American International Group, Inc. (NYSE: AIG) reported improved full-year 2025 earnings and stronger underwriting performance in the fourth quarter, supported by growth in commercial insurance, better combined ratios and disciplined capital returns, according to the company’s fourth-quarter and full-year 2025 financial results presentation dated Feb. 11, 2026.
Q4 2025 highlights
AIG reported adjusted after-tax income (AATI) per diluted share of $1.96, up 51% year on year. Net income per diluted share was $1.35, compared with $1.43 a year earlier.
In General Insurance, underwriting income rose 48% year on year to $670 million. The calendar-year combined ratio improved to 88.8%, reflecting lower catastrophe losses and expense ratio improvement. Accident-year combined ratio (as adjusted) stood at 88.9%.
Global Commercial net premiums written increased 4% year on year to $4.5 billion, driven by 11% growth in new business. AIG returned $809 million of capital to shareholders during the quarter, including $567 million of share repurchases and $242 million in dividends. Return on equity was 7.2%, while core operating ROE was 11.7%.
Full-year 2025 performance
For full-year 2025, AIG reported AATI per diluted share of $7.09, up 43% year on year, compared with $4.95 in 2024. Net income per diluted share was $5.43, versus a net loss in the prior year, which had been impacted by deconsolidation-related accounting.
General Insurance underwriting income rose 22% year on year to $2.3 billion. The calendar-year combined ratio improved to 90.1%, while the accident-year combined ratio (as adjusted) was 88.3%.
Global Commercial net premiums written reached $17.4 billion, up 4% year on year, driven by 9% growth in new business. Net investment income on an adjusted pre-tax basis rose 8% to $3.8 billion, reflecting higher yields on fixed income and loan portfolios.
AIG returned $6.8 billion of capital to shareholders in 2025, including $5.8 billion in share repurchases and about $1.0 billion in dividends. Full-year ROE was 7.5%, while core operating ROE was 11.1%.
Segment trends
In North America Commercial, underwriting income rose sharply in Q4, supported by lower catastrophe losses and favorable prior-year development. The calendar-year combined ratio improved materially, reflecting margin gains across major lines.
International Commercial delivered steady premium growth, although underwriting income moderated year on year due to higher loss and expense ratios. Global Personal Insurance showed improvement in accident-year combined ratios, supported by expense reductions and portfolio actions, despite lower premium volumes following prior portfolio pruning.
Capital position and outlook
AIG ended 2025 with a total debt-to-capital ratio of about 18%, within its targeted leverage range. The company reported strong insurance subsidiary capitalization and multiple financial strength rating upgrades during 2025 from major rating agencies.
Management said 2025 marked strong progress against its multi-year financial targets, with improvements in operating earnings growth, underwriting discipline and capital efficiency. The group expects continued benefits from portfolio actions, cost discipline and selective growth in commercial lines.
Summary
AIG delivered stronger earnings in 2025, underpinned by higher underwriting income, improved combined ratios and solid commercial insurance growth. Fourth-quarter profitability reflected lower catastrophe losses and better expense management. With continued capital returns and a strengthened balance sheet, the insurer enters 2026 with improved operating momentum.
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