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AIGAmerican International Group

Financials · Property & Casualty Insurance · NYSE

American International Group, Inc. (NYSE: AIG) is a leading global insurance organization. 10-K, Item 1

AIG quote by TradingView
Employees
22,100
Headquarters
New York, NY
CEO
Peter Zaffino
Next results
around Feb 9, 2027
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10-K 0000005272-26-000023 (2026-02-12) vs 10-K 0000005272-25-000012 (2025-02-13)

SectionCompared textWords nowChanged
Risk FactorsItem 1A16,016 15.5%
MD&AItem 723,398 25.6%
Legal ProceedingsItem 3, via Note 15 – Contingencies, Commitments and Guarantees1,290 0.5%
Accounting PoliciesItem 8, Note 2 – Summary of Significant Accounting Policies1,209 21.7%

The redline: what was cut and what was added

In each section, the paragraph that changed most, 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 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.

All 383 Added 52Removed 127Reworded 193Quiet changes 11

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

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

Read it in 10-K 2026-02-12 at sec.gov ↗

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

RemovedRisk Factors
•An epidemic, pandemic or other health crisis could materially and adversely affect our business, results of operations, financial condition or liquidity.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
In addition, if our investment managers fail to react appropriately to difficult market or economic conditions, our investment portfolio could incur material losses.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
In addition, severe weather and other effects of climate change result in more frequent and more severe damages, leading to lawsuits against our insureds. Indirect climate change effects are also seen in litigation over flooding, mudslides and other severe weather that results in injury or damage, as well as in construction defect litigation, chemical release lawsuits, and workers’ compensation claims. Litigation related to climate change may, through increased claims from our customers and adverse impacts to the value of the securities that we hold, adversely impact our business and results of operations.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
Also see Part II, Item 7. MD&A – Business Segment Operations – General Insurance – Business Strategy and – Industry and Economic Factors.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
credit spreads have in the past, and may in the future, materially adversely affect the liquidity and the value of our investment portfolios.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
that we can effectively review and monitor all risks or that all of our employees will understand, follow and comply with our risk management policies and procedures.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
Further, the sale of our remaining Corebridge stock involves a number of divestment-related risks, including (i) unanticipated developments that may delay, prevent or otherwise adversely affect our ability to continue the full divestment, including an economic downturn or unfavorable capital markets conditions; (ii) unforeseen losses, liabilities or asset impairments arising from further dispositions; and (iii) challenges associated with the valuation of Corebridge and the Company as we seek to fully divest our investment in Corebridge.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
In addition, the divestment of Corebridge, or a significant delay in our ability to continue to sell our Corebridge stock, has caused and could continue to cause the emergence, or exacerbate the effects of, many of the other risks discussed herein, including changes in our deferred tax assets and liabilities and our ability to utilize certain tax loss and credit carryforwards to offset future taxable income.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
An epidemic, pandemic or other health crisis could materially and adversely affect our business, results of operations, financial condition or liquidity.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
Public health crises and related governmental response measures, for example related to the COVID-19 pandemic, have resulted in significant societal disruption, economic uncertainty, volatility in business and consumer confidence and global economic slowdowns, which have adversely impacted our business and may again do so.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
For example, we have experienced increased claim volumes; adverse effects resulting from our exposure to certain industries, and difficulties in arriving at accurate valuations thereof, which has caused or may cause impairment of the estimates and assumptions used to run our businesses or resulting in greater variability and subjectivity in our investment decisions; and increased difficulty and cost in obtaining reinsurance coverage.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedRisk Factors
If a public health crisis emerges the markets and economies in which we operate may experience heightened stress and further volatility, which may materially adversely affect our business, results of operations and financial condition. Legal proceedings, including class actions, could also be filed against us, our insureds, or others, seeking coverage for epidemic or pandemic-related losses or alleging bad faith denial of such coverage. In addition, remote or hybrid work may negatively impact our compliance efforts, culture and employees’ morale, which could result in greater turnover, lower productivity and greater operational risks.

