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Dec 31, 2025
AIG Q4 2025 Earnings Report
AIG reported excellent financial results for the fourth quarter and full year ended December 31, 2025, with significant increases in adjusted after-tax income and underwriting income.
Key Takeaways
AIG delivered an exceptional year in 2025, making tremendous progress against its strategy and achieving outstanding financial results. The company reported a 51% year-over-year increase in Adjusted after-tax income per diluted share for Q4 2025, reaching $1.96, and a 43% increase for the full year to $7.09. General Insurance underwriting income grew by 48% in Q4 to $670 million, contributing to a full-year underwriting income of $2.3 billion, up 22%. The Core Operating ROE for the full year was 11.1%, surpassing the 10% plus target for 2025. AIG also returned $6.8 billion of capital to shareholders during the year.
Net income per diluted share for Q4 2025 was $1.35, compared to $1.43 in the prior year quarter.
Adjusted after-tax income per diluted share (AATI) for Q4 2025 increased by 51% year-over-year to $1.96.
General Insurance underwriting income for Q4 2025 was $670 million, a 48% increase year-over-year.
AIG returned $809 million of capital to shareholders in Q4 2025, including $567 million in share repurchases and $242 million in dividends.
Revenue by Geographic Location
Forward Guidance
AIG has entered 2026 with strong momentum, driven by strategic partnerships and favorable reinsurance renewal activity. The company is on track to achieve or exceed its financial objectives for the year.
Positive Outlook
- Strategic partnerships with Blackstone and Amwins, and investments in CVC's private equity platform are expected to contribute to earnings, EPS, and ROE in 2026.
- Acquisitions of minority ownership stakes in Convex Group and Onex Corporation are complete, enhancing growth and ROE.
- Excellent progress has been made on the conversion of Everest's global retail portfolio.
- January 1 reinsurance renewal activity resulted in enhanced terms and favorable pricing, reflecting portfolio quality.
- The company is on track to achieve or even exceed its Investor Day financial objectives for 2026.
Challenges Ahead
- The impact of adverse developments affecting economic conditions in the markets in which AIG operates, including financial market conditions, U.S. federal government shutdowns, macroeconomic trends, changes in trade policies, interest rate fluctuations, and inflationary pressures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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