AddedRisk Factors
•Our development and use of new technology, such as generative artificial intelligence, may present risks.
Financials · Property & Casualty Insurance · NYSE
AIGAmerican International Group
The 10-K against last year's
383 changes: 52 added, 127 removed, 193 reworded, 11 quiet changes
10-K 0000005272-26-000023 (2026-02-12) vs 10-K 0000005272-25-000012 (2025-02-13)
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The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 370 words changed in this paragraph; it is 32% similar to last year's version.
Years Ended December 31, Percentage Change (in millions) 2025 2024 2023 2022 2025 vs 2024 2024 vs 2023 2023 vs 2022 Underwriting results: Revenues: Premiums $ 23,751 $ 23,537 $ 25,564 1 % (8)% Net premiums written $ 8,364 $ 8,168 $ 7,877 2% 4% Increase in unearned premiums (219) (204) (176) (7) (16) investment income: Net premiums earned 8,145 7,964 7,701 2 investment income - excluding Fortitude Re funds withheld assets 4,066 4,111 3,266 (1) 26 Net investment income - Fortitude Re funds withheld assets 149 144 180 3 (20) Total net investment income 4,215 4,255 3,446 (1) 23 Net realized losses: Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative (966) (434) (734) (123) 41 Net realized losses on Fortitude Re funds withheld assets (70) (39) (71) (79) 45 Net realized losses on Fortitude Re funds withheld embedded derivative (166) (75) (273) (121) 73 Total net realized losses (1,202) (548) (1,078) (119) 49 Other income 11 7 6 57 17 Total revenues 26,775 27,251 27,938 (2) (2) Benefits, losses and expenses: Losses and loss adjustment expenses incurred 4,463 4,641 4,301 (4) 8 Acquisition expenses: 14,162 14,567 15,393 (3) (5) Amortization of deferred policy acquisition costs 1,018 943 938 8 1 Other acquisition 3,371 3,425 3,771 (2) (9) General operating and other expenses 342 350 378 5,053 5,529 5,399 (9) 2 Interest expense 396 462 516 (14) (10) (Gain) loss on extinguishment of debt (5) 14 (37) NM NM Net (gain) loss on divestitures and other (81) (616) 29 87 NM Total benefits, losses and expenses 22,896 23,381 25,071 (2) (7) Total acquisition expenses 1,360 1,293 1,316 5 (2) General operating expenses 1,095 1,028 945 7 9 Underwriting Income from continuing operations before income $ 1,227 $ 1,002 $ 1,139 22% (12)% Loss ratio 54.8 58.3 55.8 (3.5) 2.5 Acquisition ratio 16.7 16.2 17.1 0.5 (0.9) General operating tax expense ratio 13.4 12.9 12.3 0.5 0.6 Expense ratio 30.1 29.1 29.4 1.0 (0.3) Combined ratio 84.9 87.4 85.2 (2.5) 2.2 Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted: Catastrophe losses and reinstatement premiums (2.9) (3.9) (5.0) 1.0 1.1 Prior year development, 3,879 3,870 2,867 — 35 Income tax expense (benefit): Current 905 657 176 38 273 Deferred (123) 513 (50) NM NM Income tax expense 782 1,170 126 (33) NM Income from continuing operations 3,097 2,700 2,741 15 (1) Income (loss) from discontinued operations, net of reinsurance income taxes — (3,626) 1,137 NM NM Net income (loss) 3,097 (926) 3,878 NM NM Less: Net income attributable to noncontrolling interests 1 478 235 (100) 103 Net income (loss) attributable to AIG 3,096 (1,404) 3,643 NM NM Less: Dividends on preferred stock and prior year preferred stock redemption premiums 1.0 (1.8) 1.6 2.8 (3.4) Accident year loss ratio, as adjusted 52.9 52.6 52.4 0.3 0.2 Accident year combined ratio, as adjusted 83.0 81.7 81.8 1.3 (0.1) — 22 29 NM (24) Net income (loss) attributable to AIG common shareholders $ 3,096 $ (1,426) $ 3,614 NM % NM%
Source: Item 7, 10-K 0000005272-26-000023 vs Item 7, 10-K 0000005272-25-000012
Risk Factors 214 words changed in this paragraph; it is 41% similar to last year's version.
