AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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, 2026 · Filed Nov 4, 2026
AIG$77.75-3.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0000005272-26-000076
Cautionary Note on Forward-LookingExecutive SummaryOperating StructureCritical Accounting EstimatesConsolidated Results of OperationsBusiness Segment OperationsGeneral InsuranceOther OperationsUse of Non-GAAP MeasuresInvestmentsInvestment HighlightsInvestment StrategiesCredit RatingsInsurance ReservesLiquidity and Capital ResourcesLiquidity and Capital Resources HighlightsAnalysis of Sources and Uses of CashLiquidity and Capital Resources of AIG Parent and SubsidiariesCredit FacilitiesContractual ObligationsOff-Balance Sheet Arrangements and Commercial CommitmentsDebtFinancial Strength RatingsCredit RatingsRegulation and SupervisionDividendsRepurchases of AIG Common StockEnterprise Risk ManagementGlossaryAcronymsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0000005272-26-000104
Cautionary Note on Forward-LookingExecutive SummaryOperating StructureCritical Accounting EstimatesConsolidated Results of OperationsBusiness Segment OperationsGeneral InsuranceOther OperationsUse of Non-GAAP MeasuresInvestmentsInvestment HighlightsInvestment StrategiesCredit RatingsInsurance ReservesLiquidity and Capital ResourcesLiquidity and Capital Resources HighlightsAnalysis of Sources and Uses of CashLiquidity and Capital Resources of AIG Parent and SubsidiariesCredit FacilitiesContractual ObligationsOff-Balance Sheet Arrangements and Commercial CommitmentsDebtFinancial Strength RatingsCredit RatingsRegulation and SupervisionDividendsRepurchases of AIG Common StockEnterprise Risk ManagementGlossaryAcronymsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 407 previous paragraphs and 421 current paragraphs.
305 unchanged; 59 reworded; 56 added; 35 removed; 8 previous and 1 current paragraphs rearranged.
Tables are not compared: 73 previous and 75 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (56)
Current report
Net income (loss) attributable to AIG common shareholders increased $325 million due to the following:
Current report
•lower Net realized losses excluding Fortitude Re funds withheld assets of $264 million primarily due to lower other realized losses as a result of impairment losses on investments in real estate funds of $297 million, partially offset by higher losses on fixed maturity securities of $106 million;
Current report
•lower Net realized losses on Fortitude Re funds withheld embedded derivatives of $139 million; and
Current report
Nine Months Ended September 30, 2026 and 2025 Comparison
Current report
Net income (loss) attributable to AIG common shareholders increased $194 million primarily driven by:
Current report
•lower Net realized losses on Fortitude Re funds withheld embedded derivatives of $153 million; and
Current report
•lower Net realized losses excluding Fortitude Re funds withheld assets of $176 million primarily due to lower other realized losses as a result of impairment losses on investments in real estate funds of $167 million.
Current report
North America Commercial produced underwriting income of $167 million from a combined ratio of 92.9, which was a 10.3 point increase. This was driven by a higher loss ratio (10.2 points) from:
Current report
•lower net favorable prior year reserve development (4.5 points), with favorable development across multiple lines;
Current report
•higher accident year loss ratio, as adjusted (1.7 points) primarily due to changes in business mix.
Current report
North America Commercial produced underwriting income of $866 million from a combined ratio of 87.4, which was unchanged. The loss ratio was lower (0.2 points) from lower catastrophe losses (1.3 points), partially offset by:
Current report
•higher accident year loss ratio, as adjusted (0.9 points) primarily due to changes in business mix; and
Current report
Net premiums written, excluding the unfavorable impact of foreign exchange ($6 million), increased by $278 million, or 13 percent, primarily due to broad-based geographic growth. The increase in Net premiums earned is primarily driven by these same factors.
Current report
Net premiums written, excluding the favorable impact of foreign exchange ($194 million), increased by $764 million, or 12 percent, primarily due to reinsurance program changes and broad-based geographic growth. The increase in Net premiums earned is primarily driven by these same factors.
