American International Group
AIGFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$6.7B
Q1 2026
TTM ROIC
7.3%
FY2025 · Net Income / Average Shareholders' Equity (GAAP ROE) · WACC ~9.5% · Moat spread +-2.2pp
Financial Snapshot
ticker: AIG step: 04 generated: 2026-05-12 source: quick-research
American International Group (AIG) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25) |
|---|---|---|---|---|---|
| Revenue (GenIns) | $48.5B | $27.9B | $27.3B | $26.8B | -1.8% |
| General Ins Net Premiums | $25.7B | $24.5B | $24.1B | $24.0B | flat |
| Combined Ratio | 91.5% | 91.2% | 91.8% | 90.5% | -130bps |
| Accident Year CR (Adj) | 87.6% | 87.9% | 88.6% | 88.0% | -60bps |
| Net Investment Income | $3.9B | $3.6B | $3.7B | $4.2B | +14% |
| Net Income | $10.2B | $3.6B | $2.7B | $4.0B | +48% |
| Adjusted EPS | $5.20 | $6.18 | $4.95 | $5.85 | +18% |
Note: FY2022-23 revenue declines reflect Corebridge spin/sale (life & retirement segments removed). Q1 2026 underwriting income tripled YoY; combined ratio 87.3% (Q1 26 alone) — strong start.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.5B |
| Stockholders' Equity | ~$40B |
| Cash & Equivalents | ~$3.0B |
| Total Debt | ~$10B |
| Book Value per Share | ~$76 |
| Adjusted Book Value | ~$70 |
Key Ratios (approximate)
- P/E: ~14x | P/B: ~1.1x | P/Adj BV: ~1.2x
- Revenue Growth (TTM): -1.8% | Combined Ratio: 90.5%
- Dividend Yield: ~1.8% | Dividend: $1.60/share
Growth Profile
Capital return: $8.1B 2024 + $6.8B 2025 returned to shareholders ($5.8-6.6B buybacks annually + dividend). 2026 model: combined ratio mid-80s + investment income compounding + commercial pricing continued favorable. Q1 26 cat losses $180M (vs $525M Q1 25) = clean start. AI Claim platform driving expense ratio improvement.
Forward Estimates
- FY 2026: Adj EPS ~$6.40 (+9-10%); combined ratio ~88-89%
- FY 2027: Adj EPS ~$7.00 with continued buybacks + investment income compounding
- $710M Corebridge final stake sale closes May 2026 = additional capital
- Analyst price target average ~$87 vs ~$78 trading = +12% upside
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $AIG.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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