Results
■ General Insurance net premiums written (NPW) of $7.5 billion, an increase of 9% year-over-year on both a reported basis and a constant dollar basis*, driven by growth across all three business segments
■ General Insurance underwriting income of $686 million, an increase of 10% year-over-year
■ General Insurance combined ratio of 89.0% and Accident year combined ratio, as adjusted* (AYCR) of 88.1%, a 30 basis point improvement year-over-year in both metrics
■ Net income per diluted share of $1.78, a decrease of 10% year-over-year; Adjusted after-tax income* (AATI) per diluted share of $2.00, an increase of 10% year-over-year
■ Return on equity (ROE) of 9.4% and Core Operating ROE* of 11.1%
Capital return
■ Returned $904 million of capital to shareholders, including $641 million of share repurchases and $263 million of dividends in the quarter
Corporate events
■ On May 7, AIG sold its remaining interest in Corebridge Financial, Inc. (Corebridge) for aggregate proceeds of approximately $710 million
Management commentary
“AIG delivered another strong quarter, marking an exceptional first half of the year and underscoring the benefits of our diversified global portfolio and continued momentum from organic growth and our recent strategic transactions,” said Eric Andersen, AIG President & Chief Executive Officer.
Results
“Adjusted after-tax income per diluted share was $2.00, increasing 10% year-over-year, and Core Operating ROE was 11.1%.
1Net premiums written grew 9% year-over-year on a constant dollar basis, or 11%* excluding North America Property, supported by top-line growth across all three business segments.
5We produced another solid quarter of underwriting profitability, with General Insurance underwriting income of $686 million, a calendar year combined ratio of 89.0% and an accident year combined ratio, as adjusted, of 88.1%.
Management commentary
“Our strong quarterly results demonstrate our ability to perform well in the current market, which has transitioned from an extended phase of broad positive pricing into a more selective environment, where profitability and growth are increasingly dependent on line-specific dynamics.
The breadth of our underwriting expertise and the diversity of our global portfolio remain important competitive advantages, allowing us to continue to pursue targeted growth in the segments where we expect to achieve the most attractive risk-adjusted returns.
“We are building on our strong foundation as a market leader and best-in-class underwriting company.
Our progress reflects the outstanding execution and commitment of our talented global team.
We remain confident in our ability to meet our 2025 Investor Day financial objectives and see significant opportunity to leverage our global scale, strong brand and technical expertise to bring the full capabilities of AIG together to support our clients and stakeholders, while driving sustainable, profitable growth.”
Results
For the second quarter of 2026, Net income attributable to AIG common shareholders was $948 million, or $1.78 per diluted common share, compared to net income of $1.1 billion, or $1.98 per diluted common share, in the prior year quarter.
The year-over-year decrease was primarily due to changes in the fair value of AIG's investment in Corebridge and equity securities, partially offset by
8AATI was $1.1 billion, or $2.00 per diluted common share, compared to $1.0 billion, or $1.81 per diluted common share in the prior year quarter, reflecting higher underwriting income, partially offset by lower Other Operations Net investment income.
Total Net investment income for the second quarter of 2026 was $1.1 billion, compared to $1.5 billion in the prior year quarter, primarily due to changes in the fair value of AIG's investment in Corebridge and equity securities.
Total Net investment income on an APTI basis was $908 million, compared to $955 million in the prior year quarter, due to lower Net investment income in Other Operations, while General Insurance Net investment income was flat year-over-year.
Capital return
AIG returned $904 million to shareholders in the second quarter of 2026 through $641 million of common stock repurchases, representing approximately 8 million shares, and $263 million of common stock dividends.
At June 30, 2026, the total debt to total capital ratio was 18.1% and the total debt to total adjusted capital* ratio was 17.6%.
During the quarter, AIG sold approximately 25
Corporate events
million shares of Corebridge common stock, representing our remaining interest in Corebridge, for aggregate proceeds of approximately $710 million.
Results
ROE and Core Operating ROE* were 9.4% and 11.1%, respectively, in the second quarter of 2026.
