AIGAmerican International Group, Inc.
Industry Insurance Updated 24 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share in 12 months
$81.26 → $87.54
What the podcasts say
2 bullish · 0 bearish · 2 speakers · 1 showWhat investors said about this company on the podcasts we transcribe, newest first. Bullish means the speaker expects the stock to do well, bearish means they expect it to do badly.
- Bullish
- Bullish
Promises vs. what happened
14 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| AIG Next cuts operating expenses | Q3 '24 | the $500m target beaten ahead of schedule | Held |
| Dividend +10%+ a year, 2025-26 | Q4 '25 | +12.5% then +11% | Held |
| Leverage inside 15-20% | Q3 '24 | 16.6-18.0% every quarter — on a measure that changed definition in Q1 '26 | Held |
| Close Convex and Onex in H1 '26 | Q3 '25 | completed 6 Feb '26, inside the window | Held |
| Exit the Corebridge stake | Q4 '24 | done: the last shares sold in May '26 for about $710m | Held |
| H2 '25 carries H1's momentum | Q2 '25 | full-year operating EPS $7.09, +43% | Held |
| Parent expenses down to a $350m structure | Q1 '25 | $360m — close, and part of the fall is expense moved into General Insurance | Late |
| No maturity above $500m until 2027 | Q3 '24 | dropped: the threshold became $50m with no explanation, then the line vanished | Dropped |
| Everest renewal rights accretive to earnings and ROE | Q3 '25 | dropped: the book was never broken out and Everest was last named in Q4 '25 | Dropped |
| Core operating ROE 10-13% through 2027 | Q4 '25 | 11.1% for 2025 and 11.1% in Q2 '26 — but 7.7% in Q1 '25, below the floor | Open |
| Operating EPS +20%+ a year to 2027 | Q4 '25 | +43% in 2025, then +10% in Q2 '26 — the first quarter under the target | Open |
| GI expense ratio below 30% by 2027 | Q4 '25 | 30.7% at Q2 '26, and the wording narrowed to "for full year 2027" | Open |
| Convex quota share 7.5% to 12.5% by 2028 | Q3 '25 | 7.5% started on 1 Jan '26; the steps fall in 2027 and 2028 | Open |
| Convex and Onex accretive in year one | Q3 '25 | open: no deck breaks out the equity-method income or the quota-share result | Open |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
Capital returnPage one since Q3 '24
Combined ratioPage one since Q3 '24
ExpensesOff page one Q3 '25
CorebridgePage one since Q2 '26
DealsPage one since Q3 '25
Core ROEPage one since Q3 '25
TargetsOff page one Q3 '25
GrowthPage one since Q4 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Capital returned to shareholders
“Continued successful execution of balanced capital management strategy, returning $1.8B of capital to shareholders, through $1.5B of share repurchases and $0.3B of dividends 2”
Deck Third Quarter 2024 Financial Results Presentation · p. 2 ·
Capital returned to shareholders
“Returned approximately $2.1B of capital to shareholders in 4Q through $1.8B of stock repurchases and $244M of dividends;”
Deck Fourth Quarter 2024 Financial Results Presentation · p. 2 ·
Capital returned to shareholders
“Returned approximately $2.5B of capital to shareholders in the first quarter through $2.2B of stock repurchases and $234M of dividends”
Deck First Quarter 2025 Financial Results Presentation · p. 2 ·
Capital returned to shareholders
“Returned $2.0B of capital to shareholders in the second quarter through $1.8B of stock repurchases and $254M of dividends”
Deck Second Quarter 2025 Financial Results Presentation · p. 2 ·
Capital returned to shareholders
“Returned approximately $1.5B of capital to shareholders in the third quarter through approximately $1.25B of stock repurchases and approximately $250M of dividends”
Deck Third Quarter 2025 Financial Results Presentation · p. 2 ·
Capital returned to shareholders
“Returned $809 million of capital to shareholders, including $567 million of share repurchases and $242 million of dividends in the quarter”
Deck Fourth Quarter 2025 Financial Results Presentation · p. 2 ·
Capital returned to shareholders
“Returned $760 million of capital to shareholders, including $519 million of share repurchases and $241 million of dividends in the quarter”
Deck First Quarter 2026 Financial Results Presentation · p. 2 ·
Capital returned to shareholders
“Returned $904 million of capital to shareholders, including $641 million of share repurchases and $263 million of dividends in the quarter”
Deck Second Quarter 2026 Financial Results Presentation · p. 2 ·
Underwriting margin and combined ratio
““AIG delivered excellent third quarter financial results with strong profitability and growth across our businesses highlighting the quality of the underwriting portfolio and our ability to deliver consistent earnings.””
