American International Group, Inc. New · NYSE:AIG
American International Group, Inc. New — American International Group — Q3 2026 Earnings Presentation
25 slides from American International Group, Inc. New's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Financial Results Presentation
Third Quarter 2026 Financial Results Presentation November 4, 2026 Copyright ® 2026 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.
Slide 2: Earnings Key Themes
Earnings Key Themes • General Insurance net premiums written (NPW) of $6.7 billion, an increase of 7% year-over-year on a reported basis and 8% on a constant dollar basis*, driven by 7%* growth in Global Commercial and 9%* growth in Global Personal “AIG delivered strong profitability and premium • G
Slide 3: Q3 2026 Financial Highlights
Financial Highlights Underwriting Investments Capital Targets Q3 2026 Financial Highlights Net Premiums Written of $6.7B increased 8% from the prior year quarter on a constant dollar basis Reported 7% 450 bps 72% 1% 350 bps $6.7B vs 3Q25 91.3% vs 3Q25 $1.60 vs 3Q25 $74.96 vs 3Q25 8.5% vs 3Q25 Net Pr
Slide 4: General Insurance
Financial Highlights Underwriting Investments Capital Targets General Insurance Delivered 8%* net premiums written growth and a strong AYCR, as adjusted Key Financials Net Premiums Written ($M) ($M) 3Q25 3Q26 Change GI NPW Growth Net premiums written $6,230 $6,651 7% +7% / +8% FX Adj.* $6,230 $6,651
Slide 5: Continued Improvement in Expense Ratio
Financial Highlights Underwriting Investments Capital Targets Continued Improvement in Expense Ratio On track to reduce General Insurance Expense Ratio below 30% for full year 2027 Fully Loaded General Insurance Expense Ratio*1 (%) Fully Loaded GOE Ratio Acquisition Ratio 36.8% 36.6% 35.8% 35.0% 33.
Slide 6: North America Commercial Lines
Financial Highlights Underwriting Investments Capital Targets North America Commercial Lines Improving operating leverage as earned premiums growth outpaced GOE growth Key Financials Net Premiums Written ($M) ($M) 3Q25 3Q26 Change NPW Growth Net premiums written $2,435 $2,481 2% +2% / +2% FX Adj. Ne
Slide 7: International Commercial Lines
Financial Highlights Underwriting Investments Capital Targets International Commercial Lines Strong premium growth while maintaining underwriting excellence Key Financials Net Premiums Written ($M) ($M) 3Q25 3Q26 Change NPW Growth +13% / +13% FX Adj. Net premiums written $2,115 $2,387 13% Net premiu
Slide 8: Global Personal Insurance
Financial Highlights Underwriting Investments Capital Targets Global Personal Insurance Continued strong growth in Underwriting Income and improved AYCR, as adjusted Key Financials Net Premiums Written ($M) ($M) 3Q25 3Q26 Change NPW Growth +6% / +9% FX Adj. Net premiums written $1,680 $1,783 6% Net
Slide 9: Investment Portfolio
Financial Highlights Underwriting Investments Capital Targets Investment Portfolio Well-diversified investment portfolio with solid credit characteristics AIG Investment Portfolio ($B) AIG NII on an APTI Basis* ($M) Other Operations $1,075 $1,024 $43 $1.9 $1.1 $79 $908 $174 $4.2 $156 $37 $37 $5.7 $6
Slide 10: General Insurance Net Investment Income
Financial Highlights Underwriting Investments Capital Targets General Insurance Net Investment Income Continued improvement in annualized GI Core Fixed Income Yields Normalized Yields (%) and Investment Income ($M) on GI Core Fixed Income Portfolio(1) $825 $858 $757 $789 $792 $801 $688 $691 $679 $66
Slide 11: Balance Sheet Strength
Financial Highlights Underwriting Investments Capital Targets Balance Sheet Strength Total debt to total adjusted capital ratio of 19.6% and strong insurance company capitalization Capital Structure ($B) Capital Ratios $49.2 September 30, 2026 $10.2 Hybrids / Total capital 0.9% Financial debt / Tota
Slide 12: Capital Management
Financial Highlights Underwriting Investments Capital Targets Capital Management Continued successful execution of balanced capital management Share Repurchases ($M) Total Debt / Total Adjusted Capital Aggregate share repurchases of $3.5B Maintained outstanding leverage ratio $1,234 19.6% 17.7% 17.7
Slide 13: March 2025 Investor Day Financial Targets
Financial Highlights Underwriting Investments Capital Targets March 2025 Investor Day Financial Targets Making meaningful progress on our financial targets 3-year Target PERFORMANCE METRICS 2025 - 20271 Operating EPS CAGR 20%+ Core Operating ROE 10% - 13% GI Expense Ratio <30% Dividends Per Share CA
Slide 14: Cautionary Statements
Cautionary Statements Certain statements in this presentation and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking s
Slide 15: Appendix: Glossary of Non-GAAP Financial Measures and Non-GAAP Reconciliations
Appendix: Glossary of Non- GAAP Financial Measures and Non-GAAP Reconciliations Copyright ® 2026 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG.