Current report
International Commercial produced underwriting income of $283 million from a combined ratio of 88.3, which was a 3.4 point increase. This was driven by a higher loss ratio (4.4 points) from:
Current report
•lower net favorable prior year reserve development (0.9 points), with favorable development driven by Financial Lines; and
Current report
•higher accident year loss ratio, as adjusted (0.8 points) primarily due to changes in business mix.
Current report
The expense ratio improved by 1.0 points, from a primarily mix-driven decrease in the acquisition ratio (0.1 points) and a lower general operating expense ratio (0.9 points).
Current report
International Commercial produced underwriting income of $761 million from a combined ratio of 88.9, which was a 2.6 point increase. This was driven by a higher loss ratio (2.7 points) from:
Current report
•higher accident year loss ratio, as adjusted (0.7 points) primarily due to changes in business mix; and
Current report
•lower accident year loss ratio, as adjusted (2.4 points) primarily due to changes in business mix; and
Current report
•higher net favorable prior year reserve development (1.3 points), with favorable development driven by U.S. high net worth.
Current report
This was partially offset by higher catastrophe losses (1.2 points).
Current report
The expense ratio increased by 0.5 points, from a primarily mix-driven increase in the acquisition ratio (0.8 points), partially offset by a lower general operating expense ratio (0.3 points).
Current report
•higher net favorable prior year reserve development (1.2 points), with favorable development driven by U.S. high net worth.
Current report
Adjusted pre-tax loss before consolidation and eliminations increased $27 million primarily due to the following:
Current report
•lower net investment income and other of $27 million primarily driven by the $20 million decline in Corebridge dividend income following the final disposition of our remaining interest in May 2026.
Current report
Nine Months Ended September 30, 2026 and 2025 Comparison
Current report
Adjusted pre-tax loss before consolidation and eliminations increased $129 million primarily due to the following:
Current report
•lower net investment income and other of $136 million due to lower average balance with lower yields as a result of declining interest rates and lower Corebridge dividend income of $72 million due to the final disposition of our remaining interest in May 2026; and
Current report
In the three months ended September 30, 2026, we recognized favorable prior year loss reserve development of $111 million, primarily driven by:
Current report
•Favorable development in Other Product Lines, primarily driven by favorable development in Canadian Financial Lines and Property.
Current report
•Favorable development in European Financial Lines, partially offset by deteriorations in UK Professional Indemnity.
Current report
•Favorable reserve development in U.S. Personal Insurance driven by favorable experience on the high net worth business.
Current report
•Favorable development in Other Product Lines driven by several lines of business, including A&H in Asia Pacific and Personal Auto in Asia Pacific and Latin America and Caribbean.
Current report
In the nine months ended September 30, 2026, we recognized favorable prior year loss reserve development of $436 million, primarily driven by:
Showing the first 40 of 56 passages. Open the source sections for the rest.
Removed paragraphs (35)
Previous report
Net income (loss) attributable to AIG common shareholders decreased $196 million due to the following:
Previous report
Six Months Ended June 30, 2026 and 2025 Comparison
Previous report
Net income (loss) attributable to AIG common shareholders decreased $131 million primarily driven by:
Previous report
Net premiums written increased by $693 million, or 17 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Casualty, Property and Financial Lines. The increase in Net premiums earned is primarily driven by these same factors.
Previous report
North America Commercial produced underwriting income of $372 million from a combined ratio of 84.0, which was a 1.9 point improvement. This was driven by a lower loss ratio (2.1 points) from:
Previous report
This was partially offset by a higher accident year loss ratio, as adjusted (0.3 points) primarily due to changes in business mix.
Previous report
North America Commercial produced underwriting income of $699 million from a combined ratio of 84.8, which was a 5.1 point improvement. This was driven by a lower loss ratio (5.4 points) from:
Previous report
This was partially offset by a higher accident year loss ratio, as adjusted (0.5 points) primarily due to changes in business mix.
Previous report
Net premiums written, excluding the favorable impact of foreign exchange ($38 million), increased by $225 million, or 10 percent, primarily due to the impact of strategic transactions and organic growth, notably in Specialty and Property. The increase in Net premiums earned is primarily driven by these same factors.