Read it in 10-K 2025-02-13 at sec.gov ↗

RewordedRisk Factors
For information regarding cyber risk arising from third-party providers, additional risks with respect to the use of AI, see Business and Operations – “We are exposed to certain risks if we are unable to maintain the availability of our critical technology systems and data and safeguard the confidentiality and integrity of our data, which could compromise our ability to conduct business and adversely affect our consolidated business, results of operations, financial condition and liquidity” above. liquidity,” Regulation – “Our businesses are heavily regulated and changes in laws and regulations may affect our operations, increase our insurance subsidiary capital requirements or reduce our profitability,” and Employees and Competition – “We face intense competition in each of our business lines, and technological changes may present new and intensified challenges to our businesses.”

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
It is also possible that the laws, Laws, regulations and guidance adopted in U.S. local, state, U.S. federal or foreign jurisdictions regarding climate change-related risks will these topics differ from one another, another and that they could be this results in us having to comply with differing or inconsistent with the laws laws, regulations and regulations of other guidance across jurisdictions in which we operate.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
We have investments in certain securities, investments, including certain fixed income income, structured and privately placed securities as well as investments in private equity funds and hedge funds, joint ventures, mortgage loans and real estate, for which limited or no established trading markets exist, that are less liquid than other investments, or that limit or restrict, by their terms, our ability to sell or otherwise dispose of such investments.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
We have used and will continue to use outsourcing strategies and third-party providers to transform operational perform operational, middle- and back office back-office processes and deliver contracted services in a broad range of areas. areas, including, but not limited to, administration or servicing of certain policies and contracts, finance, actuarial, information technology services related to infrastructure, and investment advisory and management services.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Adverse economic conditions may result from a variety of factors including domestic and global economic and political developments, including changes in interest rate levels, plateauing or decreasing economic growth and business activity, recessions, social inflation, inflationary or deflationary pressures in developed economies, including the United States, States (U.S.), civil unrest, pandemics, geopolitical tensions, changes to international trade and/or tariff policies, foreign investment restrictions, military action or military action, such as the armed conflict between Ukraine and Russia conflicts and corresponding sanctions imposed by the United States U.S. and other countries, or the conflict in Israel and the surrounding areas, and new or evolving legal and regulatory requirements on business investment, data protection, cybersecurity and artificial intelligence, hiring, migration, labor supply and global supply chains.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Further, various jurisdictions have unique requirements with respect to AI AI, third-party engagement, business resiliency and environmental, social and governance matters, matters as well as matters relating to data protection and cybersecurity, which may impact the efficacy of our standardized risk management tools and techniques; therefore, our policies and procedures may not be fully effective. techniques.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
For example, regulators Regulators have imposed and may continue to impose new requirements, and regulators and other international organizations may continue to issue guidance, aimed at addressing update, revise or mitigating climate change-related overhaul regulatory regimes to which we are subject in order to address existing and emerging risks.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Internationally and at the U.S. federal, state and local levels, regulators have imposed and likely will continue to impose requirements and guidance related to environmental, social, governance and sustainability matters, which will continue to evolve and may conflict with one another, impose additional costs on us and expose us to new or additional risks, including financial, regulatory, litigation, reputational and operational risks.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Our investment managers are generally compensated based on the size of the investment portfolios that they manage, rather than based on investment profits or income; as As a result, these investment managers are not directly incentivized to maximize investment returns.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Adverse changes in the valuation of real estate and real estate-linked assets, volatility or deterioration of capital markets and widening credit spreads have in the past, and may in the future, materially adversely affect the liquidity and the value of our investment portfolios.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
In the case of a successful ransomware attack in which our data and information systems are compromised and applicable processes to restore access are not effective, our information could be held hostage until a ransom, which may be significant, is paid.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedRisk Factors
Although we attempt to keep such information confidential and secure, we We have been, and in the future may be, unable to do so in all events, keep such information confidential and secure, especially with clients, vendors, service providers, counterparties and other third parties who may not have or use appropriate controls to protect personal, confidential or proprietary information.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
In instances where reinsurance is more costly, insufficient on acceptable terms or unavailable, we have had to, and will may in the future have to to, accept an increase in exposure to risk, reduce or stop writing certain lines of business written by our subsidiaries or seek alternatives in line with our risk limits, or a combination thereof.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
Our Any decision to pursue strategic changes or transactions in our business and operations may also subject our subsidiaries’ dividend plans to heightened regulatory scrutiny and could make obtaining regulatory approvals for extraordinary distributions by our subsidiaries, if required, more difficult.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
Our subsidiaries operating in foreign jurisdictions must satisfy local regulatory requirements and it is possible that these local licenses may require AIG Parent to meet certain conditions.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
These risks may impair our ability to achieve anticipated improvements in our businesses businesses, may disrupt or may otherwise harm our operations which could materially and adversely affect our businesses, financial condition and operations.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
Also, if If we are unsuccessful in attracting, retaining and training key distribution partners, or are unable to maintain our distribution relationships, our sales could decline, which could have a material adverse effect on our business, results of operations, financial condition and liquidity.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
If we were to experience an “ownership change,” it is possible that a significant portion of our tax loss carryforwards could expire before we would be are able to use them to offset future taxable income.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesRisk Factors
These Any such write-downs could have a material adverse effect on our consolidated results of operations, liquidity and financial condition.

