American International Group, Inc. Q3 2026 Earnings Recap

AIG posted quarterly adjusted EPS of $2.60 and 8% net premiums written growth, while the stock rose 1.5%—a modestly positive reaction. Performance was mixed across the portfolio: management cited intensifying competition in North American E&S property and casualty and pressure on energy pricing, while reporting growth in international commercial and personal insurance.

Key Takeaways

• Adjusted after-tax income was $1.1 billion; core operating ROE was 11.1%.
• Underwriting income was $564 million. The accident-year combined ratio excluding catastrophes was 88.4%, versus a 91.3% calendar-year combined ratio.
• Net premiums written increased 8% year over year, or 10% excluding North America property. International commercial grew 13% and global personal grew 9%; North America commercial grew 2%, or 6% excluding property.
• Management said competition has intensified in Lexington, particularly in property and increasingly in casualty, and is reducing exposure in large accounts. In energy, elevated losses and inflation are driving costs higher even as new capacity pushes market rates lower.
• AIG returned $787 million to shareholders in the quarter, including $527 million in share repurchases and $260 million in dividends.