Previous report
International Commercial produced underwriting income of $200 million from a combined ratio of 91.3, which was a 5.4 point increase. This was driven by a higher loss ratio (4.1 points) from:
Previous report
•higher accident year loss ratio, as adjusted (1.0 points) primarily due to changes in business mix; and
Previous report
The expense ratio increased by 1.3 points, from a primarily mix-driven increase in the acquisition ratio (1.3 points).
Previous report
International Commercial produced underwriting income of $478 million from a combined ratio of 89.2, which was a 2.1 point increase. This was driven by a higher loss ratio (1.9 points) from:
Previous report
•higher accident year loss ratio, as adjusted (0.6 points) primarily due to changes in business mix; and
Previous report
•lower accident year loss ratio, as adjusted (2.7 points) primarily due to changes in business mix; and
Previous report
•higher net favorable prior year reserve development (1.0 points), with favorable development driven by prior year premiums.
Previous report
Adjusted pre-tax loss before consolidation and eliminations increased $43 million primarily due to the following:
Previous report
•lower net investment income and other of $53 million due to lower short-term investment income and lower Corebridge dividend income of $27 million; and
Previous report
Adjusted pre-tax loss before consolidation and eliminations increased $102 million primarily due to the following:
Previous report
•lower net investment income and other of $109 million due to lower short-term investment income and lower Corebridge dividend income of $52 million; and
Previous report
In the three months ended June 30, 2026, we recognized favorable prior year loss reserve development of $172 million, primarily driven by:
Previous report
•Adverse development in U.S. Excess Casualty reflecting unfavorable experience in first-layer umbrella and high excess casualty.
Previous report
In the six months ended June 30, 2026, we recognized favorable prior year loss reserve development of $325 million, primarily driven by:
Previous report
In the three months ended June 30, 2025, we recognized favorable prior year loss reserve development of $128 million, primarily driven by:
Previous report
In the six months ended June 30, 2025, we recognized favorable prior year loss reserve development of $192 million, primarily driven by:
Reworded paragraphs (59)
Previous wording
This Quarterly Report on Form 10-Q and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” "strive," “plan,” “strategy,” “prospects,” “project,” “anticipate,” “should,” “guidance,” “outlook,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.
Current wording
This Quarterly Report on Form 10-Q and other publicly available documents may include, and members of management may from time to time make and discuss, statements which, to the extent they are not statements of historical or present fact, may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward‑looking statements are intended to provide management’s current expectations or plans for future operating and financial performance, based on assumptions currently believed to be valid and accurate. Forward-looking statements are often preceded by, followed by or include words such as “will,” “believe,” “anticipate,” “expect,” “expectations,” “intend,” "strive," “plan,” “strategy,” “prospects,” “project,” “should,” “guidance,” “outlook,” “view,” “target,” “goal,” “estimate” and other words of similar meaning in connection with a discussion of future operating or financial performance. These statements may include, among other things, projections, goals and assumptions that relate to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expense reduction efforts, the outcome of contingencies such as legal proceedings, anticipated organizational, business or regulatory changes, the effect of catastrophic events, both natural and man-made, and macroeconomic and/or geopolitical events, anticipated dispositions, monetization and/or acquisitions of businesses or assets, the successful integration of acquired businesses, management succession and retention plans, exposure to risk, trends in operations and financial results, and other statements that are not historical facts.
Previous wording
•the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, a U.S. federal government shutdown, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pressures on the commercial real estate market, pandemics, and geopolitical events or conflicts;
Current wording
•the impact of adverse developments affecting economic conditions in the markets in which we operate, including financial market conditions, macroeconomic trends, changes in trade policies, including tariffs, fluctuations in interest rates and foreign currency exchange rates, inflationary pressures, including social inflation, pandemics, and geopolitical events or conflicts;
Previous wording
•the outcome of significant legal, regulatory or governmental proceedings; and
Current wording
•the outcome of significant legal, regulatory or governmental proceedings;
Previous wording
•actions by rating agencies with respect to our credit and financial strength ratings as well as those of its businesses and subsidiaries;
Current wording
•actions by rating agencies with respect to our credit and financial strength ratings as well as those of our businesses and subsidiaries;
Previous wording
•changes in accounting principles and financial reporting requirements or their applicability to us;
Current wording
•changes in accounting principles and financial reporting requirements or their applicability to us; and
Previous wording
Forward-looking statements speak only as of the date of this report, or in the case of any document incorporated by reference, the date of that document. We are not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in other filings with the SEC.
