10-KPeriod: FY2024

AMERICAN INTERNATIONAL GROUP, INC. Annual Report, Year Ended Dec 31, 2024

Filed February 13, 2025For Securities:AIG

Summary

American International Group, Inc. (AIG) demonstrated a resilient financial performance in 2024, marked by strong underwriting results and strategic portfolio management. The company achieved a combined ratio of 91.8 and an adjusted accident year combined ratio of 88.2, contributing to $1.9 billion in underwriting income and over $7 billion cumulatively from 2021-2024. Net premiums written reached $23.9 billion, supported by growth, retention, and disciplined pricing. AIG made significant progress in completing multi-year strategic initiatives, notably the deconsolidation of Corebridge Financial, Inc., reducing AIG's ownership to 22.7% for $6.0 billion in proceeds. The company also divested its global individual personal travel insurance and assistance business for $600 million, further enhancing financial flexibility. AIG continued its balanced capital management by reducing general borrowings by $1.6 billion, lowering its debt-to-capital ratio to 17.0%, repurchasing $6.6 billion of its own stock, and increasing common stock dividends. These actions underscore AIG's focus on profitable growth, operational efficiency, and shareholder returns while maintaining a strong balance sheet.

Financial Highlights

36 data points
Beta

Revenue

$27.25B

Net Income

-$1.40B

-5.2% Net Margin

EPS (Diluted)

$-2.17

Total Assets

$161.32B

Cash & Equivalents

$1.30B

Free Cash Flow

$3.27B

Financial Statements
Beta
Revenue$27.25B
SG&A Expenses$5.53B
Interest Expense$462.00M
Net Income-$1.40B
EPS (Basic)$-2.19
EPS (Diluted)$-2.17
Shares Outstanding (Basic)651.45M
Shares Outstanding (Diluted)657.28M

Key Highlights

  • 1Achieved a combined ratio of 91.8 and an adjusted accident year combined ratio of 88.2 in 2024, reflecting strong underwriting performance.
  • 2Generated $1.9 billion in underwriting income in 2024, contributing to over $7 billion in cumulative underwriting income from 2021-2024.
  • 3Completed the deconsolidation of Corebridge Financial, Inc., reducing ownership to 22.7% and realizing $6.0 billion in aggregate gross proceeds.
  • 4Divested the global individual personal travel insurance and assistance business for $600 million, enhancing financial flexibility.
  • 5Reduced general borrowings by $1.6 billion, leading to a debt-to-capital ratio of 17.0%.
  • 6Repurchased $6.6 billion of AIG common stock, reducing outstanding shares by 12%.
  • 7Increased net investment income by 23% year-over-year, driven by higher yields and strategic asset allocation.

Frequently Asked Questions

AIG reported strong underwriting performance in 2024 with a combined ratio of 91.8 and an adjusted accident year combined ratio of 88.2. This resulted in $1.9 billion of underwriting income for the year.

AIG completed the deconsolidation of Corebridge Financial, Inc., reducing its ownership stake and realizing substantial proceeds. Additionally, the company divested its global individual personal travel insurance and assistance business, which further strengthened its financial position and refined its business portfolio.

AIG actively managed its capital by reducing general borrowings by $1.6 billion and repurchasing $6.6 billion of its common stock. The company also demonstrated a commitment to shareholder returns by increasing its common stock dividend by a double-digit percentage for the second consecutive year.