Deck Third Quarter 2024 Financial Results Presentation · p. 2 ·
Underwriting margin and combined ratio
“Outstanding underwriting income of $1.9B in 2024 reflecting an”
Deck Fourth Quarter 2024 Financial Results Presentation · p. 2 ·
Underwriting margin and combined ratio
“Accident Year Combined Ratio, as adjusted* continued to improve to 87.8%, the best first quarter result since the financial crisis”
Deck First Quarter 2025 Financial Results Presentation · p. 2 ·
Underwriting margin and combined ratio
“Outstanding underwriting income of $626M, a 46% increase from the prior year quarter with a calendar year combined ratio of 89.3%, an improvement of 320 bps from the prior year quarter”
Deck Second Quarter 2025 Financial Results Presentation · p. 2 ·
Underwriting margin and combined ratio
“Outstanding underwriting income of $793M, an 81% increase from the prior year quarter with a calendar year combined ratio of 86.8%, an improvement of 580 bps from the prior year quarter”
Deck Third Quarter 2025 Financial Results Presentation · p. 2 ·
Underwriting margin and combined ratio
“General Insurance underwriting income of $670 million, up 48% year-over-year”
Deck Fourth Quarter 2025 Financial Results Presentation · p. 2 ·
Underwriting margin and combined ratio
“General Insurance underwriting income of $774 million, more than tripled, or increased 219% year-over-year”
Deck First Quarter 2026 Financial Results Presentation · p. 2 ·
Underwriting margin and combined ratio
“General Insurance underwriting income of $686 million, an increase of 10% year-over-year”
Deck Second Quarter 2026 Financial Results Presentation · p. 2 ·
AIG Next and expense reduction
“Initial benefits from AIG Next drove Other Operations GOE savings in addition to improvement in the GOE ratio on a comparable basis(1)”
Deck Third Quarter 2024 Financial Results Presentation · p. 2 ·
AIG Next and expense reduction
“GOE decreased $42M from the prior year quarter, reflecting portions of the benefits from AIG Next program and incremental GOE allocation into General Insurance business”
Deck Fourth Quarter 2024 Financial Results Presentation · p. 12 ·
AIG Next and expense reduction
“Achieved run-rate Other Operations GOE target while improving”
Deck First Quarter 2025 Financial Results Presentation · p. 2 ·
AIG Next and expense reduction
“Successful execution of AIG Next, exceeding the $500M annual target savings ahead of original schedule”
Deck Second Quarter 2025 Financial Results Presentation · p. 2 ·
AIG Next and expense reduction
“Fully Loaded Expense Ratio (%) = Expense Ratio + Attributed Other operations GOE Ratio.”
Deck Fourth Quarter 2025 Financial Results Presentation · p. 8 ·
AIG Next and expense reduction
“Continue Improvement in Expense Ratio”
Deck First Quarter 2026 Financial Results Presentation · p. 15 ·
AIG Next and expense reduction
“Continued Improvement in Expense Ratio”
Deck Second Quarter 2026 Financial Results Presentation · p. 5 ·
Corebridge deconsolidation and exit
“Less: DTA Less: Public Market Value of Corebridge”
Deck Third Quarter 2024 Financial Results Presentation · p. 15 ·
Corebridge deconsolidation and exit
“We strengthened the company’s capital structure, improved our financial performance, and achieved a major milestone with the deconsolidation of Corebridge Financial which enabled us to organize our business into three distinct operating segments.””
Deck Fourth Quarter 2024 Financial Results Presentation · p. 2 ·
Corebridge deconsolidation and exit
“2. CRBG and other includes consolidations and eliminations and AIG’s ownership interest in Corebridge on which, AIG elected the fair value option, of $2.7 billion at September 30, 2025.”
Deck Third Quarter 2025 Financial Results Presentation · p. 13 ·
Corebridge deconsolidation and exit
“1. CRBG and other includes consolidations and eliminations and AIG’s ownership interest in Corebridge on which, AIG elected the fair value option, of $1.5 billion at December 31, 2025.”