Current wording
Forward-looking statements speak only as of the date of this report, or in the case of any document incorporated by reference, the date of that document. We are not under any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Additional information as to factors that may cause actual results to differ materially from those expressed or implied in any forward-looking statements is disclosed from time to time in our other filings with the SEC.
Previous wording
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and six months ended June 30, 2026 and 2025. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.
Current wording
The following section provides a comparative discussion of our consolidated results of operations on a reported basis for the three and nine months ended September 30, 2026 and 2025. Factors that relate primarily to a specific business are discussed in more detail within the business segment operations section.
Previous wording
•lower Net investment income of $732 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $744 million and lower income on Alternative investments and Mortgage loans of $101 million, partially offset by higher income from available for sale fixed maturity securities of $132 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements; and
Current wording
•higher Net investment income of $328 million primarily due to changes in the fair value of AIG's investments of $288 million and higher income from available for sale fixed maturity securities of $73 million, partially offset by lower income on Alternative investments and Mortgage loans of $60 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements;
Previous wording
•higher underwriting income primarily driven by lower catastrophe losses of $305 million and higher net favorable prior year reserve development of $101 million. For additional information, see Business Segment Operations – General Insurance.
Current wording
•lower underwriting income of $229 million primarily driven by higher catastrophe losses of $183 million and lower net favorable prior year reserve development of $89 million. For additional information, see Business Segment Operations – General Insurance.
Previous wording
•higher underwriting income primarily driven by higher net favorable prior year reserve development of $33 million. For additional information, see Business Segment Operations – General Insurance.
Current wording
•higher underwriting income of $362 million primarily driven by higher premiums earned from strategic transactions, reinsurance program changes and organic growth across Commercial Lines and Personal Insurance, lower catastrophe losses of $122 million and higher net favorable prior year reserve development of $12 million. For additional information, see Business Segment Operations – General Insurance.
Previous wording
•lower Net investment income of $339 million primarily due to changes in the fair value of AIG's investments in Corebridge and Equity securities of $295 million and lower income on Alternative investments and Mortgage loans of $53 million, partially offset by higher income from available for sale fixed maturity securities of $29 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements; and
Current wording
•lower Net investment income of $404 million primarily due to changes in the fair value of AIG's investments of $456 million and lower income on Alternative investments and Mortgage loans of $161 million, partially offset by higher income from available for sale fixed maturity securities of $205 million. For additional information, see Note 5 to the Condensed Consolidated Financial Statements.
Previous wording
(b)Includes net losses related to the Middle East conflict of $75 million in the three months ended June 30, 2026.
Current wording
(b)Includes net losses related to the Middle East conflict of $40 million and $142 million for the three and nine months ended September 30, 2026, respectively.
Previous wording
Net premiums written increased by $262 million, or 9 percent, primarily due to the impact of strategic transactions and organic growth, notably in Casualty and Financial Lines, partially offset by lower production in certain Property lines. The increase in Net premiums earned is primarily driven by these same factors.
Current wording
Net premiums written increased by $46 million, or 2 percent, primarily due to growth in Retail Casualty and Financial Lines, partially offset by lower production in certain Property lines. The increase in Net premiums earned is primarily driven by these same factors.
Previous wording
Net premiums written, excluding the favorable impact of foreign exchange ($200 million), increased by $486 million, or 11 percent, primarily due to the impact of strategic transactions, reinsurance program changes and organic growth, notably in Property, Casualty and Specialty. The increase in Net premiums earned is primarily driven by these same factors.
Current wording
Net premiums written increased by $739 million, or 11 percent, primarily due to reinsurance program changes and growth in Retail Casualty, Financial Lines and Property. The increase in Net premiums earned is primarily driven by these same factors.
Previous wording
The expense ratio increased by 0.3 points from an increase in the general operating expense ratio (0.3 points).
Current wording
The expense ratio increased by 0.1 points, from a primarily mix-driven increase in the acquisition ratio (0.4 points) partially offset by a lower general operating expense ratio (0.3 points).
Previous wording
•higher net favorable prior year reserve development (2.0 points), with favorable development primarily driven by Casualty and Property.