Read it in 10-K 2026-02-12 at sec.gov ↗

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

AddedMD&A
•Announced a strategic collaboration with Amwins Group, Inc. and Blackstone Inc. to form Lloyd’s Syndicate 2479, providing capacity for portfolio solutions.

Read it in 10-K 2026-02-12 at sec.gov ↗

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.

Read it in 10-K 2026-02-12 at sec.gov ↗

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;

Read it in 10-K 2026-02-12 at sec.gov ↗

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;

Read it in 10-K 2026-02-12 at sec.gov ↗

RemovedMD&A
Book Value per share, excluding Goodwill, Value of business acquired (VOBA), Value of distribution channel acquired (VODA) and Other intangible assets (Tangible book value per share) is used to provide a useful measure of the realizable shareholder value on a per share basis. Tangible book value per share is derived by dividing Total AIG common shareholders’ equity, excluding intangible assets (AIG tangible common shareholders’ equity) by total common shares outstanding.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
A key advantage of loss development methods is that they respond more quickly to any actual changes in loss costs for the product line of business. Therefore, if loss experience is unexpectedly deteriorating or improving, the loss development method gives full credibility to the changing experience. Expected loss ratio methods would be slower to respond to the change, as they would continue to give more weight to a prior expected loss ratio, until enough evidence emerged to modify the expected loss ratio to reflect the changing loss experience. On the other hand, loss development methods have the disadvantage of overreacting to changes in reported losses if the loss experience is anomalous due to the various key factors described above and the inherent volatility in some of the lines. For example, the presence or absence of large losses at the early stages of loss development could cause the loss development method to overreact to the favorable or unfavorable experience by assuming it is a fundamental shift in the development pattern. In these instances, expected loss ratio methods such as Bornhuetter Ferguson have the advantage of recognizing large losses without extrapolating unusual large loss activity onto the unreported portion of the losses for the accident year.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
The Cape Cod method is a hybrid between the loss development and Bornhuetter Ferguson methods, where the historic loss data and loss development factor assumptions are used to determine the expected loss ratio estimate in the Bornhuetter Ferguson method.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Where appropriate, supplemental analysis for the given line of business may be performed in addition to the above described techniques such as Shareholder Class Action suit analysis for Directors and Officers (D&O) coverages.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
Frequency/severity methods generally rely on the determination of an ultimate number of claims and an average severity for each claim for each accident year. Multiplying the estimated ultimate number of claims for each accident year by the expected average severity of each claim produces the estimated ultimate loss for the accident year. Frequency/severity methods generally require a sufficient volume of claims in order for the average severity to be predictable. Average severity for subsequent accident years is generally determined by applying an estimated annual loss cost trend to the estimated average claim severity from prior accident years. In certain cases, a structural approach may also be used to predict the ultimate loss cost. Frequency/severity methods have the advantage that ultimate claim counts can generally be estimated more quickly and accurately than can ultimate losses. Thus, if the average claim severity can be accurately estimated, these methods can more quickly respond to changes in loss experience than other methods. However, for average severity to be predictable, the product line of business must consist of homogenous types of claims for which loss severity trends from one year to the next are reasonably consistent and where there are limited changes to deductible levels or limits. Generally these methods work best for high frequency, low severity product lines of business such as personal auto. However, frequency and severity metrics are also used to test the reasonability of results for other product lines of business and provide indications of underlying trends in the data. In addition, ultimate claim counts can be used as an alternative exposure measure to earned premiums in the Cape Cod method.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
We continue to receive claims asserting injuries and damages from toxic waste, hazardous substances, and other environmental pollutants and alleged claims to cover the cleanup costs of hazardous waste dump sites, referred to collectively as environmental claims, and indemnity claims asserting injuries from asbestos. The vast majority of these asbestos and environmental losses emanate from policies written in 1984 and prior years. Commencing in 1985, standard policies contained absolute exclusions for pollution-related damage and asbestos. The current environmental policies that we specifically price and underwrite for environmental risks on a claims-made basis have been excluded from the analysis. Nevertheless, most of these legacy exposures have been heavily reinsured with very highly rated reinsurers.