Slide 16: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Throughout this presentation, we present our financial condition and results of operations in the way we believe will be most meaningful and representative of our business results. Some of the measurements we use are “Non-GAAP financial measures” under Securit
Slide 17: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Adjusted After-tax Income attributable to AIG common shareholders (AATI) is derived by excluding the tax effected APTI adjustments described above, noncontrolling interest on net realized gains (losses), other non-operating expenses and the following tax items
Slide 18: Glossary of Non-GAAP Financial Measures
Glossary of Non-GAAP Financial Measures Ratios: We, along with most property and casualty insurance companies, use the loss ratio, the expense ratio and the combined ratio as measures of underwriting performance. These ratios are relative measurements that describe, for every $100 of net premiums ea
Slide 19: Non-GAAP Reconciliations – Adjusted Pre-tax Income
Non-GAAP Reconciliations – Adjusted Pre-tax Income (in millions) Quarterly 3Q25 3Q26 Pre-tax income $714 $1,119 Adjustments to arrive at Adjusted pre-tax income Changes in the fair values of equity securities and AIG's investment in Corebridge 288 3 Net investment income on Fortitude Re funds withhe
Slide 20: Non-GAAP Reconciliations – Adjusted After-tax Income
Non-GAAP Reconciliations – Adjusted After-tax Income (in millions) Quarterly 3Q25 3Q26 Net income $524 $849 Noncontrolling interests (income) loss (5) (5) Net income attributable to AIG common shareholders $519 $844 Adjustments to arrive at Adjusted after-tax income (amounts net of tax, at U.S. stat
Slide 21: Non-GAAP Reconciliations – General Insurance Net Investment Income and Adjusted Pre-tax Income
Non-GAAP Reconciliations – General Insurance Net Investment Income and Other and Adjusted Pre- tax Income (Loss) (in millions) Quarterly 3Q25 3Q26 Net Net Investment Pre-tax Investment Pre-tax Income Income Income Income and Other (Loss) and Other (Loss) Net investment income and other/Pre-tax incom
Slide 22: Non-GAAP Reconciliations – Book Value Per Share and Total Debt to Total Capital Ratio
Non-GAAP Reconciliations – Book Value Per Share and Total Debt to Total Capital Ratio (in millions, except per share data) 3Q25 3Q26 Book Value Per Share Total AIG common shareholders' equity (a) $41,085 $38,883 Less: Investments AOCI (1,410) (3,840) Add: Cumulative unrealized gains and losses relat
Slide 23: Non-GAAP Reconciliations – Return on Equity and Net Investment Income
Non-GAAP Reconciliations – Return on Equity and Net Investment Income Return On Equity Computations Quarterly (in millions) 3Q25 3Q26 Actual or Annualized net income attributable to AIG common shareholders (a) $2,076 $3,376 Actual or Annualized adjusted after-tax income attributable to AIG common sh
Slide 24: Non-GAAP Reconciliations – Ratios
Non-GAAP Reconciliations – Ratios General Insurance Quarterly North America Commercial Quarterly 3Q25 3Q26 3Q25 3Q26 Loss ratio 55.9% 60.7% Loss ratio 59.3% 69.5% Catastrophe losses and reinstatement premiums (1.6) (4.4) Catastrophe losses and reinstatement premiums (3.1) (7.1) Prior year developmen
Slide 25: Non-GAAP Reconciliations – Net Premiums Written and Accident Year Underwriting Income, ex-CAT
Non-GAAP Reconciliations – Net Premiums Written and Accident Year Underwriting Income, ex-CAT Net premiums written General North America Insurance Commercial 3Q26 3Q26 Increase (decrease) as reported in U.S. dollars 7% 2% Foreign exchange effect 1 — Increase (decrease) on constant dollar basis 8 2 N
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