American International Group (AIG) Q1 2026 earnings summary

Executive summary

• Net income per diluted share rose 22% year-over-year to $1.41; adjusted after-tax income per diluted share surged 80% to $2.11.

• General Insurance net premiums written increased 24% year-over-year to $5.6 billion, with strong growth in both commercial and personal lines.

• Underwriting income in General Insurance more than tripled to $774 million, with a combined ratio improvement of 850 basis points to 87.3%.

• Board declared an 11% increase in quarterly dividend to $0.50 per share, marking the fourth consecutive year of double-digit dividend growth.

• Completed strategic investments, including a 35% stake in Convex Group Limited and a 9.9% stake in Onex Corporation.

Financial highlights

• Adjusted after-tax income per diluted share was $2.11, up 80% year-over-year.

• Net premiums written were $5.6 billion, up 24% year-over-year (18% on a constant dollar basis).

• Book value per share at quarter-end was $75.82, up 6% year-over-year; adjusted tangible book value per share was $70.85, up 4%.

• Net investment income fell 36% to $712 million, but on an adjusted basis rose 8% to $915 million.

• Total debt to total adjusted capital ratio was 17.7% at quarter end.

Outlook and guidance

• Targets 20%+ operating EPS CAGR and 10–13% core operating ROE for 2025–2027.

• General Insurance expense ratio targeted below 30% by 2027; Global Personal Insurance combined ratio to 94% by 2027.

• Management remains confident in meeting or exceeding financial objectives set at the March 2025 Investor Day.

• Net premiums earned growth anticipated to benefit results in the second half of 2026 and into 2027.

• Dividends per share CAGR targeted at 10%+ for 2025–2026.