Deck Fourth Quarter 2025 Financial Results Presentation · p. 14 ·
Corebridge deconsolidation and exit
“At March 31, 2026, includes AIG's remaining interest in Corebridge that changed following loss of significant influence, transitioned from an equity method investment recorded in Other invested assets to an equity security, at fair value.”
Deck First Quarter 2026 Financial Results Presentation · p. 9 ·
Corebridge deconsolidation and exit
“On May 7, AIG sold its remaining interest in Corebridge Financial, Inc.”
Deck Second Quarter 2026 Financial Results Presentation · p. 2 ·
Strategic transactions (Convex, Onex, Everest, CVC)
“On October 30, AIG announced strategic investments in Convex Group Limited”
Deck Third Quarter 2025 Financial Results Presentation · p. 2 ·
Strategic transactions (Convex, Onex, Everest, CVC)
“Completed acquisitions of minority ownership stakes in Convex Group and Onex Corporation, along with a 7.5% whole account quota share of Convex’s business starting January 1, 2026”
Deck Fourth Quarter 2025 Financial Results Presentation · p. 3 ·
Strategic transactions (Convex, Onex, Everest, CVC)
“On February 6, AIG completed the acquisition of a 35% equity interest in Convex Group”
Deck First Quarter 2026 Financial Results Presentation · p. 2 ·
Strategic transactions (Convex, Onex, Everest, CVC)
““AIG delivered another strong quarter, marking an exceptional first half of the year and underscoring the benefits of our diversified global portfolio and continued momentum from organic growth and our recent strategic transactions.””
Deck Second Quarter 2026 Financial Results Presentation · p. 2 ·
Core operating ROE
“Core Operating* $34.5 $54.68 9.2%”
Deck Third Quarter 2024 Financial Results Presentation · p. 15 ·
Core operating ROE
“3 11.7% 290 bps vs 2Q24”
Deck Second Quarter 2025 Financial Results Presentation · p. 3 ·
Core operating ROE
“Third quarter Core Operating ROE* of 13.6% and YTD Core Operating ROE of 10.9%”
Deck Third Quarter 2025 Financial Results Presentation · p. 2 ·
Core operating ROE
“ROE of 7.5% and Core Operating ROE of 11.1%”
Deck Fourth Quarter 2025 Financial Results Presentation · p. 2 ·
Core operating ROE
“Return on equity (ROE) of 7.5% and Core Operating ROE* of 12.2%”
Deck First Quarter 2026 Financial Results Presentation · p. 2 ·
Core operating ROE
“Return on equity (ROE) of 9.4% and Core Operating ROE* of 11.1%”
Deck Second Quarter 2026 Financial Results Presentation · p. 2 ·
Investor Day financial targets
““We have tremendous momentum heading into the second half of 2025 and remain very confident in our ability to achieve our long-term financial targets while delivering exceptional value for all our stakeholders.””
Deck Second Quarter 2025 Financial Results Presentation · p. 2 ·
Investor Day financial targets
“Making solid progress on our ambitious financial targets 1.”
Deck Fourth Quarter 2025 Financial Results Presentation · p. 6 ·
Investor Day financial targets
“Making solid progress on our ambitious financial targets 1.”
Deck First Quarter 2026 Financial Results Presentation · p. 13 ·
Investor Day financial targets
“March 2025 Investor Day Financial Targets”
Deck Second Quarter 2026 Financial Results Presentation · p. 14 ·
Premium growth led by North America Commercial
“North America Commercial delivered double-digit NPW growth(1) supported by strong new business growth and retention”
Deck Third Quarter 2024 Financial Results Presentation · p. 2 ·
Premium growth led by North America Commercial
“Fourth quarter General Insurance NPW growth of 7%(1)*; Full year General Insurance NPW growth of 6%(1) driven by strong”
Deck Fourth Quarter 2024 Financial Results Presentation · p. 2 ·
Premium growth led by North America Commercial
“Written (NPW) growth of 8%(1)* driven by North America Commercial of 14%(1) and International Commercial of 8%(1)”
Deck First Quarter 2025 Financial Results Presentation · p. 2 ·
Premium growth led by North America Commercial
“Global Commercial net premiums written (NPW) of $4.5 billion, an increase of 4% year-over-year on a reported basis, or 3% on a comparable basis,* driven by 11% growth in new business”
Deck Fourth Quarter 2025 Financial Results Presentation · p. 2 ·
Premium growth led by North America Commercial
“General Insurance net premiums written of $5.6 billion, an increase of 24% year-over-year on a reported basis, or 18% on a constant dollar basis*, driven by 21%* growth in Global”
Deck First Quarter 2026 Financial Results Presentation · p. 2 ·
Premium growth led by North America Commercial
“General Insurance net premiums written (NPW) of $7.5 billion, an increase of 9% year-over-year on both a reported basis and a constant dollar basis*, driven by growth across all three business segments”
Deck Second Quarter 2026 Financial Results Presentation · p. 2 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- Capital return
- On the key-themes slide of all eight decks. The quarterly amount fell from $1.5-2.5bn to under $1bn from Q4 '25, after the Convex and Onex purchases — the headline stayed, the number halved.