Read it in 10-K 2025-02-13 at sec.gov ↗

RemovedMD&A
The majority of our remaining exposures for asbestos and environmental losses are related to excess casualty coverages, not primary coverages. The litigation costs are treated in the same manner as indemnity amounts, with litigation expenses included within the limits of the liability we incur. Individual significant loss reserves, where future litigation costs are reasonably determinable, are established on a case-by-case basis.

Read it in 10-K 2025-02-13 at sec.gov ↗

RewordedMD&A
Years Ended December 31, 2025 2024 2023 2022 (in millions, except per common share data) Pre-tax Total Tax Non- After Pre-tax Total Tax Non- After Pre-tax Total Tax Non- After (Benefit) controlling Tax (Benefit) controlling Tax (Benefit) controlling Tax Charge Interests(a) Charge Interests(a) Charge Interests(a) Pre-tax income/net income (loss), including noncontrolling interests $ 3,879 $ 782 $ — $ 3,097 $ 3,870 $ 1,170 $ — $(926) $ 2,867 $ 126 $ — $ 3,878 $ 3,772 $ 882 $ $ 11,273 Noncontrolling interests(a) (1) (1) (478) (478) (235) (235) (1,046) (1,046) Pre-tax income/net income (loss) attributable to AIG - including discontinued operations $ 3,879 $ 782 $ (1) $ 3,096 $ 3,870 $ 1,170 $ (478) $ (1,404) $ 2,867 $ 126 $ (235) $ 3,643 $ 3,772 $ 882 $ (1,046) $ 10,227 Dividends on preferred stock and preferred stock redemption premiums — 22 29 29 Net income (loss) attributable to AIG common shareholders $ 3,096 $ (1,426) $ 3,614 $ 10,198 Changes in uncertain tax positions and other tax adjustments (35) — 35 (239) — 239 176 — (176) (147) 147 Deferred income tax valuation allowance releases(b) 305 — (305) 30 — (30) 365 — (365) 174 (174) Changes in the fair values of equity securities, AIG's investment in Corebridge and gain gain/loss on sale of shares (255) (54) — (201) (586) (123) — (463) (53) (11) — (42) (29) (6) (23) (Gain) loss on extinguishment of debt and preferred stock redemption premiums (5) (1) — (4) 14 3 — 26 (37) (8) — (29) 303 64 239 Net investment income on Fortitude Re funds withheld assets (149) (31) — (118) (144) (30) — (114) (180) (38) — (142) (53) (11) (42) Net realized losses on Fortitude Re funds withheld assets 70 15 — 55 39 8 — 31 71 15 — 56 99 21 78 Net realized losses on Fortitude Re funds withheld embedded derivative 166 34 — 132 75 16 — 59 273 57 — 216 (1,133) (238) (895) Net realized losses(c) 973 145 — 828 428 95 — 333 743 128 — 615 268 56 212 (Income) loss from discontinued operations — 3,626 (1,137) (8,383) Net gain on divestitures and other (81) (17) — (64) (616) (128) — (488) 29 149 — (120) 153 32 121 Non-operating litigation reserves and settlements (9) (2) — (7) — — — — 1 — — 1 (16) (3) (13) Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements 105 22 — 83 105 22 — 83 (62) (13) — (49) (160) (34) (126) Net loss reserve discount (benefit) charge 48 10 — 38 226 47 — 179 195 41 — 154 (703) (148) (555) Net results of businesses in run-off(d) (4) (1) — (3) 111 24 — 87 31 7 — 24 (25) (5) (20) Non-operating pension expenses 15 3 — 12 — — — — 71 15 — 56 Integration and transaction costs associated with acquiring or divesting businesses 136 29 — 107 39 8 — 31 6 1 — 5 Restructuring and other costs(e) 439 92 — 347 745 156 — 589 356 75 — 281 Non-recurring costs related to regulatory or accounting changes 16 3 — 13 18 4 — 14 22 5 — 17 Net impact from elimination of international reporting lag — — — — — — — — (12) (3) — (9) Noncontrolling interests(a) — — 478 478 235 235 Adjusted pre-tax income/Adjusted after-tax income attributable to AIG common shareholders $ 5,344 $ 1,299 $ (1) $ 4,044 $ 4,324 $ 1,063 $ — $ 3,254 $ 4,321 $ 1,087 $ — $ 3,205 Weighted average diluted shares outstanding 570.3 657.3 725.2 Income (loss) per common share attributable to AIG common shareholders (diluted) $5.43 $(2.17) $4.98 Adjusted after-tax income per common share attributable to AIG common shareholders (diluted) $7.09 $4.95 $4.42