Current wording
•lower net favorable prior year reserve development (0.2 points), with favorable development primarily driven by Casualty and Property.
Previous wording
The expense ratio increased by 0.2 points, as a primarily mix-driven increase in the acquisition ratio (0.6 points) was partially offset by a lower general operating expense ratio (0.4 points).
Current wording
The expense ratio increased by 0.2 points, from a primarily mix-driven increase in the acquisition ratio (0.1 points) and a higher general operating expense ratio (0.1 points).
Previous wording
•net adverse prior year reserve development (0.6 points), with unfavorable development driven by prior year premiums.
Current wording
•net adverse prior year reserve development (0.7 points), with unfavorable development driven by prior year premiums.
Previous wording
The expense ratio increased by 0.2 points, as a primarily mix-driven increase in the acquisition ratio (0.5 points) more than offset a lower general operating expense ratio (0.3 points).
Current wording
The expense ratio improved by 0.1 points, as a primarily mix-driven increase in the acquisition ratio (0.4 points) was more than offset by a lower general operating expense ratio (0.5 points).
Previous wording
The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China. Global Accident & Health products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals. Personal Lines products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals offered through Private Client Select (PCS) in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.
Current wording
The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China. Global Accident & Health products include group personal accident and business travel products for employees, associations and other organizations, and voluntary and sponsor-paid personal accident and supplemental health products for individuals. Personal Lines products include personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net worth individuals offered through PCS in the U.S. that covers auto, homeowners, umbrella, yacht, fine art and collections.
Previous wording
Net premiums written, excluding the unfavorable impact of foreign exchange ($15 million), increased by $126 million, or 8 percent, primarily driven by reinsurance program changes and organic growth in U.S. high net worth and Accident & Health. The decrease in Net premiums earned was primarily driven by Warranty.
Current wording
Net premiums written, excluding the unfavorable impact of foreign exchange ($39 million), increased by $142 million, or 9 percent, primarily due to growth in U.S. high net worth and Accident & Health. The increase in Net premiums earned is primarily driven by these same factors.
Previous wording
Net premiums written, excluding the favorable impact of foreign exchange ($45 million) increased by $285 million, or 9 percent, primarily driven by reinsurance program changes and organic growth in U.S. high net worth and Accident & Health. The decrease in Net premiums earned was primarily driven by Warranty.
Current wording
Net premiums written, excluding the favorable impact of foreign exchange ($6 million) increased by $427 million, or 9 percent, primarily due to reinsurance program changes and growth in U.S. high net worth and Accident & Health. The increase in Net premiums earned is primarily driven by these same factors.
Previous wording
Global Personal produced underwriting income of $114 million from a combined ratio of 92.9, which was a 5.6 point improvement. This was driven by a lower loss ratio (3.4 points) from:
Current wording
Global Personal produced underwriting income of $114 million from a combined ratio of 93.2, which was a 2.0 point improvement. This was driven by a lower loss ratio (2.5 points) from:
Previous wording
Global Personal produced underwriting income of $283 million from a combined ratio of 91.2, which was an 12.0 point improvement. This was driven by a lower loss ratio (8.9 points) from:
Current wording
Global Personal produced underwriting income of $397 million from a combined ratio of 91.9, which was an 8.5 point improvement. This was driven by a lower loss ratio (6.7 points) from:
Previous wording
The expense ratio improved by 2.2 points, reflecting a lower acquisition ratio (0.9 points) primarily driven by changes in business mix and improved commission terms and a lower general operating expense ratio (1.3 points).
Current wording
The expense ratio improved by 1.8 points, reflecting a lower acquisition ratio (0.9 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (0.9 points).
Previous wording
•higher interest expense of $7 million primarily driven by new debt issuance of $1.25 billion in 2025 partially offset by interest savings from $0.8 billion debt repurchases, through cash tender offers and debt redemption in 2025.
Current wording
•higher interest expense of $8 million primarily driven by new debt issuances of €1.125 billion in the three months ended September 30, 2026 and $1.25 billion in 2025 partially offset by interest savings from $0.8 billion debt repurchases, through cash tender offers, debt redemption and debt maturity in 2025.
Previous wording
•lower corporate and other general operating expenses of $8 million.
