American International Group

American International Group, Inc. (AIG) is a global insurer based in New York. Its General Insurance business has three parts: North America Commercial, International Commercial and Global Personal. It sells commercial property, casualty, financial lines and specialty cover, and personal accident, health and high net worth cover. General Insurance had net premiums written of $6.7 billion in Q3 2026 and a combined ratio of 91.3%.

AIG also has Other Operations, which holds its parent company's investments and costs. AIG sold its last shares of Corebridge Financial in May 2026. It had book value per share of $74.96 and adjusted book value per share of $81.25 at September 30, 2026. Eric Andersen is President and Chief Executive Officer.

Peter Zaffino stepped down as Executive Chair on September 15, 2026, and John Rice became Chair. The shares trade on the New York Stock Exchange in US dollars.

The market prices AIG as a commercial insurer whose profit depends on underwriting and on catastrophe losses, and these swing from quarter to quarter. In Q3 2026, AIG's adjusted after-tax income per share fell to $2.06 from $2.20, because catastrophe losses were higher and favorable reserve changes were lower. Over nine months, it rose to $6.18 from $5.14. Premiums grow, and AIG buys back many shares: it bought about $1.7 billion in nine months and has $2.1 billion left.

Two changes add risk. Peter Zaffino, who led the company's turnaround, left the chair, and Jon Hancock, who runs General Insurance, retires at the end of 2026. For the price to hold, three things must be true. Core operating return on equity must stay near 11% or higher.

The combined ratio must stay near 90% in a year with normal catastrophe losses. Buybacks must keep cutting the share count. The next tests are the Q4 2026 report in February 2027 and the January 2027 reinsurance renewals.

1. Nov 3, 2026Passed

   Q3 2026 results: underwriting and return on equityA General Insurance combined ratio below 92% and core operating return on equity of 11% or more passes; worse results fail.Outcome: The combined ratio was 91.3% and core operating return on equity was 11.1%.
2. Feb 9, 2027 · est.Pending

   Q4 2026 results and reinsurance renewalsA full-year core operating return on equity near 11% or higher and a combined ratio near 90% passes; weaker results or higher reinsurance costs fail.

Every passed and failed checkpoint across all picks

• November 3, 2026AIG reported Q3 2026 results. Adjusted after-tax income was $1.1 billion, or $2.06 per diluted share. General Insurance net premiums written rose 7% to $6.7 billion and the combined ratio was 91.3%. AIG returned $787 million to shareholders and declared a quarterly dividend of $0.50 per share.
• September 24, 2026AIG issued EUR 625 million of 4.250% notes due 2031 and EUR 500 million of 4.750% notes due 2036, about $1.3 billion in all.
• September 16, 2026AIG said that Jon Hancock, Chief Executive Officer of General Insurance, will retire on December 31, 2026 and become a Senior Advisor.

Last earnings

November 3, 2026 (8-K on sec.gov)

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 4, 2026 · aig-20260930
• 8-KEarnings release and Other company newsFiled November 3, 2026 · Press release and exhibits
• 8-KOther company newsFiled September 24, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled September 16, 2026 · aig-20260916
• 8-KChange of directors or officersFiled September 2, 2026 · aig-20260901
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 7, 2026 · aig-20260630
• 8-KEarnings release and Other company newsFiled August 6, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 14, 2026 · aig-20260513
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · aig-20260331
• 8-KEarnings release and Other company newsFiled April 30, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 5272)

• Catastrophe losses can be large. Catastrophe-related charges were $283 million in Q3 2026, or 4.4 points of the loss ratio, against $100 million a year earlier. A year of storms or other disasters would cut profit and book value.
• Prices in commercial insurance may soften. AIG's North America Commercial premiums grew only 2% in Q3, and its combined ratio there rose to 92.9% from 82.6%. Lower prices with the same costs would hurt margins.
• Leaders are changing. The Executive Chair left in September 2026, and the head of General Insurance retires at the end of 2026. A weaker handover could hurt underwriting discipline.
• Reserves may prove too low. Favorable prior-year reserve changes were lower in Q3 2026. If past claims cost more than reserved, AIG would have to add reserves and book charges.
• Investment income depends on interest rates and markets. Net investment income on an adjusted basis was $1,075 million in Q3 2026, and the fair value of investments can move book value.

AIG had long-term debt of $10,256 million and total AIG shareholders' equity of $38,883 million at September 30, 2026, against $9,035 million and $41,139 million at December 31, 2025. The ratio of total debt to total capital was 20.8% and to total adjusted capital was 19.6%, and hybrid debt securities were 0.9% of total capital. Read more

Yield at the current rate

2.4% (current annual rate, at today’s price)

Dividend yield

2.3% (last 12 months, at today’s price of $82.85)

Paid per share

$1.90 in the last 12 months (4 payments)

Current annual rate

$2.00 ($0.50 × 4 a year)

Payout ratio

32% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 16, 2026, $0.50 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 6.5% a year. From 2015 to 2025, the dividend grew by about 8.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.