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Years Ended December 31, 2025 2024 2023 2022 General Insurance Other Operations General Insurance Other Operations General Insurance Other Operations (in millions) Net Pre-tax Net Pre-tax Net Pre-tax Net Pre-tax Net Pre-tax Net Pre-tax Investment Income Investment Income Investment Income Investment Income Investment Income Investment Income Income (Loss) Income (Loss) Income (Loss) Income (Loss) Income (Loss) Income (Loss) and Other and Other and Other and Other and Other and Other Net investment income and other/Pre-tax income (loss) $ 3,511 $ 4,031 $ 712 $ (152) $ 3,215 $ 4,474 $ 1,047 $ (604) $ 3,150 $ 4,308 $ 302 $ (1,441) $ 2,474 $ 5,175 $ (70) $ (1,403) Consolidation and Eliminations — — 1 — — — — — — — 13 — — — (14) — Other income (expense) - net (6) — (5) — (31) — 18 — (49) — 39 — (51) — 1 — Changes in the fair values of equity securities, AIG's investment in Corebridge and gain gain/loss on sale of shares (74) (74) (181) (181) (73) (73) (513) (513) (84) (84) 31 31 (9) (9) (20) (20) (Gain) loss on extinguishment of debt — — — (5) — — — 14 — — — (37) — — — 303 Net investment income on Fortitude Re funds withheld assets 1 1 (150) (150) (44) (44) (100) (100) (4) (4) (176) (176) (6) (6) (47) (47) Net realized losses on Fortitude Re funds withheld assets — 6 — 64 — 8 — 31 — 1 — 70 — — — 99 Net realized (gains) losses gains on Fortitude Re funds withheld embedded derivative — — — 166 — — — 75 — (18) — 291 — (70) — (1,063) Net realized (gains) losses 1 1,358 3 (385) (7) 330 (1) 98 10 731 2 12 15 136 46 132 Net loss (gain) on divestitures and other — (55) — (26) — (522) — (94) — 18 — 11 — 15 — 138 Non-operating litigation reserves and settlements — 4 — (13) — — — — — — — 1 — (14) — (2) Unfavorable (favorable) prior year development and related amortization changes ceded under retroactive reinsurance agreements — 69 — 36 — 101 — 4 — (42) — (20) — (197) — 37 Net loss reserve discount (benefit) charge — 48 — — — 226 — — — 195 — — — (703) — — Net results of businesses in run-off — — (31) (4) — — (17) 111 — — (21) 31 Non-operating pension expenses — 16 — (6) (25) Pension expense related to lump sum payments to former employees (1) — — — — — 60 — 11 — 31 — 28 Integration and transaction costs associated with acquiring or divesting businesses — 19 — 117 — — — 39 — 1 — 5 — 1 — 11 Restructuring and other costs — 326 — 113 — 459 — 286 — 195 — 161 — 172 — 251 Non-recurring costs related to regulatory or accounting changes — 16 — — — 18 — — — 22 — — — 26 — — Net impact from elimination of international reporting lag — — — — — — — — (1) (12) — — (41) (127) — — Net investment income and other, APTI basis/Adjusted pre-tax income (loss) $ 3,433 $ 5,765 $ 349 $ (421) $ 3,060 $ 4,977 $ 434 $ (653) $ 3,022 $ 5,371 $ 190 $ (1,050) $ 2,382 $ 4,430 $ (110) $ (1,561)