Book value per share was $77.39 as of June 30, 2026, an increase of 4% from June 30, 2025.
Adjusted tangible book value per share* was $72.18, an increase of 3% from June 30, 2025.
Capital return
On August 6, 2026, the AIG Board of Directors declared a quarterly cash dividend on AIG common stock of $0.50 per share.
The dividend is payable on September 30, 2026 to shareholders of record at the close of business on September 16, 2026.
Results
Second quarter NPW of $7.5 billion increased 9% from the prior year quarter both on a reported basis and a constant dollar basis.
The growth was primarily driven by continued organic growth in select high-performing segments and contributions from AIG’s recent strategic transactions, partially offset by North America Property lines.
3Excluding North America Property lines, General Insurance NPW growth was 11%* in the second quarter.
7Underwriting income was $686 million, increasing 10% from the prior year quarter.
Total catastrophe-related charges were $210 million, representing 3.4 loss ratio points, compared to $170 million, representing 2.9 loss ratio points, in the prior year quarter.
Second quarter 2026 included $75 million of net losses related to the Middle East conflict.
Second quarter 2026 included favorable prior year development (PYD), net of reinsurance and prior year premiums, of $145 million, compared to $112 million in the prior year quarter, primarily due to favorable development in U.S. Workers’ Compensation and U.S. Property and Special Risks, partially offset by slight strengthening in U.S. Excess Casualty.
The combined ratio was 89.0%, improving 30 basis points from 89.3% in the prior year quarter, largely due to higher favorable PYD and an improved expense ratio, partially offset by higher catastrophe-related charges.
The AYCR was 88.1%, improving 30 basis points from 88.4% in the prior year quarter, driven by a lower accident year loss ratio, as adjusted* (AYLR) as well as a lower expense ratio.
General Insurance APTI was $1.5 billion, increasing 4% from the prior year quarter, driven by higher underwriting income.
Second quarter NPW of $3.1 billion increased 9% from the prior year quarter, primarily driven by Retail Casualty and Financial Lines, partially offset by declines in Lexington, driven by Property.
The combined ratio was 84.0%, improving 190 basis points from 85.9% in the prior year quarter, driven by higher favorable PYD, lower catastrophe-related charges and lower general operating expense (GOE) ratio, partially offset by higher acquisition ratio and AYLR due to changes in business mix, in addition to rate pressure, particularly in Property.
4The AYCR was 86.7%, increasing 50 basis points from 86.2% in the prio r year quarter, primarily driven by higher acquisition ratio and AYLR, partially offset by lower GOE ratio.
Second quarter NPW of $2.6 billion increased 11% from the prior year quarter, or 10% on a constant dollar basis, primarily driven by Property and Marine, partially offset by Financial Lines due to continued rate pressure.
2The combined ratio was 91.3%, increasing 540 basis points from 85.9% in the prior year quarter, d riven by higher catastrophe-related charges , primarily due to losses related to the Middle East conflict, higher AYLR, reflecting rate pressure, and higher acquisition ratio, reflecting a combination of strong new business growth and changes in business mix.
6The AYCR was 87.3%, increasing 230 basis points from 85.0% in the prior year quarter, driven by hi gher AYLR and acquisition ratio.
Second quarter NPW of $1.8 billion increased 7% from the prior year quarter, or 8% on a constant dollar basis, primarily driven by strong growth momentum in Accident & Health and continued organic growth in the High Net Worth business.
The combined ratio was 92.9%, improving 560 basis points from 98.5% in the prior year quarter, primarily due to lower AYLR and acquisition ratio reflecting earn-in of improved High Net Worth business commission terms, lower GOE ratio and reduced catastrophe-related charges.
The AYCR was 91.2%, improving 490 basis points from 96.1% in the prior year quarter.
OTHER OPERATIONS
Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate GOE, and Interest expense.
Net Investment Income and Other was $39 million, compared to $92 million in the prior year quarter, which included $27 million of Corebridge dividends.
In addition, the current quarter has lower Short-term Investment income.
Corporate and other GOE improved $8 million from the prior year quarter.
Interest expense increased $2 million from the prior year quarter.
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