- Combined ratio
- The accident-year ratio sat in an 86.6-88.9% band across all eight quarters, which is the steadiest series in the file. The calendar-year ratio swung from 95.8% in the wildfire quarter to 86.8%.
- Expenses
- AIG Next is named through Q2 '25, when the $500m savings target was reported beaten ahead of schedule — the decks give the figure only once it is met. From Q4 '25 the theme becomes the fully loaded expense ratio against the sub-30% target.
- Corebridge
- Headline only twice: at deconsolidation in Q4 '24 and at the final sale in Q2 '26. In between it sat in the investment and equity-walk pages while the stake fell from $8.1bn to $1.5bn to nothing.
- Deals
- New in Q3 '25 with three dedicated slides, and it replaced buybacks as the lead capital story: 35% of Convex for about $2.1bn, 9.9% of Onex for $646m, the Everest renewal rights, CVC.
- Core ROE
- A highlights tile in all eight decks and a key-theme bullet from Q3 '25 — the quarter it first cleared the 10% floor of the target range. Always shown next to a reported return 0.7 to 5.1 points lower.
- Targets
- Referred to from Q2 '25 but the target slide itself appears only from Q4 '25, and only that one deck put 2025 results next to the targets. The 2026 decks show the targets with no performance column.
- Growth
- Off the key-themes slide in Q2 and Q3 '25 when growth slowed to 1-3%, back on in Q1 '26 at +24% reported once the Convex quota share and the Everest renewals began. The premium shrink has reversed.
- New
- Q4 '25: the fully loaded General Insurance expense ratio, invented to track the sub-30% target. Q1 '26: leverage restated on total adjusted capital, and intangible amortisation moved into General Insurance with history recast.
- Quiet
- Core operating book value per share (Q1 '25), parent liquidity (after Q2 '25, the quarter the buyback peaked), and the near-term debt maturity line — redefined from $500m to $50m with no explanation, then dropped.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 6 Aug 2026
- Q1 2026 release · 8-K 30 Apr 2026
- Q4 2025 release · 8-K 10 Feb 2026
- Q3 2025 release · 8-K 4 Nov 2025
- Q2 2025 release · 8-K 6 Aug 2025
- Q1 2025 release · 8-K 1 May 2025
- Q4 2024 release · 8-K 11 Feb 2025
- Q3 2024 release · 8-K 4 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 7% | · | · | 12% | 44% | 12% | · | 8% |
| Growth & sales | 7% | 15% | 23% | 12% | 44% | 12% | 10% | 46% |
| Pricing & margins | 7% | 23% | 23% | 38% | 33% | 6% | 50% | 15% |
| Guidance & outlook | 29% | 15% | · | 25% | 22% | 25% | · | 38% |
| Capacity & supply | · | · | · | 12% | 33% | · | 10% | 8% |
| Capital & financing | 29% | 8% | 15% | 25% | 11% | 19% | 10% | 38% |
| Competition | 14% | · | 15% | 12% | 11% | · | 20% | 15% |
| Products & technology | · | · | 8% | · | 33% | 12% | · | 8% |
| Macro & regulation | · | 8% | · | · | 11% | · | · | · |
| Other | 43% | 62% | 46% | 12% | · | 44% | 40% | 8% |
| Questions | 14 | 13 | 13 | 8 | 9 | 16 | 10 | 13 |
| How much the CEO talked | 0% | 0% | 0% | 0% | 0% | 0% | 11% | 71% |
Who’s in charge, who’s selling
read from the filings · 1 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · improving
Shareholders voted against the pay programme twice: 35.0% then 22.5%
At the 2025 meeting 172.4m shares went against the pay resolution and 320.7m for — 35.0%, above the level that normally starts an institutional campaign. In 2026 it was 104.7m against and 359.8m for, 22.5%. The pay committee's chair drew 25.6% then 11.1% against, a committee member 20.6% then 8.9%, and a third member announced he would not stand again. The response is disclosed and specific: outreach "broadened" with a heightened focus on holders who did not support the programme, 63% of meetings led personally by the lead independent director and the committee chair, and a list of programme changes. Chief executive pay for 2025 was $32.5m at a 346:1 ratio.