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
INDEX TO ITEM 7 Page Executive Summary 37 Overview 37 Critical Accounting Estimates 38 Consolidated Results of Operations 43 Business Segment Operations 44 General Insurance 44 Other Operations 49 Use of Non-GAAP Measures 38 Critical Accounting Estimates 40 Executive Summary 47 49 Investments 54 Overview 47 Regulatory, Industry and Economic Factors 47 Consolidated Results of Operations 48 Business Segment Operations 53 General Insurance 54 Other Operations 61 Investments 62 Overview 62 Investment Highlights in 2024 62 2025 54 Investment Strategies 62 54 Credit Ratings 68 59 Insurance Reserves 70 60 Loss Reserves 70 60 Liquidity and Capital Resources 74 63 Overview 74 63 Liquidity and Capital Resources Highlights 74 64 Analysis of Sources and Uses of Cash 75 64 Liquidity and Capital Resources of AIG Parent and Subsidiaries 76 65 Credit Facilities 77 66 Contractual Obligations 77 66 Off-Balance Sheet Arrangements and Commercial Commitments 78 66 Debt 79 Credit Ratings 79 67 Financial Strength Ratings 80 68 Credit Ratings 68 Regulation and Supervision 80 69 Dividends 80 69 Repurchases of AIG Common Stock 80 Dividend Restrictions 81 69 Enterprise Risk Management 81 Overview 81 Risk Governance Structure 81 Risk Appetite, Limits, Identification and Measurement 81 69 Credit Risk Management 82 70 Market Risk Management 82 70 Liquidity Risk Management 84 72 Operational Risk Management 84 72 Technology Risk 72 Business and Strategy Risks 84 Strategic Risk 73 Insurance Risks 85 Risk 73 Glossary 88 76 Acronyms 90 78

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
(dollars in millions) # of Events North America International Global Total Commercial Commercial Personal Years Ended December 31, 2025 Flooding, rainstorms and other $ — $ 10 $ 17 $ 27 Windstorms and hailstorms 226 94 46 366 Winter storms 40 — 1 41 Wildfires 207 48 185 440 Earthquakes — 39 2 41 Reinstatement premiums 5 (1) 1 5 Total catastrophe-related charges $ 478 $ 190 $ 252 $ 920 Years Ended December 31, 2024 Flooding, rainstorms and other 3 $ 2 $ 98 $ — $ 100 Windstorms and hailstorms 17 700 133 135 968 Winter storms 2 44 1 7 52 Wildfires 1 41 — — 41 Earthquakes 1 — 7 — 7 Reinstatement premiums 12 (2) — 10 Total catastrophe-related charges 24 $ 799 $ 237 $ 142 $ 1,178 Years Ended December 31, 2023 Flooding, rainstorms and other 3 $ 10 $ 72 $ 20 $ 102 Windstorms and hailstorms 26 396 186 126 708 Winter storms 2 24 4 17 45 Wildfires 2 131 19 13 163 Earthquakes 1 20 29 — 49 Reinstatement premiums 31 (1) 1 31 Total catastrophe-related charges 34 $ 612 $ 309 $ 177 $ 1,098 Years Ended December 31, 2022 Flooding, rainstorms and other 3 $ 53 $ 103 $ 2 $ 158 Windstorms and hailstorms 18 484 137 116 737 Winter storms 5 141 21 45 207 Earthquakes 1 — 16 3 19 Russia / Ukraine N/A (b) 10 97 — 107 Reinstatement premiums 51 31 2 84 Total catastrophe-related charges 27 $ 739 $ 405 $ 168 $ 1,312

