a constant dollar basis adjusted for the sale of global personal travel and assistance business (AIG’s Travel business) in 2024. Refer to page 20 for more detail.

Financial Summary

For the fourth quarter of 2025, net income attributable to AIG common shareholders was $735 million, or $1.35 per diluted common share, compared to net income of $898 million, or $1.43 per diluted common share, in the prior year quarter. The year-over-year decrease was primarily a result of a change in unrealized losses related to AIG’s ownership interest in Corebridge Financial, Inc. (Corebridge) and a gain from the divestiture of the global personal travel business in the prior year, partially offset by higher underwriting income and net investment income in General Insurance and tax benefit as a result of a one-time release of deferred income tax valuation allowance.

AATI was $1.1 billion, or $1.96 per diluted common share, for the fourth quarter of 2025, compared to $817 million, or $1.30 per diluted common share, in the prior year quarter, reflecting higher underwriting income and higher net investment income in General Insurance.

Total net investment income for the fourth quarter of 2025 was $872 million, down 34% from $1.3 billion in the prior year quarter, primarily due to lower gains on the change in fair value and lower gains on sale of shares from AIG’s interest in Corebridge and lower income on alternative investments, partially offset by higher income from fixed maturity securities. Total net investment income on an APTI basis, which excludes the change in fair value of AIG’s interest in Corebridge, was $954 million, an increase of 9% from $872 million in the prior year quarter. Net investment income attributed to General Insurance was up 13% from the prior year quarter.

For the full year 2025, net income attributable to AIG common shareholders was $3.1 billion, or $5.43 per diluted common share, compared to net loss of $1.4 billion, or $2.17 per diluted common share, in the prior year. The year-over-year increase was primarily due to the absence of loss as a result of the deconsolidation of Corebridge in June 2024 and higher underwriting income and net investment income in General Insurance, partially offset by net realized losses excluding Fortitude Re funds withheld assets, largely due to impairments on investments in real estate.

AATI was $4.0 billion, or $7.09 per diluted common share, for the full year 2025, compared to $3.3 billion, or $4.95 per diluted common share, in the prior year, reflecting higher underwriting income and net investment income in General Insurance.

Total net investment income for the full year 2025 was $4.2 billion, down 1% from $4.3 billion in the prior year, primarily due to a decrease in other investments, which includes lower gains on the change in fair value and lower gains on sale of shares of and dividends from Corebridge, partially offset by higher income from fixed maturity securities. Total net investment income on an APTI basis, which excludes the change in fair value of AIG’s interest in Corebridge, was $3.8 billion, an increase of 8% from $3.5 billion in the prior year. Net investment income attributed to General Insurance was up 12% from the prior year, driven by higher income from available for sale fixed maturity securities and alternative investments, partially offset by lower income on other investments.

AIG returned $809 million to shareholders in the fourth quarter of 2025, through $567 million of common stock repurchases, representing approximately 7 million shares, and $242 million of common stock dividends. For the full year, AIG returned a total of $6.8 billion to shareholders, through $5.8 billion of common stock repurchases, representing approximately 73 million shares, and approximately $1.0 billion of common stock dividends. Total debt to total capital ratio at December 31, 2025 was 18.0% and total debt to total adjusted capital* ratio was 17.7%. During the quarter, AIG’s ownership of Corebridge common stock was reduced to 10.1% due to the sale of shares by AIG for aggregate proceeds of approximately $1 billion.

ROE and Core Operating ROE were 7.2% and 11.7%, respectively, in the fourth quarter of 2025, and 7.5% and 11.1%, respectively, for the full year 2025. Book value per share was $76.44 as of December 31, 2025, an increase of 1% from September 30, 2025. Adjusted tangible book value per share* was $70.37, almost flat compared to September 30, 2025.

On February 10, 2026, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.45 per share. The dividend is payable on March 30, 2026 to shareholders of record at the close of business on March 16, 2026.

General Insurance

• Fourth quarter NPW of $6.0 billion decreased 1% from the prior year quarter on a reported basis, or increased 1% on a comparable basis^† with the growth supported by Global Commercial, partially offset by a decline in Global Personal.
• Underwriting income was $670 million, a 48% increase from the prior year quarter, driven by lower catastrophe-related charges, more favorable prior year development (PYD) and lower acquisition expenses.
• Total catastrophe-related charges were $125 million, representing 2.1 loss ratio points, compared to $325 million, representing 5.5 loss ratio points, in the prior year quarter.
• Fourth quarter 2025 included favorable PYD, net of reinsurance and prior year premiums, of $116 million, compared to $82 million in the prior year quarter, primarily due to favorable development in North America Commercial, driven by U.S. Financial Lines, Property and Canada Casualty.
• The combined ratio was 88.8%, compared to 92.5% in the prior year quarter, largely driven by Global Commercial. The AYCR was 88.9%, compared to 88.6% in the prior year quarter.
• General Insurance APTI of $1.6 billion increased 26% from the prior year quarter, driven by higher underwriting income as well as higher net investment income.
• Full year 2025 NPW of $23.7 billion decreased 1% from the prior year on a reported basis, or increased 2% on a comparable basis^†.
• Full year combined ratio was 90.1%, compared to 91.8% in the prior year, largely driven by North America Commercial. The AYCR was 88.3%, compared to 88.2% in the prior year.

