A Milestone Year of Progress

The strength of our performance is clear from our results.

In 2025, underwriting income increased 22% year-over-year to $2.3 billion. Our full-year calendar year combined ratio was 90.1% and our accident year combined ratio¹ was 88.3%. Net premiums written were $23.7 billion in 2025, increasing 2% on a comparable basis² from the prior year. Net income was $3.1 billion, or $5.43 per diluted share, and adjusted after-tax income¹ was $4.0 billion, or $7.09 per diluted share, up 43% over the prior year. Core Operating Return on Equity¹ (ROE) of 11.1% exceeded our 10%+ target for 2025 and was our first adjusted ROE metric above 10% in over 10 years, reflecting the efforts we have made to reposition AIG. Our expense ratio continued to improve, driven by our modernization initiatives and the successful execution of AIG Next, which exceeded its target and delivered more than $500 million in run rate savings in 2025.

We maintained significant financial flexibility throughout 2025 and continued to execute against our capital management strategy. Since November 2021, we have realized nearly $20 billion from our Corebridge Financial, Inc. (Corebridge) holdings when accounting for share sales, receipt of extraordinary and common dividends, and transition service fees. As of the end of 2025, our ownership in Corebridge was 10.1%. Supported by the continued disposition of our Corebridge shares, other divestitures and insurance subsidiary dividends, we returned approximately $6.8 billion to AIG shareholders in 2025, including $5.8 billion in share repurchases and $1.0 billion in dividends, which included an increase of 12.5% in our quarterly dividend payments starting in the second quarter of 2025. These results demonstrate the exceptional execution of our strategy, the durability of our business and the benefits of our multi-year transformation.

The underwriting turnaround at AIG has been one of the most consequential transformations in our industry, reflecting years of disciplined execution. With that in mind, it’s worth highlighting the journey that brought us here.

From 2008 to 2020, AIG generated approximately $34 billion in underwriting losses^1,5. The company faced an outsized debt-to-capital ratio, limited reinsurance, structural complexity and legacy technology constraints. Addressing these considerable challenges required fundamental change. In 2020, during the height of the global pandemic, I was announced as Chief Executive Officer, and in the years that followed, we reset underwriting standards, modernized our operations, divested non-core businesses, created a comprehensive reinsurance strategy, simplified our structure and rebuilt the balance sheet.

Every action was guided by a clear objective: to deliver underwriting excellence and improved performance, and build a resilient foundation for AIG’s future.

In 2025, those efforts reached an important inflection point. For the first time since 2008, we surpassed $2 billion in annual underwriting income^1,5 and delivered $7.09 in adjusted after-tax income¹ per diluted share, fully replacing the earnings per share from recently divested businesses, Corebridge and Validus Reinsurance, Ltd. (Validus Re), in less than two years. 

Today, AIG is simpler, stronger and more focused. We have a culture of underwriting excellence and have embedded underwriting discipline across the organization. We have a balance sheet that supports both growth and capital return. And, perhaps most importantly, we are no longer defined by the challenges of the past. The strength of our core general insurance business and the capabilities we have built have created advantages that strategically position AIG for future success.

The actions we have taken over the past several years have put us in a position of strength.

At our Investor Day, we noted that if compelling and strategic opportunities emerged that could accelerate our progress, we would deploy capital to support inorganic growth, and that is exactly what we did. In the fourth quarter of 2025, we announced several strategic transactions with Convex, Onex and Everest that further enhance our underwriting expertise and will drive premium growth and earnings power.

EVEREST

In October 2025, we announced a renewal rights deal for the majority of Everest’s retail insurance portfolios worldwide, which expands our retail commercial footprint and distribution reach in the U.S., Europe, the UK, Australia and Singapore. We have seen high levels of engagement from brokers and clients and strong conversion rates since the beginning of the year.

CONVEX AND ONEX

In February 2026, we completed the acquisition of a 35% equity stake in Convex, a privately held specialty insurer, and a 9.9% ownership stake in its majority shareholder, Onex, a publicly traded global asset manager. In addition, we entered into a whole account quota share agreement with Convex from January 1, 2026, providing attractive growth opportunities for our business.

Collectively, these innovative, capital-efficient transactions provide AIG with opportunities for meaningful premium growth and are expected to be accretive to earnings, EPS and ROE in 2026 without adding balance sheet complexity. 

AI will fundamentally reshape financial services, including the insurance industry, transforming how we underwrite, operate and allocate capital.

Advances in compute and Large Language Models are accelerating at a pace that we believe is unprecedented. GenAI has moved beyond narrow, task-specific uses into agentic AI systems capable of solving complex problems and operating autonomously over extended periods of time. In September 2025, Anthropic's Claude Sonnet 4.5 demonstrated over 30 hours of autonomous coding—up from seven hours just four months earlier. By early 2026, its successor was completing complex software engineering projects in days that would traditionally require a team of specialists working for months. Similarly, Palantir reported that large-scale enterprise data migrations, which historically took years of effort, can reach full deployment in weeks.

For our industry, this speed of change has direct implications for how risk is analyzed and decisions are made. We have made a deliberate choice to move with speed, but at a pace that allows us to gain valuable data insights and maintain underwriting discipline, auditability and regulatory clarity. We are not chasing features. We are building infrastructure.

At Investor Day, we shared our strategy to transform AIG into a more responsive company for clients and brokers by reinventing our underwriting and claims processes from end to end. AI is central to achieving that ambition. We are acutely focused on pursuing growth and other critical objectives at the core of our business. Today's underwriting processes, while disciplined, remain largely manual.

