AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
Contents
Segment Information
- Segment Information
In the fourth quarter of 2024, the Company realigned its organizational structure and the composition of its reportable segments to reflect changes in how the Company manages its operations, specifically the level at which its chief operating decision makers (CODMs) regularly review operating results and allocate resources. Our CODMs are the chief executive officer (CEO) and chief financial officer (CFO). The CODMs evaluate performance of the segments based on underwriting income (loss). The CODMs use this measure to benchmark AIG’s performance, assessing performance of the segments and in establishing management’s compensation.
AIG hasthree reportable segments: North America Commercial, International Commercial and Global Personal. Prior year's presentations have been recast to conform to the new reportable segments. Our General Insurance business (General Insurance) consists of ourthree segments and the Net investment income related to our insurance operations.
NORTH AMERICA COMMERCIAL
North America Commercial consists of insurance businesses in the United States, Canada and Bermuda.
INTERNATIONAL COMMERCIAL
International Commercial consists of insurance businesses in Japan, the United Kingdom, Europe, Middle East and Africa (EMEA region), Asia Pacific, Latin America and Caribbean, and China. International also includes the results of Talbot Underwriting Ltd. as well as AIG’s Global Specialty business.
GLOBAL PERSONAL
Global Personal consists primarily of insurance businesses in the United States as well as Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.
PRODUCTS
The segments consist of the following products:
–North America and International Commercial consists of Property & Short Tail, Casualty, Financial Lines and Global Specialty.
–Global Personal consists of Global Accident & Health and Personal Lines.
OTHER OPERATIONS
Other Operations predominantly consists of Net Investment Income from our AIG Parent liquidity portfolio, Corebridge Financial, Inc. (Corebridge) dividend income, corporate General operating expenses, and Interest expense.
SEGMENT RESULTS
Management uses Underwriting income (loss) as the basis for the segment performance reviews. AIG calculates Underwriting income (loss) by subtracting Losses and loss adjustment expense incurred, Amortization of deferred policy acquisition costs (DAC), Other acquisition cost, and General operating expense from Net premiums earned. Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.
| 10 | AIG | Third Quarter 2025 Form 10-Q |
The following table presents AIG’s continuing operations by segment:
| Three Months Ended September 30, 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions) · NetPremiumsWritten · NetPremiumsEarned · Lossesand LossAdjustmentExpensesIncurred(a) · Amortizationof DAC(a) · OtherAcquisitionExpenses(a) · GeneralOperatingExpenses(a)(b) · UnderwritingIncome(Loss) · NetInvestmentIncome · Reconciliationto Income(Loss) fromContinuingOperationsBeforeIncome TaxExpense | |||||||||||
| North America Commercial | $2,435 | $2,198 | $1,303 | $221 | $44 | $246 | $384 | ||||
| International Commercial | 2,115 | 2,188 | 1,167 | 285 | 96 | 310 | 330 | ||||
| Global Personal | 1,680 | 1,654 | 909 | 345 | 97 | 224 | 79 | ||||
| Total General Insurance | $6,230 | $6,040 | $3,379 | $851 | $237 | $780 | $793 | $945 | $1,738 | ||
| Interest expense | — | (100) | |||||||||
| Other Operations | 77 | (18) | |||||||||
| Elimination and consolidations | 2 | 2 | |||||||||
| Total | 1,024 | 1,622 | |||||||||
| Reconciling items: | |||||||||||
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | (288) | (288) | |||||||||
| Net investment income on Fortitude Re funds withheld assets | 29 | 29 | |||||||||
| Net realized losses on Fortitude Re funds withheld assets | — | (5) | |||||||||
| Net realized losses on Fortitude Re funds withheld embedded derivative | — | (54) | |||||||||
| Net realized gains (losses)(c) | (2) | (433) | |||||||||
| (Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — | 9 | |||||||||
| Net loss reserve discount benefit (charge) | — | 2 | |||||||||
| Net results of businesses in run-off(d) | 9 | 1 | |||||||||
| Non-operating pension expenses | — | (6) | |||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (7) | |||||||||
| Restructuring and other costs(e) | — | (153) | |||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (3) | |||||||||
| Total AIG Consolidated | $772 | $714 | |||||||||
| AIG | Third Quarter 2025 Form 10-Q | 11 |
|---|
| Three Months Ended September 30, 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions) · NetPremiumsWritten · NetPremiumsEarned · Lossesand LossAdjustmentExpensesIncurred(a) · Amortizationof DAC(a) · OtherAcquisitionExpenses(a) · GeneralOperatingExpenses(a)(b) · UnderwritingIncome(Loss) · NetInvestmentIncome · Reconciliationto Income(Loss) fromContinuingOperationsBeforeIncome TaxExpense | |||||||||||
| North America Commercial | $2,445 | $2,123 | $1,532 | $206 | $64 | $225 | $96 | ||||
| International Commercial | 2,052 | 2,039 | 1,092 | 259 | 96 | 272 | 320 | ||||
| Global Personal | 1,883 | 1,785 | 987 | 398 | 132 | 247 | 21 | ||||
| Total General Insurance | $6,380 | $5,947 | $3,611 | $863 | $292 | $744 | $437 | $773 | $1,210 | ||
| Interest expense | — | (110) | |||||||||
| Other Operations | 120 | (28) | |||||||||
| Elimination and consolidations | (1) | 3 | |||||||||
| Total | 892 | 1,075 | |||||||||
| Reconciling items: | |||||||||||
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 25 | 25 | |||||||||
| Net investment income on Fortitude Re funds withheld assets | 51 | 51 | |||||||||
