AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Mar 31, 2026. Filed May 1, 2026.
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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.
Mar 31, 2026 · Filed May 1, 2026
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Consolidated Results of Operations
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three months ended March 31, 2026 and 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 in this MD&A and Part II, Item 7. MD&A – Critical Accounting Estimates in the 2025 Annual Report.
The following table presents our consolidated results of operations and other key financial metrics:
| Three Months Ended March 31, | Percentage | |||
|---|---|---|---|---|
| (in millions) · 2026 · 2025 · Change | ||||
| Revenues: | ||||
| Premiums | $6,072 | $5,770 | 5 | % |
| Net investment income: | ||||
| Net investment income - excluding Fortitude Re funds withheld assets | 689 | 1,065 | (35) | |
| Net investment income - Fortitude Re funds withheld assets | 23 | 40 | (43) | |
| Total net investment income | 712 | 1,105 | (36) | |
| Net realized gains (losses): | ||||
| Net realized losses - excluding Fortitude Re funds withheld assets and embedded derivative | (132) | (60) | (120) | |
| Net realized losses on Fortitude Re funds withheld assets | (13) | (2) | NM | |
| Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | 10 | (41) | NM | |
| Total net realized losses | (135) | (103) | (31) | |
| Other income | 1 | 11 | (91) | |
| Total revenues | 6,650 | 6,783 | (2) | |
| Benefits, losses and expenses: | ||||
| Losses and loss adjustment expenses incurred | 3,475 | 3,794 | (8) | |
| Amortization of deferred policy acquisition costs | 824 | 825 | — | |
| General operating and other expenses | 1,137 | 1,115 | 2 | |
| Interest expense | 100 | 92 | 9 | |
| Net (gain) loss on divestitures and other | 127 | (3) | NM | |
| Total benefits, losses and expenses | 5,663 | 5,823 | (3) | |
| 44 | AIG | First Quarter 2026 Form 10-Q |
| Three Months Ended March 31, | Percentage | |||
|---|---|---|---|---|
| (in millions) · 2026 · 2025 · Change | ||||
| Income before income tax expense | 987 | 960 | 3 | |
| Income tax expense | 224 | 262 | (15) | |
| Net income | 763 | 698 | 9 | |
| Less: Net income attributable to noncontrolling interests | — | — | NM | |
| Net income attributable to AIG common shareholders | $763 | $698 | 9 | % |
NET INCOME (LOSS) ATTRIBUTABLE TO AIG COMMON SHAREHOLDERS
Three Months Ended March 31, 2026 and 2025 Comparison
Net income (loss) attributable to AIG common shareholders increased $65 million primarily driven by:
higher underwriting income primarily driven by lower catastrophe losses of $345 million and higher net favorable prior year reserve development of $68 million. For additional information, see Business Segment Operations – General Insurance; and
lower Net investment income of $393 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $449 million and lower income on Alternative investments and Mortgage loans of $48 million, partially offset by higher income from available for sale fixed maturity securities of $103 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements.
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