AMERICAN INTERNATIONAL GROUP, INC.

For the period ended Dec 31, 2025. Filed Feb 12, 2026.

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FY2025 · Filed Feb 12, 2026

AIG$79.63+2.4%Stored close · as of Nov 9, 2026

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Contents

Consolidated Results of Operations

The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three-year period ended December 31, 2025. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.

For information regarding the critical accounting estimates that affect our results of operations, see Critical Accounting Estimates. For information regarding AIG’s results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023, see Part II, Item 7. MD&A – Consolidated Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024 (the 2024 Annual Report).

The following table presents our consolidated results of operations and other key financial metrics:

Years Ended December 31,	Percentage Change
(in millions) · 2025 · 2024 · 2023 · 2025 vs 2024 · 2024 vs 2023
Revenues:
Premiums	$23,751	$23,537	$25,564	1		%	(8)	%
Net investment income:
Net 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	14,162	14,567	15,393	(3)			(5)
Amortization of deferred policy acquisition costs	3,371	3,425	3,771	(2)			(9)
General operating and other expenses	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)
Income from continuing operations before income tax expense	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 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 preferred stock redemption premiums	—	22	29	NM		(24)
Net income (loss) attributable to AIG common shareholders	$3,096	$(1,426)	$3,614	NM	%	NM	%

NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS

Years Ended December 31, 2025 and 2024 Comparison

Net income (loss) attributable to AIG common shareholders increased $4.5 billion primarily driven by:

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;

lower Net investment income of $40 million primarily due to lower gains on the changes in the fair value, lower gains on sale of shares, and lower dividends from AIG's investment in Corebridge Financial, Inc. (Corebridge) partially offset by higher income from available for sale fixed maturity securities of $440 million. For additional information, see Note 6 to the Consolidated Financial Statements;

higher Net realized losses of $654 million, primarily driven by impairments on investments in real estate funds, higher losses on derivative and hedge activity, lower gains on foreign exchange, partially offset by lower losses on fixed income securities. For additional information, see Investments – Investment Strategies – Net Realized Gains and Losses;

lower General operating and other expenses primarily driven by lower restructuring and other related costs of $306 million;

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;

absence of loss from discontinued operations, net of income taxes of $3.6 billion as a result of the deconsolidation of Corebridge in June 2024;

lower Net income attributable to noncontrolling interest of $477 million primarily driven by the Corebridge accounting change post-deconsolidation.

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