Once we complete acquisitions or dispositions, completed, there can be no assurance that we will realize the anticipated economic, strategic or other benefits of any transaction. For example, the integration of businesses we acquire may not be as successful as we anticipate or there may be undisclosed risks present in such businesses. Additionally, difficulties or delays in separating a divested business from our existing infrastructure, systems and operations could reduce the anticipated economic, strategic or other benefits of such transaction. Acquisitions and dispositions involve a number of risks, including operational, strategic, financial, accounting, legal, compliance and tax risks. Difficulties integrating an acquired business may result in the acquired business performing differently than we expected (including due to the loss of customers) or in our failure to realize anticipated expense-related efficiencies. Our existing businesses could also be negatively impacted by acquisitions. Risks resulting from future acquisitions may have a material adverse effect on our results of operations and financial condition. In connection with a business or asset disposition, we may also hold a concentrated position in securities of the acquirer as part of the consideration, which subjects us to risks related to the price of equity securities and our ability to monetize such securities. We have also provided and may provide financial guarantees and indemnities in connection with the businesses we have sold or may sell, as described in greater detail in Note 15 to the Consolidated Financial Statements. While we do not currently believe that claims under these indemnities will be material, it is possible that significant indemnity claims could be made against us. If such a claim or claims were successful, it could have a material adverse effect on our results of operations, cash flows and liquidity.
Source: Item 1A, 10-K 0000005272-26-000023 vs Item 1A, 10-K 0000005272-25-000012
Accounting Policies 70 words changed in this paragraph; it is 56% similar to last year's version.
In December 2023, the FASB Financial Accounting Standards Board (FASB) issued an accounting standard update to address improvements to income tax disclosures. The standard requires disaggregated information about a company’s effective tax rate reconciliation as well as information on income taxes paid. The standard is effective for public companies for annual periods beginning after December 15, 2024, with early adoption permitted. The standard should be applied AIG adopted the applicable disclosures in Note 21 of its 2025 Annual Report on Form 10K on a prospective basis, but retrospective application is permitted. We are assessing basis. The adoption of the standard did not have an impact on AIG’s consolidated results of this standard. operations and financial condition.
Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000005272-26-000023 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000005272-25-000012
Legal Proceedings New paragraph this year (14 words), with no similar paragraph last year.
ITEM 8 | Notes to Consolidated Financial Statements | 15. Contingencies, Commitments and Guarantees
Source: Item 3, via Note 15 – Contingencies, Commitments and Guarantees, 10-K 0000005272-26-000023 vs Item 3, via Note 15 – Contingencies, Commitments and Guarantees, 10-K 0000005272-25-000012
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of AIG's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13. Each links to the text at sec.gov.
AddedRisk Factors
Our development and use of new technology, such as generative artificial intelligence, may present risks.
AddedRisk Factors
We use artificial intelligence (AI) in our business, including applying generative AI to certain aspects of the underwriting and claims processes in certain lines of business, which may raise technological, security, legal, regulatory and other risks and challenges that may adversely affect our operations, business or reputation. Such risks include the misuse, inadvertent or otherwise, of personal data or other sensitive, confidential or proprietary information, flaws in our or third-party models or training datasets resulting in biased, inaccurate or unanticipated outcomes, ethical considerations regarding the use and deployment of AI technologies, potential infringement of third-party intellectual property rights or the dilution of our intellectual property, and challenges implementing appropriate governance controls to ensure the ongoing, safe deployment of AI systems. The market-wide development of AI tools is growing rapidly and we face competitive risks if our deployment of AI technologies is unable to keep pace with that of our competitors, or we fail to anticipate trends in the use of AI tools.
