# American International Group (AIG) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AIG/thesis · /stocks/AIG/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AIG/fundamental

## Navigation

- Overview: /stocks/AIG
- Financials (this page): /stocks/AIG/financials
- Thesis: /stocks/AIG/thesis
- Investment Memo: /stocks/AIG/memo
- Coverage universe: /stocks