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AMERICAN INTERNATIONAL GROUP, INC. 8-K Report, Financial Results (Feb 10, 2026)

Reports
Earnings & Results·Other Events·Exhibits & Filings
Filing Date
Filed February 10, 2026
Period End
February 10, 2026
Security
AIG
In the record · 2016–202610-K1210-Q328-K214

AIG filed 12 annual reports (10-K), 32 quarterly reports (10-Q) and 214 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’18Jan ’18
  2. Material agreement8-K · Nov ’20Nov ’20
  3. Leadership change8-K · Mar ’23Mar ’23
  4. Leadership change8-K · Feb ’25Feb ’25

01—Abstract

Summary

Summary of the 8-K filed February 10, 2026. Cited figures are marked; the original filing is the authoritative source.

AIG reported a strong close to 2025, with full-year adjusted after-tax income (AATI) of $4.04 billiona, or $7.09 per diluted share, up 43% from $4.95 a year earlier.

GAAP net income was $3.10 billionb, or $5.43 per diluted share, versus a net loss of $1.43 billion ($2.17 per share) in 2024, which was distorted by the Corebridge deconsolidation. Core Operating ROE was 11.1% for the year, above management's 10%-plus target. General Insurance was the main driver: underwriting income rose 22% to $2.3 billion, and the full-year combined ratio improved to 90.1% from 91.8%.

The accident year combined ratio, as adjusted, was 88.3%, roughly flat versus 88.2%, which suggests the improvement was largely driven by lower catastrophe losses and favorable prior year development rather than underlying margin expansion. Capital return was substantial. AIG returned $6.8 billionc to shareholders in 2025, including $5.8 billion of buybacks (about 73 million shares) and roughly $1.0 billion of dividends, and the Board declared a quarterly dividend of $0.45 per share payable March 30, 2026.

Book value per share rose to $76.44d and adjusted tangible book value per share to $70.37. Common shares outstanding fell to 538.2 million from 606.1 million a year earlier, a reduction of roughly 11%, which flatters per-share comparisons. Debt-to-total-capital ended the year at 18.0%.

Management also pointed to 2026 initiatives, including the Syndicate 2479 formation with Blackstone and Amwins, a CVC secondaries investment, and completed minority-stake buyouts in Convex and Onex, and said it is on track to meet or exceed its Investor Day targets. Several items warrant investor attention. Global Personal net premiums written fell 12% on a reported basis (3% comparable), reflecting a reinsurance restructuring in U.S. High Net Worth and a decline in Warranty.

Fourth-quarter net investment income fell 34% year over year on lower Corebridge-related gains, and GAAP results remain sensitive to the mark-to-market on AIG's remaining Corebridge stake, which was reduced to 10.1%. Forward-looking statements flag catastrophe exposure, reserve adequacy, and strategic transaction execution risk.

02—Key points

Key Highlights

  1. Full-year 2025 AATI of $4.04 billion, or $7.09 per diluted share, up 43% year over year; Q4 AATI per diluted share of $1.96, up 51%.
  2. GAAP net income of $3.10 billion ($5.43 per diluted share) for 2025, a sharp turnaround from a $1.43 billion net loss in 2024.
  3. General Insurance underwriting income rose 22% to $2.33 billion; full-year combined ratio improved to 90.1% from 91.8%, while the accident year combined ratio, as adjusted, was essentially flat at 88.3%.
  4. Returned $6.8 billion to shareholders in 2025 ($5.8 billion buybacks, about $1.0 billion dividends); Board declared a $0.45 quarterly dividend payable March 30, 2026.
  5. Core Operating ROE of 11.1% for 2025, above the company's 10%-plus target; GAAP ROE of 7.5%.
  6. Common shares outstanding fell about 11% to 538.2 million, and book value per share rose to $76.44 from $70.16.
  7. Global Commercial NPW of $17.4 billion, up 4% reported (3% comparable), driven by 9% growth in new business; Global Personal NPW declined 12% reported on reinsurance restructuring and Warranty weakness.

03—Questions

Frequently Asked Questions

  1. How did AIG perform on an underlying basis in 2025?

    On an adjusted basis, AIG's performance was strong. AATI rose 43% to $4.04 billion ($7.09 per diluted share), and Core Operating ROE reached 11.1%, above the company's 10%-plus target. The main driver was General Insurance, where underwriting income grew 22% to $2.3 billion.

  2. Why did GAAP net income swing so much from 2024 to 2025?

    The 2024 result included a large loss tied to the deconsolidation of Corebridge in June 2024, which produced a net loss of $1.43 billion. In 2025 there was no comparable loss, and net income reached $3.1 billion, with the improvement also supported by higher underwriting and investment income in General Insurance.

  3. Is the improvement in the combined ratio sustainable?

    Part of the improvement looks cyclical or non-recurring. The reported combined ratio improved to 90.1%, but the accident year combined ratio, as adjusted, was roughly flat at 88.3% versus 88.2%. Much of the gain came from lower catastrophe losses and favorable prior year development, so investors should watch whether the underlying accident-year margin holds in 2026.

  4. What is the capital return outlook for shareholders?

    AIG returned $6.8 billion in 2025, and the Board declared a $0.45 quarterly dividend payable March 30, 2026, to holders of record on March 16, 2026. The share count reduction of about 11% in 2025 boosted per-share metrics, so future per-share growth will depend on the pace of continued buybacks and earnings growth.

  5. What risks should investors consider from this report?

    Key risks include catastrophe exposure, reserve adequacy, and the execution of strategic transactions such as the Syndicate 2479 partnership, Everest retail portfolio conversion, and CVC investment. GAAP earnings also remain sensitive to market-value changes in the remaining Corebridge stake, which is now 10.1%, and Global Personal premiums declined 12% reported in 2025.

04—Continue

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