AddedRisk Factors
AI technologies may be misused, and that risk is increased by the relative newness of the technology, the speed at which it is being adopted and ongoing uncertainty with respect to the laws, regulations and standards governing its development and deployment federally, across localities and states and internationally. Such misuse, and a realization of the previously mentioned risks, could negatively impact our reputation, financial condition and results of operations, the demand for our products and services, otherwise cause competitive harm and/or draw adverse legal and regulatory scrutiny. Insurers' use of AI is subject to existing regulations, and it is possible that the insurance industry will be subject to new or additional regulations and/or guidance regarding the development and use of AI technologies that could affect our operations in one or more jurisdictions. We cannot predict what, if any, regulatory actions will be taken with regard to the use of AI in our business, but any limitations may have a material impact on our underwriting and claims processes, our financial condition or our results of operations. Moreover, because some AI technologies are relatively new, such as generative AI, many of the potential risks regarding their use are currently unknown. As we expand the incorporation of AI
AddedRisk Factors
technologies in our business, these risks will be heightened. For additional information regarding regulation with respect to AI technologies, see Item 1. Business - Regulation - Privacy, Data Protection, Cybersecurity and Artificial Intelligence Requirements.
AddedRisk Factors
Once completed, there can be no assurance that we will realize the anticipated economic, strategic or other benefits of any transaction. For example, the integration of businesses we acquire may not be as successful as we anticipate or there may be undisclosed risks present in such businesses. Additionally, difficulties or delays in separating a divested business from our existing infrastructure, systems and operations could reduce the anticipated economic, strategic or other benefits of such transaction.
AddedRisk Factors
On July 4, 2025, new U.S. tax legislation was signed into law (known as the “One Big Beautiful Bill Act” or “OBBB Act”), which, among other provisions, makes permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. We do not expect the OBBB Act to have a material impact on our results of operations.
AddedMD&A
•Generated Net income attributable to AIG common shareholders per diluted share of $5.43 and Adjusted after-tax income attributable to AIG common shareholders per diluted share of $7.09, an increase of 43 percent from the prior year.
Show the other 11
AddedMD&A
•Delivered $2.3 billion of underwriting income, a 22 percent increase from the prior year.
AddedMD&A
•Achieved Return on equity of 7.5 percent and Core operating return on equity of 11.1 percent.
AddedMD&A
•Returned approximately $6.8 billion of capital to shareholders in 2025 through approximately $5.8 billion of stock repurchases, reducing outstanding shares by 11 percent, and approximately $1.0 billion in AIG Common Stock dividends.
AddedMD&A
•Received upgrades to financial strength ratings of AIG’s significant insurance subsidiaries by Fitch, S&P and Moody's and affirmation by A.M. Best.
AddedMD&A
•Announced strategic investments in Convex Group Limited (Convex), a privately held global specialty insurer for approximately $2.1 billion as well as a 9.9 percent ownership stake in Onex Corporation (Onex), a global asset manager, for approximately $646 million. For additional information, see Note 1 to the Consolidated Financial Statements.
AddedMD&A
•Announced strategic partnership with CVC Capital Partners plc (CVC) to establish large-scale separately managed accounts (SMAs) across CVC’s credit strategies and the launch of CVC’s private equity secondaries evergreen platform with AIG as a cornerstone investor, contributing up to $1.5 billion from AIG’s existing private equity portfolio. In parallel, AIG intends to allocate up to $2 billion to SMAs and funds managed by CVC, with an initial $1 billion to be deployed through 2026.
AddedMD&A
•Announced a strategic collaboration with Amwins Group, Inc. and Blackstone Inc. to form Lloyd’s Syndicate 2479, providing capacity for portfolio solutions.
AddedMD&A
•fair value measurements of certain financial assets and financial liabilities; and
AddedMD&A
the claims department, using alternative techniques or expected percentages of ultimate loss emergence based on historical emergence of similar events or claim types.
AddedMD&A
•higher underwriting income primarily driven by lower catastrophe losses of $258 million and higher net favorable prior year reserve development of $183 million. For additional information, see Business Segment Operations – General Insurance;
AddedMD&A
•lower Income tax expense of $388 million primarily driven by a valuation allowance release related to our U.S. federal consolidated tax attribute carryforwards. For additional information, see Note 21 to the Consolidated Financial Statements;