According to the AIG’s press release on Second Quarter 2025 Results, AATI was USD 1.0 billion for the second quarter of 2025, compared to USD 771 million in the prior year quarter, reflecting higher underwriting income and higher net investment income in General Insurance and improved results in Other Operations.
Total net investment income for the second quarter of 2025 was USD 1.5 billion, an increase of 48% from USD 990 million in the prior year quarter, primarily due to a change in fair value of AIG's equity in Corebridge and higher income on available for sale fixed maturity securities, partially offset by lower income from short-term investments, mortgage loans and other invested assets. Total net investment income on an APTI basis, which excludes the change in fair value of AIG’s equity in Corebridge, was USD 955 million, an increase of 9% from USD 879 million in the prior year quarter. Net investment income attributed to General Insurance was up 17% from the prior year quarter, driven by higher income on available for sale fixed maturity securities and alternative investments and lower investment expenses, partially offset by lower income on other investments.
ROE and Core Operating ROE were 11.0% and 11.7%, respectively, in the second quarter of 2025.
Net premiums written (NPW) reached USD 6.9 billion, a decrease of 1% y-o-y on a reported basis, but an increase of 1% on a comparable basis. Global Commercial NPW amounted to USD 5.2 billion, an increase of 3% y-o-y. General Insurance combined ratio stood at 89.3%. General Insurance underwriting income reached USD 626 million, an increase of 46% y-o-y.
“AIG delivered an outstanding second quarter. The adjusted after-tax income per diluted share was USD 1.81, representing 56% growth from the prior year quarter. This growth was driven by higher underwriting income of USD 626 million, higher net investment income of USD 955 million, and disciplined capital management”, commented Peter Zaffino, AIG Chairman & Chief Executive Officer.
“We continued to make significant progress on our long-term strategic, operational and financial objectives while navigating a dynamic macroeconomic environment. Against this backdrop, General Insurance delivered excellent underwriting profitability in the second quarter and achieved a calendar year combined ratio of 89.3%. Total catastrophe-related charges were USD 170 million, representing 2.9 loss ratio points, reflecting our disciplined approach to managing volatility”, Peter Zaffino said. “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”, AIG Chairman & Chief Executive Officer added.
The full report can be found here.
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