For the fourth quarter of 2025, net income attributable to AIG common shareholders was USD 735 million, compared to net income of USD 898 million in the prior year quarter, according to the company’s report on fourth quarter and full year results.

The year-over-year decrease was primarily a result of a change in unrealized losses related to AIG’s ownership interest in Corebridge Financial, Inc. (Corebridge) and a gain from the divestiture of the global personal travel business in the prior year, partially offset by higher underwriting income and net investment income in General Insurance and tax benefit as a result of a one-time release of deferred income tax valuation allowance.

AATI was USD 1.1 billion for the fourth quarter of 2025, compared to USD 817 million in the prior year quarter, reflecting higher underwriting income and higher net investment income in General Insurance.

Total net investment income for the fourth quarter of 2025 was USD 872 million, down 34% from USD 1.3 billion in the prior year quarter, primarily due to lower gains on the change in fair value and lower gains on sale of shares from AIG’s interest in Corebridge and lower income on alternative investments, partially offset by higher income from fixed maturity securities. Total net investment income on an APTI basis, which excludes the change in fair value of AIG’s interest in Corebridge, was USD 954 million, an increase of 9% from USD 872 million in the prior year quarter. Net investment income attributed to General Insurance was up 13% from the prior year quarter.

For the full year 2025, net income attributable to AIG common shareholders was USD 3.1 billion compared to net loss of USD 1.4 billion in the prior year. The year-over-year increase was primarily due to the absence of loss as a result of the deconsolidation of Corebridge in June 2024 and higher underwriting income and net investment income in General Insurance, partially offset by net realized losses excluding Fortitude Re funds withheld assets, largely due to impairments on investments in real estate.

AATI was USD 4.0 billion for the full year 2025, compared to USD 3.3 billion in the prior year, reflecting higher underwriting income and net investment income in General Insurance.

Total net investment income for the full year 2025 was USD 4.2 billion, down 1% from USD 4.3 billion in the prior year, primarily due to a decrease in other investments, which includes lower gains on the change in fair value and lower gains on sale of shares of and dividends from Corebridge, partially offset by higher income from fixed maturity securities. Total net investment income on an APTI basis, which excludes the change in fair value of AIG’s interest in Corebridge, was USD 3.8 billion, an increase of 8% from USD 3.5 billion in the prior year. Net investment income attributed to General Insurance was up 12% from the prior year, driven by higher income from available for sale fixed maturity securities and alternative investments, partially offset by lower income on other investments.

ROE and Core Operating ROE were 7.2% and 11.7%, respectively, in the fourth quarter of 2025, and 7.5% and 11.1%, respectively, for the full year 2025.

The key takeaways of the fourth quarter 2025 and full year 2025 results are as follows:

Fourth Quarter 2025:

• General Insurance underwriting income of USD 670 million, up 48% year-over-year
• General Insurance combined ratio of 88.8%; Accident year combined ratio, as adjusted (AYCR) of 88.9%
• Global Commercial net premiums written (NPW) of USD 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
• Returned USD 809 million of capital to shareholders, including USD 567 million of share repurchases and USD 242 million of dividends in the quarter
• Return on equity (ROE) of 7.2% and Core Operating ROE of 11.7%

Full Year 2025:

• General Insurance underwriting income of USD 2.3 billion, up 22% year-over-year
• General Insurance combined ratio of 90.1%; AYCR of 88.3%
• Global Commercial NPW of USD 17.4 billion, an increase of 4% year-over-year on a reported basis, or an increase of 3% on a comparable basis,driven by 9% growth in new business
• Net investment income of USD 4.2 billion, a decrease of 1% year-over-year, and Net investment income on an adjusted pre-tax income (APTI) basis of USD 3.8 billion, an increase of 8%
• Returned USD 6.8 billion of capital to shareholders, including USD 5.8 billion of share repurchases and approximately USD 1.0 billion of dividends
• ROE of 7.5% and Core Operating ROE of 11.1%

“2025 was an exceptional year for AIG. We made tremendous progress against our strategy, delivered outstanding financial results, and achieved important milestones that have positioned AIG for a bright future”, said Peter Zaffino, AIG Chairman & Chief Executive Officer. “We have entered 2026 with strong momentum, and our January 1 reinsurance renewal activity resulted in enhanced terms and favorable pricing, reflecting the quality of our portfolio. We are off to a great start on our Investor Day guidance and are on track to achieve or even exceed our financial objectives. Thanks to the hard work and commitment of our talented colleagues, AIG is positioned for another exceptional year”, Peter Zaffino added.

Full report can be found here.