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Years Ended December 31, 2025 2024 2023 2022 (in millions) Excluding Fortitude Total Excluding Fortitude Total Excluding Fortitude Total Fortitude Re Fortitude Re Fortitude Re Re Funds Funds Re Funds Funds Re Funds Funds Withheld Withheld Withheld Withheld Withheld Withheld Assets Assets Assets Assets Assets Assets Sales of fixed maturity securities $ (523) $ (70) $(593) $ (583) $ (36) $(619) $ (668) $ (67) $(735) $ (565) $ (83) $(648) Intent to sell — — — — — — (66) — (66) Change in allowance for credit losses on fixed maturity securities 1 — 1 (25) — (25) (44) — (44) (72) — (72) Change in allowance for credit losses on loans (10) 11 1 (23) — (23) (28) 3 (25) 19 (3) 16 Foreign exchange transactions 146 17 163 256 (9) 247 124 5 129 266 (10) 256 All other derivatives and hedge accounting (180) (20) (200) (62) 7 (55) (165) (8) (173) 159 (3) 156 Sales of alternative investments 3 — 3 (16) — (16) 29 — 29 15 — 15 Other Other* (403) (8) (411) 19 (1) 18 18 (4) 14 37 — 37 Net realized losses – excluding Fortitude Re funds withheld embedded derivative (966) (70) (1,036) (434) (39) (473) (734) (71) (805) (207) (99) (306) Net realized gains (losses) losses on Fortitude Re funds withheld embedded derivative — (166) (166) — (75) (75) — (273) (273) — 1,133 1,133 Net realized gains (losses) losses $ (966) $ (236) $ (1,202) $ (434) $ (114) $(548) $ (734) $ (344) $ (1,078) $ (207) $ 1,034 $827

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Years Ended December 31, Change (in millions) 2025 2024 2023 2022 2025 vs 2024 2024 vs 2023 2023 vs 2022 Net investment income 3,433 3,060 3,022 12 1 Adjusted pre-tax income $ 5,765 $ 4,977 $ 5,371 16% (7)% Loss ratio(a) 69.9 61.8 69.1 8.1 (7.3) 59.0 59.8 58.9 (0.8) 0.9 Acquisition ratio 12.8 15.7 14.9 (2.9) 0.8 18.1 19.4 19.5 (1.3) (0.1) General operating expense ratio 10.6 9.3 8.9 1.3 13.0 12.6 12.2 0.4 0.4 Expense ratio 23.4 25.0 23.8 (1.6) 1.2 31.1 32.0 31.7 (0.9) 0.3 Combined ratio(a) 93.3 86.8 92.9 6.5 (6.1) 90.1 91.8 90.6 (1.7) 1.2 Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Notes and bonds payable $ 9,079 $660 7,885 $ (1,653) $(85) $(116) 1,241 $(718) $116 $5 $ 7,885 8,529 Junior subordinated debt 992 602 — (393) (122) — 3 602 1 481 AIG Japan Holdings Kabushiki Kaisha 267 239 — (247) 8 — — (28) — 239 Total general borrowings 10,338 660 (2,046) (113) (113) 8,726 1,241 (1,087) 124 6 9,010 Borrowings supported by assets 37 — (1) (12) — 1 37 — 25 Other subsidiaries' notes, bonds, loans and mortgages payable - not guaranteed by AIG — 1 — — — 1 (1) — Total long-term debt $ 10,375 $661 8,764 $ (2,047) $(113) $(112) 1,241 $ 8,764 (1,099) $124 $5 $ 9,035 Debt of consolidated investment entities - not guaranteed by AIG(a) $ 231 158 $— (1) — (72) (b) $158 $(2) $— $— $156