Current wording
This increase was partially offset by lower corporate and other general expenses of $15 million.
Previous wording
(c)In the six months ended June 30, 2026, Net (gain) loss on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and global personal travel and assistance business.
Current wording
(c)In the nine months ended September 30, 2026, Net (gain) loss on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and the global personal travel and assistance business.
Previous wording
Total Net investment income decreased for the six months ended June 30, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investment in Corebridge and Equity securities and lower income from alternative investments and mortgage loans, partially offset by higher income on available for sale fixed maturity securities.
Current wording
Total Net investment income decreased for the nine months ended September 30, 2026 compared to the prior year, primarily due to changes in the fair value of AIG's investments and lower income from alternative investments and mortgage loans, partially offset by higher income on available for sale fixed maturity securities.
Previous wording
*At June 30, 2026 and December 31, 2025, the fair value of bonds available for sale we held that were below investment grade or not rated totaled $5.7 billion and $5.9 billion, respectively.
Current wording
*At September 30, 2026 and December 31, 2025, the fair value of bonds available for sale we held that were below investment grade or not rated totaled $5.9 billion and $5.9 billion, respectively.
Previous wording
*At June 30, 2026 and December 31, 2025, approximately 89 percent and 88 percent, respectively, of these investments were rated investment grade.
Current wording
*At September 30, 2026 and December 31, 2025, approximately 88 percent and 88 percent, respectively, of these investments were rated investment grade.
Previous wording
At June 30, 2026, we had direct commercial mortgage loan exposure of $2.3 billion.
Current wording
At September 30, 2026, we had direct commercial mortgage loan exposure of $2.1 billion.
Previous wording
Higher Net realized losses excluding Fortitude Re funds withheld assets in the three months ended June 30, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities. Higher Net realized losses excluding Fortitude Re funds withheld assets in the six months ended June 30, 2026 compared to 2025 were primarily due to losses on foreign exchange, partially offset by lower losses on fixed maturity securities.
Current wording
Lower Net realized losses excluding Fortitude Re funds withheld assets in the three months ended September 30, 2026 compared to 2025 were primarily due to lower realized losses as a result of impairments on investments in real estate funds, partially offset by higher losses on fixed maturity securities. Lower Net realized losses excluding Fortitude Re funds withheld assets in the nine months ended September 30, 2026 compared to 2025 were primarily due to lower realized losses as a result of impairments on investments in real estate funds.
Previous wording
Net unrealized investment losses included in shareholders’ equity were $1.9 billion at June 30, 2026 compared with $2.0 billion at June 30, 2025. The change in net unrealized gains and losses on investments in the six months ended June 30, 2026 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to higher interest rates offset by slight narrowing of credit spreads. The change in net unrealized gains and losses on investments in the six months ended June 30, 2025 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to lower interest rates and narrowing of credit spreads.
Current wording
Net unrealized investment losses included in shareholders’ equity were $3.8 billion at September 30, 2026 compared with $1.4 billion at September 30, 2025. The change in net unrealized gains and losses on investments in the nine months ended September 30, 2026 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to higher interest rates and slight widening of credit spreads. The change in net unrealized gains and losses on investments in the nine months ended September 30, 2025 was primarily attributable to a change in the fair value of fixed maturity securities mainly due to lower interest rates and narrowing of credit spreads.
Previous wording
At June 30, 2026, the Company had $1.5 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost. At December 31, 2025, the Company had $1.4 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost.
Current wording
At September 30, 2026, the Company had $2.0 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost. At December 31, 2025, the Company had $1.4 billion fixed maturity investments reported at fair value for which fair value was less than 80 percent of amortized cost.
Previous wording
At June 30, 2026 and December 31, 2025, below investment grade securities comprised 8 percent and 8 percent, respectively, of the fair value of our fixed maturity investment portfolio. Included in below investment grade securities at June 30, 2026 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $2.3 billion and a fair value of $2.2 billion, resulting in a net pre-tax unrealized investment loss of $100 million.
