Key Highlights

  • Third-quarter 2025 attributable income of USD 519 million, or USD 0.93 a share, grew to USD 844 million, or USD 1.60 per diluted share, in the same period this year.
  • Adjusted after-tax income for American International Group (NYSE:AIG) totaled USD 1.086 billion, equal to USD 2.06 per diluted share, compared with USD 1.226 billion, or USD 2.20, a year ago.
  • The General Insurance combined ratio widened to 91.3% from 86.8%, driven by larger catastrophe charges, while net premiums written grew 7% to USD 6.7 billion.
  • Shareholder payouts totaled USD 787 million in the quarter, including USD 527 million of repurchases and USD 260 million of dividends, and a USD 0.50 quarterly Dividend was declared.

GAAP Earnings Rise Faster Than Adjusted Results

American International Group (NYSE:AIG) published third-quarter findings on November 3, 2026. Attributable Net Income climbed to USD 844 million from USD 519 million, an increase of about 63% (own arithmetic). The company attributed the gain chiefly to Revaluation of investments, greater General Insurance Investment income, higher earned premiums and fewer realized losses. Adjusted after-tax income, a non-GAAP figure, declined to USD 1.086 billion from USD 1.226 billion as Underwriting income and Other Operations investment income both shrank. The adjusted per-share figure of USD 2.06 is about 6% below USD 2.20 (own arithmetic), though a diluted share count reduced to 527.3 million from 558.5 million softened the drop.

Storm Losses Push the Combined Ratio Higher

General Insurance underwriting income dropped 29% to USD 564 million from USD 793 million. Catastrophe charges totaled USD 283 million, or 4.4 points of loss ratio, largely from severe convective storms across North America, compared with USD 100 million, or 1.6 points, a year earlier, a period the company called exceptionally light. Favorable development from prior accident years decreased to USD 91 million from USD 180 million. Excluding catastrophes, the accident year combined ratio was 88.4% against 88.3%, indicating steady underlying underwriting. General Insurance net investment income increased 9% to USD 1.0 billion, mostly from the core fixed income book.

Regional Gaps, Capital Returns and the November 4 Call

International Commercial premiums rose 13% with an 88.3% combined ratio, and Global Personal grew 6% (9% in constant dollars) while its combined ratio improved to 93.2% from 95.2%. North America Commercial increased just 2%, its combined ratio jumped to 92.9% from 82.6%, and underwriting income fell to USD 167 million from USD 384 million. Book Value per share ended at USD 74.96, down 1%, whereas adjusted book value per share climbed 5% to USD 81.25. The debt-to-capital ratio was 20.8% after a euro-denominated note of about USD 1.3 billion was issued on September 24, 2026. A management call follows on November 4, 2026, starting at 8:30 a.m. ET, and Corebridge Financial dividends stopped following AIG's final sale in May 2026.

Where Things Stand

The gap between the headline profit and adjusted EPS comes from accounting basis: GAAP results benefited from investment revaluations, while adjusted figures carried heavier storm losses and smaller reserve releases. American International Group (NYSE:AIG) still expanded premiums 7% and kept its ex-catastrophe accident year combined ratio close to 88%, but North America Commercial deteriorated sharply. Core operating ROE stood at 11.1% against 13.6% a year earlier, and management called the environment more demanding. Catastrophe frequency, reserve development and North America Property volumes are the key items for the next report.