AIG · American International Group, Inc.

AIG delivered outstanding Q1 2026 results, with adjusted after-tax income per diluted share surging 80% year-over-year to $2.11, fueled by exceptional General Insurance performance. Net premiums written reached $5.6 billion, up 24% reported or 18% constant dollar, driven by 21% growth in Global Commercial and 11% in Global Personal, supported by strategic transactions like Convex quota share, favorable reinsurance renewals, and organic expansion. Underwriting income more than tripled to $774 million, propelled by lower catastrophe losses ($180M vs. $525M prior year), higher favorable prior year development ($132M), and improved accident year results. The combined ratio improved dramatically to 87.3% (850 bps better), with AYCR at 86.6% (120 bps improvement), reflecting lower expense ratios and stronger profitability across North America Commercial (CR 85.5%), International Commercial (87.3%), and Global Personal (89.4%). Net investment income fell 36% to $712 million GAAP due to fair value changes in Corebridge and equity stakes, but rose 8% to $915 million on APTI basis, with General Insurance NII up 17%. Core Operating ROE hit 12.2%, underscoring earnings momentum. Capital returns remained robust at $760 million, including $519 million repurchases (7M shares) and $241 million dividends, reducing Corebridge ownership to 5.6% for $750 million proceeds. The Board's 11% dividend hike to $0.50/share signals confidence, marking four years of double-digit increases. Management highlighted momentum from Investor Day objectives, positioning AIG for sustained profitable growth amid complex risks.