Current wording
At September 30, 2026 and December 31, 2025, below investment grade securities comprised 8 percent and 8 percent, respectively, of the fair value of our fixed maturity investment portfolio. Included in below investment grade securities at September 30, 2026 were securities in an unrealized loss position that, in the aggregate, had an amortized cost of $3.6 billion and a fair value of $3.4 billion, resulting in a net pre-tax unrealized investment loss of $151 million.
Previous wording
At June 30, 2026, approximately 63 percent of our fixed maturity securities were held by our U.S. entities. Approximately 92 percent of these securities were rated investment grade by one or more of the major rating agencies.
Current wording
At September 30, 2026, approximately 63 percent of our fixed maturity securities were held by our U.S. entities. Approximately 91 percent of these securities were rated investment grade by one or more of the major rating agencies.
Previous wording
(a)Includes net loss reserve discount of $1.3 billion and $1.2 billion at June 30, 2026 and December 31, 2025, respectively. For information regarding loss reserve discount, see Note 11 to the Condensed Consolidated Financial Statements.
Current wording
(a)Includes net loss reserve discount of $1.2 billion and $1.2 billion at September 30, 2026 and December 31, 2025, respectively. For information regarding loss reserve discount, see Note 11 to the Condensed Consolidated Financial Statements.
Previous wording
(b)Other product lines and Unallocated loss adjustment expenses includes Gross liability for unpaid losses and loss adjustment expense and Reinsurance recoverable on unpaid losses and loss adjustment expense for the Fortitude Re reinsurance of $2.3 billion and $2.3 billion at June 30, 2026 and December 31, 2025, respectively.
Current wording
(b)Other product lines and Unallocated loss adjustment expenses include Gross liability for unpaid losses and loss adjustment expense and Reinsurance recoverable on unpaid losses and loss adjustment expense for the Fortitude Re reinsurance of $2.3 billion and $2.3 billion at September 30, 2026 and December 31, 2025, respectively.
Previous wording
*Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $26 million and $31 million for the three months ended June 30, 2026 and 2025, respectively, and $52 million and $62 million for the six months ended June 30, 2026 and 2025, respectively. Consistent with our definition of APTI, the amount excludes the portion of (favorable)/unfavorable prior year reserve development for which we have ceded the risk under the NICO reinsurance agreements of $(100) million and $122 million for the three months ended June 30, 2026 and 2025, respectively, and $(100) million and $122 million for the six months ended June 30, 2026 and 2025, respectively. Also excludes the related changes in amortization of the deferred gain, which were $(34) million and $69 million for the three months ended June 30, 2026 and 2025, respectively, and $(25) million and $60 million for the six months ended June 30, 2026 and 2025, respectively.
Current wording
*Includes the amortization attributed to the deferred gain at inception from the National Indemnity Company (NICO) adverse development reinsurance agreement of $26 million and $31 million for the three months ended September 30, 2026 and 2025, respectively, and $78 million and $93 million for the nine months ended September 30, 2026 and 2025, respectively.
Showing the first 40 of 59 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
•$1.3 billion in net inflows from the issuance and repayment of long-term debt.
Rearranged previous paragraphs (8)
Previous report — wording carried elsewhere
•higher net favorable prior year reserve development (1.8 points), with favorable development driven by Casualty; and
Previous report — wording carried elsewhere
•net adverse prior year reserve development (0.6 points), with unfavorable development driven by prior year premiums.
Previous report — wording carried elsewhere
The expense ratio improved by 3.1 points, reflecting a lower acquisition ratio (1.8 points), primarily driven by changes in business mix and improved commission terms, and a lower general operating expense ratio (1.3 points).
Previous report — wording carried elsewhere
•Favorable development in U.S. Property and Special Risks primarily reflecting favorable experience in Programs.
Previous report — wording carried elsewhere
•Favorable development in U.S. Workers’ Compensation driven by Excess of Loss Sensitive and Primary business.
Previous report — wording carried elsewhere
•Favorable development in U.S. Workers’ Compensation primarily driven by favorable experience within Excess of Loss Sensitive offset by adverse development within Primary Guaranteed Cost and Defense Base Act business.
Previous report — wording carried elsewhere
•Adverse development in U.S. Excess Casualty primarily driven by unfavorable development in Mass Tort.
Previous report — wording carried elsewhere
•Favorable Development in U.S. Property and Special Risks primarily driven by Programs.