American International Group, Inc. Q3 2025 Earnings Recap

AIG reported a strong third quarter for 2025, with significant increases in adjusted earnings per share and underwriting income, driven by strategic investments and solid performance across its commercial segments.

Key Takeaways

• Adjusted after-tax income per diluted share increased 77% year-over-year to $2.20, with adjusted after-tax income reaching $1.2 billion.
• Underwriting income rose 81% year-over-year to $793 million, fueled by successful general insurance operations and continued low combined ratios.
• Net premiums written in North America Commercial Insurance remained flat year-over-year but showed signs of growth when adjusted for prior year transactions; international segments exhibited better performance with strong contributions from Marine and Specialty lines.
• AIG announced strategic investments involving Convex Group, Onex Corporation, and Everest Group, projected to be earnings, EPS, and ROE accretive within the first year post-closing.
• Over the last three years, AIG returned $19 billion to shareholders through share repurchases and dividends, while maintaining a strong balance sheet and reducing debt by $4.5 billion.