Tier 1 · worsening
Seventeen officer and director filings in three years, three "Senior Advisers", and a president who never arrived
Every amber row in the sweep is an Item 5.02 and there are seventeen. John Neal, ex-Lloyd's, was named President from 1 Dec '25 with a guaranteed bonus and a $4.5m award, then "will no longer be joining... due to personal circumstances" — and was paid $2,700,000 anyway for forgone incentives at his former employer. The chief digital officer stepped down for health reasons to an advisory role. A director resigned by mutual agreement and joined a wholly owned subsidiary's board five days later. The chief executive handover was announced in January, completed in June, and in September the outgoing chief executive left the board fifteen weeks into the executive chairmanship, keeping his $15m target package as Senior Adviser. Fifteen days after that, the chief executive of General Insurance announced the same move.
Tier 2 · stable
Twenty-two officers and directors hold about 0.6% between them
At Jan '26 the group held 3,238,630 shares of a 524.7m count, with the proxy stating that no director, named executive or the group together reached one percent. Two thirds of it was Peter Zaffino's 2,177,207 shares, and he has left the board. Several directors hold under 10,000 shares. Against that, there was no selling at all: eight purchases by two insiders worth $54,909 and not a single sale in the year to Q2 '26 — the only name in this cluster with that pattern. The register is Vanguard 12.8% and BlackRock 7.7%, with no activist and no block.
Tier 2 · stable
The reserve is the sole critical audit matter, and the controls are described as addressing management bias
PwC gave unqualified opinions on the 2025 accounts and on internal control with no material weakness. Its one critical audit matter is the valuation of loss reserves — $41.8bn net, $70.7bn gross — and its disclosed procedures include testing controls "designed to identify and address management bias and contrary evidence". Q2 '26 development was $145m favourable net: $177m released in US workers' compensation and $79m in US property, less $74m of strengthening in US excess casualty from accident years 2016 and 2023. Management's own reading is the harsher one in this cluster — it says social inflation is not moderating and is not being priced as if it were. Audit-related fees are $19.7m against $34.5m of audit fees.
Tier 3 · worsening
Three measures the story was told with have stopped being shown
Core operating book value per share left the highlights slide in Q1 '25. Parent liquidity was stated through Q2 '25 ($4.2bn, $7.7bn, $4.9bn, $4.8bn) and not since — the quarter the buyback was at its largest. The near-term maturity line, which promised no maturity above $500m until 2027, became $50m from Q3 '25 with no explanation and was gone by Q2 '26, so the 2027 wall it was about cannot be checked from the decks. KPI persistence is 0.727. Two definitions also moved: leverage from total debt over total capital to total debt over total adjusted capital, and intangible amortisation out of Other Operations into General Insurance with history recast.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 172.4M against | 104.7M against | 22.5% |
| Mills (pay committee chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 126.0M against | 51.7M against | 11.1% |
| Murphy (pay committee)A board seat. | 101.4M against | 41.1M against | 8.9% |
| Perez (pay committee)A board seat. | 14.2M against | 37.7M against | 8.1% |
| Zaffino (then Chairman & CEO)A board seat. | 27.4M against | 11.5M against | 2.5% |
| Rice (now Chair)A board seat. | 3.9M against | 3.2M against | 0.7% |
| Ratify PricewaterhouseCoopersThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 30.2M against | 29.7M against | 6.0% |
| Dunne — did not stand in 2026A board seat. | 95.8M against | — | 19.4% in 2025 |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders | $0 | not one sale by anyone in the window |
| Bought | $54,909 | eight purchases by two insiders — small, and the only buying in this cluster |
| The group holds | about 0.6% | 3,238,630 shares across 22 people, no individual at 1% |