AMERICAN INTERNATIONAL GROUP, INC.
For the period ended Sep 30, 2026. Filed Nov 4, 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.
Sep 30, 2026 · Filed Nov 4, 2026
Contents
Segment Information
- Segment Information
AIG hasthree reportable segments: North America Commercial, International Commercial and Global Personal. Our Chief Executive Officer and Chief Financial Officer are our chief operating decision makers (CODMs) and use Underwriting income (loss) to benchmark and assess AIG's performance by segment and establish management’s compensation. Our general insurance business (General Insurance) consists of ourthree segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations.
In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes.
NORTH AMERICA COMMERCIAL
The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda.
INTERNATIONAL COMMERCIAL
The International Commercial segment consists of insurance businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot Holdings Ltd. (Talbot) as well as AIG’s Global Specialty business.
GLOBAL PERSONAL
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.
| AIG | Third Quarter 2026 Form 10-Q | 9 |
|---|
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 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.
The following table presents AIG’s operations by segment:
| Three Months Ended September 30, 2026 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions) · NetPremiumsWritten · NetPremiumsEarned · Lossesand LossAdjustmentExpensesIncurred(a) · Amortizationof DAC(a) · OtherAcquisitionExpenses(a) · GeneralOperatingExpenses(a)(b) · UnderwritingIncome(Loss) · NetInvestmentIncome · Reconciliationto Pre-taxIncome (Loss) | |||||||||||
| North America Commercial | $2,481 | $2,362 | $1,641 | $242 | $54 | $258 | $167 | ||||
| International Commercial | 2,387 | 2,407 | 1,388 | 324 | 92 | 320 | 283 | ||||
| Global Personal | 1,783 | 1,666 | 874 | 362 | 96 | 220 | 114 | ||||
| Total General Insurance(c) | $6,651 | $6,435 | $3,903 | $928 | $242 | $798 | $564 | $1,032 | $1,586 | ||
| Interest expense | — | (101) | |||||||||
| Other Operations | 45 | (40) | |||||||||
| Elimination and consolidations | (2) | — | |||||||||
| Total | 1,075 | 1,445 | |||||||||
| Reconciling items: | |||||||||||
| Changes in the fair values of equity securities and AIG's investment in Corebridge | (3) | (3) | |||||||||
| Other income (expense) - net | 2 | — | |||||||||
| Net investment income on Fortitude Re funds withheld assets | 16 | 16 | |||||||||
| Net realized losses on Fortitude Re funds withheld assets | — | (28) | |||||||||
| Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | — | 85 | |||||||||
| Net realized losses(d) | — | (170) | |||||||||
| Net loss reserve discount benefit (charge) | — | (91) | |||||||||
| Net results of businesses in run-off(f) | 10 | (12) | |||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (20) | |||||||||
| Restructuring and other costs | — | (100) | |||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (3) | |||||||||
| Total AIG Consolidated | $1,100 | $1,119 | |||||||||
| 10 | AIG | Third Quarter 2026 Form 10-Q |
| 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 Pre-taxIncome (Loss) | |||||||||||
| 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(c) | $6,230 | $6,040 | $3,379 | $851 | $237 | $780 | $793 | $945 | $1,734 | ||
| Interest expense | — | (100) | |||||||||
| Other Operations | 77 | (14) | |||||||||
| Elimination and consolidations | 2 | 2 | |||||||||
| Total | 1,024 | 1,622 | |||||||||
| Reconciling items: | |||||||||||
| Changes in the fair values of equity securities and AIG's investment in Corebridge | (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 gains (losses) on Fortitude Re funds withheld embedded derivative | — | (54) | |||||||||
| Net realized losses(d) | (2) | (433) | |||||||||
| 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(f) | 9 | 1 | |||||||||
| Non-operating pension expenses | — | (6) | |||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (7) | |||||||||
| Restructuring and other costs | — | (153) | |||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (3) | |||||||||
| Total AIG Consolidated | $772 | $714 | |||||||||
| Nine Months Ended September 30, 2026 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions) · NetPremiumsWritten · NetPremiumsEarned · Lossesand LossAdjustmentExpensesIncurred(a) · Amortizationof DAC(a) · OtherAcquisitionExpenses(a) · GeneralOperatingExpenses(a)(b) · UnderwritingIncome(Loss) · NetInvestmentIncome · Reconciliationto Pre-taxIncome (Loss) | |||||||||||
| North America Commercial | $7,211 | $6,939 | $4,472 | $703 | $160 | $738 | $866 | ||||
| International Commercial | 7,425 | 6,866 | 3,978 | 906 | 279 | 942 | 761 | ||||
| Global Personal | 5,130 | 4,878 | 2,567 | 1,031 | 256 | 627 | 397 | ||||
| Total General Insurance(c) | $19,766 | $18,683 | $11,017 | $2,640 | $695 | $2,307 | $2,024 | $2,767 | $4,760 | ||
| Interest expense | — | (300) | |||||||||
| Other Operations | 133 | (108) | |||||||||
| Elimination and consolidations | (2) | — | |||||||||
| Total | 2,898 | 4,352 | |||||||||
| Reconciling items: | |||||||||||
| Changes in the fair values of equity securities and AIG's investment in Corebridge | (67) | (67) | |||||||||
| Other income (expense) - net | 5 | — | |||||||||
| Net investment income on Fortitude Re funds withheld assets | 75 | 75 | |||||||||
| Net realized losses on Fortitude Re funds withheld assets | — | (47) | |||||||||
| Net realized gains (losses) on Fortitude Re funds withheld embedded derivative | — | 44 | |||||||||
| Net realized losses(d) | — | (514) | |||||||||
| Net gain (loss) on divestitures and other(e) | — | (133) | |||||||||
| (Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — | 75 | |||||||||
| Net loss reserve discount charge | — | (71) | |||||||||
| Net results of businesses in run-off(f) | 28 | (18) | |||||||||
| Non-operating pension expenses | — | 2 | |||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (68) | |||||||||
| Restructuring and other costs | — | (247) | |||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (13) | |||||||||
| Total AIG Consolidated | $2,939 | $3,370 | |||||||||
| AIG | Third Quarter 2026 Form 10-Q | 11 |
|---|
| 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 Pre-taxIncome (Loss) | |||||||||||
| 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(c) | $17,636 | $17,687 | $10,573 | $2,522 | $670 | $2,260 | $1,662 | $2,552 | $4,201 | ||
| Interest expense | — | (292) | |||||||||
| Other Operations | 273 | 13 | |||||||||
| Elimination and consolidations | (1) | — | |||||||||
| Total | 2,824 | 3,922 | |||||||||
| Reconciling items: | |||||||||||
| Changes in the fair values of equity securities and AIG's investment in Corebridge | 393 | 393 | |||||||||
| Gain 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 gains (losses) on Fortitude Re funds withheld embedded derivative | — | (109) | |||||||||
| Net realized losses(d) | (4) | (690) | |||||||||
| Net gain (loss) on divestitures and other | — | 53 | |||||||||
| Non-operating litigation reserves and settlements | — | 13 | |||||||||
| (Unfavorable) favorable 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(f) | 22 | 8 | |||||||||
| Non-operating pension expenses | — | (16) | |||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (13) | |||||||||
| Restructuring and other costs | — | (307) | |||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (10) | |||||||||
| Total AIG Consolidated | $3,343 | $3,218 | |||||||||
(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)Amortization of intangible assets including renewal rights was $10 million and$4 million for the three months ended September 30, 2026 and 2025, respectively, and $31 million and $13 million for the nine months ended September 30, 2026 and 2025, respectively.
(d)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).
(e)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.
(f)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.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.