| Net realized losses on Fortitude Re funds withheld assets | — | (18) | |||||||||
| Net realized losses on Fortitude Re funds withheld embedded derivative | — | (157) | |||||||||
| Net realized gains (losses)(c) | — | 7 | |||||||||
| Net loss on divestitures and other | — | (8) | |||||||||
| (Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — | (126) | |||||||||
| Net loss reserve discount benefit (charge) | — | (29) | |||||||||
| Net results of businesses in run-off(d) | 5 | (8) | |||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (22) | |||||||||
| Restructuring and other costs(e) | — | (137) | |||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (4) | |||||||||
| Total AIG Consolidated | $973 | $649 | |||||||||
| 12 | AIG | Third Quarter 2025 Form 10-Q |
| Nine Months Ended September 30, 2025 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions) · NetPremiumsWritten · NetPremiumsEarned · Lossesand LossAdjustmentExpensesIncurred(a) · Amortizationof DAC(a) · OtherAcquisitionExpenses(a) · GeneralOperatingExpenses(a)(b) · UnderwritingIncome(Loss) · NetInvestmentIncome · Reconciliationto Income(Loss) fromContinuingOperationsBeforeIncome TaxExpense | |||||||||||
| North America Commercial | $6,472 | $6,455 | $4,169 | $654 | $137 | $681 | $814 | ||||
| International Commercial | 6,467 | 6,363 | 3,515 | 799 | 274 | 905 | 870 | ||||
| Global Personal | 4,697 | 4,869 | 2,889 | 1,069 | 259 | 674 | (22) | ||||
| Total General Insurance | $17,636 | $17,687 | $10,573 | $2,522 | $670 | $2,260 | $1,662 | $2,552 | $4,214 | ||
| Interest expense | — | (292) | |||||||||
| Other Operations | 273 | — | |||||||||
| Elimination and consolidations | (1) | — | |||||||||
| Total | 2,824 | 3,922 | |||||||||
| Reconciling items: | |||||||||||
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 393 | 393 | |||||||||
| Gain (loss) on extinguishment of debt | — | 5 | |||||||||
| Net investment income on Fortitude Re funds withheld assets | 108 | 108 | |||||||||
| Net realized losses on Fortitude Re funds withheld assets | — | (59) | |||||||||
| Net realized losses on Fortitude Re funds withheld embedded derivative | — | (109) | |||||||||
| Net realized gains (losses)(c) | (4) | (690) | |||||||||
| Net gain on divestitures and other | — | 53 | |||||||||
| Non-operating litigation reserves and settlements | — | 13 | |||||||||
| Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — | (53) | |||||||||
| Net loss reserve discount charge | — | (27) | |||||||||
| Net results of businesses in run-off(d) | 22 | 8 | |||||||||
| Non-operating pension expenses | — | (16) | |||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (13) | |||||||||
| Restructuring and other costs(e) | — | (307) | |||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (10) | |||||||||
| Total AIG Consolidated | $3,343 | $3,218 | |||||||||
| AIG | Third Quarter 2025 Form 10-Q | 13 |
|---|
| Nine Months Ended September 30, 2024 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions) · NetPremiumsWritten · NetPremiumsEarned · Lossesand LossAdjustmentExpensesIncurred(a) · Amortizationof DAC(a) · OtherAcquisitionExpenses(a) · GeneralOperatingExpenses(a)(b) · UnderwritingIncome(Loss) · NetInvestmentIncome · Reconciliationto Income(Loss) fromContinuingOperationsBeforeIncome TaxExpense | |||||||||||
| North America Commercial | $6,228 | $6,046 | $4,109 | $615 | $164 | $635 | $523 | ||||
| International Commercial | 6,275 | 6,081 | 3,381 | 753 | 266 | 801 | 880 | ||||
| Global Personal | 5,322 | 5,355 | 2,982 | 1,164 | 395 | 754 | 60 | ||||
| Total General Insurance | $17,825 | $17,482 | $10,472 | $2,532 | $825 | $2,190 | $1,463 | $2,281 | $3,744 | ||
| Interest expense | — | (336) | |||||||||
| Other Operations | 332 | (164) | |||||||||
| Elimination and consolidations | (1) | (3) | |||||||||
| Total | 2,612 | 3,241 | |||||||||
| Reconciling items: | |||||||||||
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 172 | 172 | |||||||||
| Other income (expense) - net | 16 | — | |||||||||
| Gain (loss) on extinguishment of debt | — | (1) | |||||||||
| Net investment income on Fortitude Re funds withheld assets | 123 | 123 | |||||||||
| Net realized losses on Fortitude Re funds withheld assets | — | (38) | |||||||||
| Net realized losses on Fortitude Re funds withheld embedded derivative | — | (158) | |||||||||
| Net realized gains (losses)(c) | 6 | (234) | |||||||||
| Net gain on divestitures and other | — | 94 | |||||||||
| Unfavorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — | (66) | |||||||||
| Net loss reserve discount charge | — | (131) | |||||||||
| Net results of businesses in run-off(d) | 13 | 4 | |||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (37) | |||||||||
| Restructuring and other costs(e) | — | (630) | |||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (15) | |||||||||
| Total AIG Consolidated | $2,942 | $2,324 | |||||||||
(a)These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.
(b)General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.
(c)Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).
(d)In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes. In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.
(e)In the three and nine months ended September 30, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the nine months ended September 30, 2024, real estate impairment charges.
For the three and nine months ended September 30, 2024, we recorded severance charges of $66 million and $351 million, respectively, and asset impairment charges of $53 million for the nine months ended September 30, 2024, as a result of restructuring activities.
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