General Insurance – North America Commercial

• Fourth quarter net premiums written (NPW) of $2.3 billion increased 3% from the prior year quarter, primarily driven by Programs, Western World and Excess Casualty, partially offset by a decline in Property.
• The combined ratio was 84.7%, compared to 98.8% in the prior year quarter. The improvement of 1,410 basis points was driven by lower catastrophe-related charges and favorable PYD, net of reinsurance. The AYCR was 87.2%, compared to 84.6% in the prior year quarter, driven by change in business mix and a higher reapportionment of corporate expenses from lean parent implementation, which impacted accident year loss ratio, as adjusted* (AYLR) and general operating expense (GOE) ratio.
• Full year NPW of $8.8 billion increased 4% from the prior year, or 5% adjusted for a large closeout transaction* in the prior year. The increase was primarily driven by Programs and Lexington, partially offset by Property.
• Full year combined ratio was 86.8%, compared to 93.3% in the prior year. The improvement was driven by lower catastrophe-related charges and more favorable PYD, net of reinsurance. The AYCR was 85.8%, compared to 85.1% in the prior year, driven by change in business mix and a higher reapportionment of corporate expenses from lean parent implementation, which impacted AYLR and GOE ratios.

General Insurance – International Commercial

• Fourth quarter NPW of $2.2 billion increased 5% from the prior year quarter, or 4% on a comparable basis^†, primarily driven by the growth in Global Specialty and Casualty.
• The combined ratio was 88.8% compared to 83.1% in the prior year quarter. The increase was primarily due to higher catastrophe-related charges and higher expense ratio. The AYCR was 85.9%, compared to 83.6% in the prior year quarter, primarily driven by higher Energy losses and a higher reapportionment of corporate expenses from lean parent implementation.
• Full year NPW of $8.7 billion increased 4% from the prior year, or 3% on a comparable basis^†, primarily driven by the growth in Global Specialty, Casualty and Property, partially offset by Financial Lines.
• Full year combined ratio was 86.9% compared to 84.9% in the prior year. The increase was primarily driven by a higher reapportionment of corporate expenses from lean parent implementation, which impacted AYLR and GOE ratio, and change in business mix, partially offset by lower catastrophe-related charges. The AYCR was 85.6%, compared to 83.0% in the prior year.

General Insurance – Global Personal

• Fourth quarter NPW of $1.6 billion declined 12% from the prior year quarter, or 6% on a comparable basis^†, primarily driven by change to reinsurance structures in our U.S. High Net Worth business, which had a 5-point negative impact, and a decline in Warranty.
• The combined ratio was 94.3%, compared to 95.4% in the prior year quarter. The improvement was primarily driven by lower AYCR and lower catastrophe-related charges, partially offset by less favorable PYD, net of reinsurance. The AYCR was 95.3%, improving 340 basis points from the prior year quarter, driven by improved commission terms in U.S. High Net Worth business, and underwriting actions leading to stronger underlying profitability, partially offset by a higher reapportionment of corporate expenses from lean parent implementation.
• Excluding AIG’s Travel business, which was divested in 2024, AYCR improved 360 basis points, driven by improved commission terms in U.S. High Net Worth business and underwriting actions leading to stronger underlying profitability and lower reinsurance costs, partially offset by a higher reapportionment of corporate expenses.
• Full year NPW of $6.3 billion declined 12% from the prior year quarter, or 3% on a comparable basis^†, primarily driven by change to reinsurance structures in our U.S. High Net Worth business and a decline in Warranty, partially offset by Personal Property and Personal Auto.
• Full year combined ratio was 99.0%, compared to 98.0% in the prior year. The increase was primarily driven by higher catastrophe-related charges and less favorable PYD, net of reinsurance, partially offset by AYCR, which improved 190 basis points from the prior year, due to the same drivers that impacted the fourth quarter AYCR result, as stated above.

View the original press release for more information, with tables, footnotes and cautionary statements.

About AIG

AIG (NYSE: AIG) is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Source: American International Group (AIG)

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