10-QPeriod: Q1 FY2025

AMERICAN INTERNATIONAL GROUP, INC. Quarterly Report for Q1 Ended Mar 31, 2025

Filed May 2, 2025For Securities:AIG

Summary

AMERICAN INTERNATIONAL GROUP, INC. (AIG) reported its first quarter 2025 financial results, showing a net income attributable to AIG common shareholders of $698 million, a decrease from $1.2 billion in the prior year period. This decline was primarily driven by the deconsolidation of Corebridge and higher catastrophe losses in the General Insurance segment. Despite the year-over-year decrease in net income, the company highlighted an increase in net investment income by 13% to $1.1 billion, benefiting from higher Corebridge equity method income and improved yields on new investments. Total assets remained relatively stable at $161.9 billion. The company continued its capital return program, repurchasing approximately $2.2 billion of common stock during the quarter, and announced a 12.5% increase in its quarterly dividend to $0.45 per share. AIG's investment portfolio saw a shift towards higher yields, with blended investment yields on new investments exceeding those on sold or matured investments. The company's financial strength remains robust, supported by strong liquidity and capital resources.

Financial Highlights

31 data points
Beta

Revenue

$6.78B

Net Income

$698.00M

10.3% Net Margin

EPS (Diluted)

$1.16

Total Assets

$161.86B

Cash & Equivalents

$1.39B

Free Cash Flow

-$56.00M

Financial Statements
Beta
Revenue$6.78B
SG&A Expenses$1.11B
Interest Expense$92.00M
Net Income$698.00M
EPS (Basic)$1.18
EPS (Diluted)$1.16
Shares Outstanding (Basic)593.84M
Shares Outstanding (Diluted)599.24M

Key Highlights

  • 1Net income attributable to AIG common shareholders decreased by 42% to $698 million compared to $1.194 billion in the prior year quarter, largely due to the deconsolidation of Corebridge and increased catastrophe losses.
  • 2Total net investment income increased by 13% to $1.1 billion, driven by favorable changes in the fair value of equity securities and dividends from AIG's equity in Corebridge.
  • 3General Insurance underwriting income decreased by 59% to $243 million, primarily due to a significant increase in catastrophe losses, which added 7.2% to the combined ratio.
  • 4The company repurchased approximately $2.2 billion of its common stock during the quarter and declared a quarterly dividend of $0.45 per share, a 12.5% increase.
  • 5Total assets were $161.9 billion at March 31, 2025, a slight increase from $161.3 billion at December 31, 2024.
  • 6The effective tax rate on income from continuing operations increased to 27.3% from 24.7% in the prior year quarter.

Frequently Asked Questions

Net income attributable to AIG common shareholders was $698 million for the three months ended March 31, 2025, compared to $1.194 billion for the same period in the prior year.

The General Insurance segment reported underwriting income of $243 million, a decrease from $596 million in the prior year quarter. This was primarily due to higher catastrophe losses and an unfavorable shift in the accident year loss ratio, partially offset by favorable prior year reserve development and a lower expense ratio.

AIG continued its capital return program by repurchasing approximately $2.2 billion of its common stock during the quarter. Additionally, the Board of Directors declared a quarterly cash dividend of $0.45 per share, a 12.5% increase from the previous quarter.

Total net investment income increased by 13% to $1.1 billion, driven by higher net investment income from the Corebridge equity method investment and improved yields on available-for-sale fixed maturity securities.