By ingesting, organizing and contextualizing data in real time, AI is enabling underwriters to have clearer, more comprehensive insights. With faster access to these insights, we can materially reduce cycle times for our underwriters and claims teams so they can make informed decisions in a fraction of the time.

In 2025, we significantly advanced AIG’s AI strategy through expanded partnerships with Palantir, Anthropic, AWS and Google, embedding capabilities across underwriting and claims. We are building an AIG ontology – a digital twin of our business – that provides a shared framework with defined concepts, processes, data elements and workflows. For example, we are partnering with Google in Japan to establish an AI-enabled cloud foundation that differentiates AIG by embedding advanced intelligence into core workflows, including document processing, knowledge management, and strengthening customer service, while providing a scalable platform to modernize the business and support long-term growth. 

SCALING UNDERWRITING BY AIG ASSIST

During 2025, we scaled our first AI solution, Underwriting by AIG Assist, which is enabling our underwriters to review more submissions. At Investor Day, we set an ambition of reaching 500,000 submissions in our Lexington business by 2030. As of year-end 2025, we have already surpassed 370,000 submissions, a 26% increase year-over-year. Since we began the rollout to Lexington Middle Market Property, the submit-to-bind ratio improved 35%, reflecting notable productivity gains. This is just the beginning of our broader efforts to use AI to drive submission volume and unlock growth.

CLAIMS BY AIG ASSIST

We extended the core AI capabilities we built for Underwriting by AIG Assist to Claims, and where it has been deployed, we are seeing meaningful reduction in the first notice of loss process from days to hours, and enhancement to our coverage analysis. This technology is leading to improvements in our cycle time for coverage and endorsement reviews, in some cases from hours to minutes, helping us deliver on our promise to be there for our clients when they need us most.

PORTFOLIO OPTIMIZATION

We are leveraging our AI capabilities to accelerate portfolio underwriting and support recent strategic transactions. In connection with the Everest renewal rights transaction, we developed an Everest ontology – a digital twin of the Everest portfolio – allowing us to evaluate account limits, attachment points and pricing to deliver compelling solutions for our clients and broker partners. We are leveraging Underwriting by AIG Assist to ingest certain acquired policies and prioritize renewals, accelerating the conversion process.

We also deployed AI in connection with a special purpose vehicle transaction for the first time. We formed Syndicate 2479 in partnership with Amwins, a global distributor of specialty insurance products and wholesale broker, and Blackstone. As part of our process, we leveraged Palantir’s Foundry platform and multiple Large Language Models to evaluate defined risk characteristics and align the Amwins portfolio with the syndicate’s risk appetite, helping us optimize the construction of the portfolio.

ORCHESTRATION

Building on this foundation, we are developing an orchestration layer that can enable AI agents to operate alongside our teams to help us streamline repetitive processes and enhance decision-making at greater scale. This work will help define when AI agents are activated, what information they can access, how tasks are sequenced and where human oversight is required.

In 2026, our priorities include further scaling Underwriting by AIG Assist and Claims by AIG Assist, expanding our ontology, deploying orchestration capabilities and applying AI to further support portfolio analytics.

Our accomplishments are a direct result of our “Learn-It-All” culture.

As I often say, “The way we do one thing is the way we do everything.” This mindset guides how we lead across our organization and defines the standards of excellence we set for ourselves. This was critical to our transformation and remains central to how we operate today.

To support our continuous learning, in 2025, we launched development programs that brought together cross-functional teams to learn and collaborate. We enhanced our Early Careers Summit as an in-person learning experience to build technical insurance expertise and broaden professional networks. We launched a Global Learning Week and a new learning portal to assist our colleagues in developing skills in key areas, including AI fluency. Colleagues completed more than 175,000 courses in 2025 – reinforcing our commitment to continuous improvement.

At AIG, our Purpose is to protect against uncertainty and provide confidence for the future.

Another example is our partnership with the Salford City Football Club. In 2025, we became the club’s largest shareholder and the first Fortune 500 company to take an ownership stake in a League Two English Football League (EFL) club. In collaboration with the club’s impressive ownership group, including football icons Sir David Beckham and Gary Neville, we share a bold vision to build the best small club in the world, enhancing the experience for players and fans globally, while also delivering economic impact to the greater Salford metropolitan area.

Our investment supports football operations, infrastructure development and the integration of advanced data analytics in partnership with Palantir to inform performance and decision-making for enhanced outcomes. It also includes support for the Lionesses, Salford City’s women’s team, reflecting our commitment to advancing women in business, sports and society. We are excited by the prospect of having a material impact on their journey. 

Across these efforts, our Purpose and performance reinforce one another, supporting communities and sustainable growth.

2025 was a milestone year in which we made significant progress positioning AIG as a market leader in the global insurance industry and delivered excellent performance.

I am very grateful to our colleagues whose discipline and expertise have shaped AIG into the company it is today. Over the past several years, we have strengthened AIG’s profitability, instilled underwriting excellence, modernized our technology and operations, and improved our balance sheet. Together, we have built a stronger and more focused company.

From this position of strength, and with AIG well positioned for its next phase of our strategy, it is the right time for me to transition my role as Chief Executive Officer after June 1, 2026 to Eric Andersen, President & Chief Executive Officer-Elect. I have great confidence in AIG’s future and the leadership team that will continue to drive our strategy forward – they are simply the best in the industry.

I am looking forward to continuing in my role as Executive Chair, ensuring continuity as we execute on our strategy. Thank you to our colleagues, shareholders, clients and partners for your continued support and commitment.