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Money center/Global bank groups Banks $ 3,642 8,086 $ 5,153 Regional banks – other 2,129 222 Life insurance 728 617 7,085 Insurance 1,378 1,222 Securities firms and other finance companies 856 669 296 Insurance non-life 494 938 Regional banks – North America 1,314 2,029 Other financial institutions 5,733 4,116 3,152 Utilities 3,231 2,659 2,989 Communications 2,188 1,844 2,111 Consumer noncyclical 2,706 2,715 3,436 Capital goods 1,805 1,715 1,552 Energy 2,010 1,702 1,672 Consumer cyclical 3,649 3,284 3,049 Basic materials 2,093 1,838 1,141 Other 3,500 2,977 3,989 Total* $ 37,235 $ 31,826 $ 32,346

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Net cash provided by investing activities in the year ended December 31, 2024 2025 was $3.2 billion compared to net cash provided by investing activities of $1.7 billion, including $4.2 billion used in discontinued operations, compared to net cash used in investing activities of $7.0 billion, including $4.5 billion from discontinued operations, in 2023 and $3.6 billion, including $6.5 billion from discontinued operations, in 2022. 2024.

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Amortization of deferred policy acquisition costs 1,088 1,018 943 938 7 8 1 Other acquisition expenses 364 342 350 378 6 (2) (7) Total acquisition expenses 1,452 1,360 1,293 1,316 7 5 (2) General operating expenses 1,229 1,095 1,028 945 12 7 9 Underwriting income $ 1,118 $ 1,227 $ 1,002 $ 1,139 (9)% 22% (12)% Loss ratio 55.7 54.8 58.3 55.8 0.9 (3.5) 2.5 Acquisition ratio 16.9 16.7 16.2 17.1 0.2 0.5 (0.9) General operating expense ratio 14.3 13.4 12.9 12.3 0.9 0.5 0.6 Expense ratio 31.2 30.1 29.1 29.4 1.1 1.0 (0.3) Combined ratio 86.9 84.9 87.4 85.2 2.0 (2.5) 2.2 Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
Amortization of deferred policy acquisition costs 1,407 1,571 1,309 1,214 (10) 20 8 Other acquisition expenses 358 573 698 813 (38) (18) (14) Total acquisition expenses 1,765 2,144 2,007 2,027 (18) 7 (1) General operating expenses 916 992 1,084 1,115 (8) (3) (8) Underwriting income (loss) $70 $142 $(8) $165 NM% (51)% NM% Loss ratio 57.5 54.1 55.3 54.0 3.4 (1.2) 1.3 Acquisition ratio 27.3 30.0 29.1 28.2 0.9 (2.7) 0.9 General operating expense ratio 14.2 13.9 15.7 15.5 0.3 (1.8) 0.2 Expense ratio 41.5 43.9 44.8 43.7 (2.4) (0.9) 1.1 Combined ratio 99.0 98.0 100.1 97.7 1.0 (2.1) 2.4 Adjustments for accident year loss ratio, as adjusted and accident year combined ratio, as adjusted:

Read it in 10-K 2026-02-12 at sec.gov ↗

RewordedMD&A
In our judgment, after evaluating the historical loss cost trends from prior accident years since the early 1990s, trends, it is reasonably possible that actual loss cost trends applicable to may range 5 percentage points lower or higher than the year-end 2024 detailed valuation review for U.S. estimated loss trend utilized in our reserve estimates.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesMD&A
We believe this metric will provide provides investors with greater insight as to the underlying profitability of our property and casualty business.

Read it in 10-K 2026-02-12 at sec.gov ↗

Quiet changesMD&A
We believe this metric will provide provides investors with greater insight as to the underlying profitability of our property and casualty business.

Read it in 10-K 2026-02-12 at sec.gov ↗

Work on AIG in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AIG/export.csv") into a cell.