Cash generation remains volatile, as evidenced by the OCF/NI ratio swinging from a low of -0.23 in 2024Q2 to a high of 17.44 in 2023Q4, complicating the sustainability of aggressive capital returns like the $2.2 billion in share buybacks executed in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 3.52B | 3.31B | 3.27B | 6.24B | 4.13B | 6.22B | 1.04B | -1.81B | -394M | -7.82B | 3.5B | 2.88B | 5.01B | 5.87B | 3.68B | -81M | 16.91B | 18.58B | -122M | 35.17B | 6.29B | 25.14B | 30.72B | 33.24B | 18.21B | 8.8B | 9.08B | 12.64B | 7.44B | 3.43B | 9.57B |
| Operating CF Growth % | 814.2% | 1.25% | -47.57% | 51.02% | -33.57% | 499.52% | 157.44% | -358.63% | 94.96% | -323.24% | 21.72% | -42.54% | -14.63% | 59.55% | 4638.27% | -100.48% | -9.01% | 15332.79% | -100.35% | 459.42% | -74.99% | -18.16% | -7.6% | 82.56% | 106.89% | -3.08% | -28.17% | 69.96% | 116.69% | -64.15% | 32.83% |
| Operating CF / Revenue % | 13.23% | 12.38% | 12% | 22.33% | 13.79% | 11.97% | 2.37% | -3.63% | -0.83% | -15.66% | 6.64% | 4.88% | 7.75% | 8.39% | 5.15% | -0.12% | 21.81% | 24.66% | -1.77% | 31.96% | 5.54% | 23.08% | 31.45% | 41.85% | 27.4% | 14.25% | 16.12% | 27.79% | 22.56% | 11.58% | 37.1% |
| Net Income | 3.16B | 3.1B | 2.7B | 3.88B | 11.27B | 10.91B | -5.83B | 4.12B | 103M | -6.08B | -259M | 2.22B | 7.53B | 9B | 3.7B | 18.83B | 12.08B | -12.82B | -97.63B | 6.2B | 14.01B | 10.48B | 9.88B | 8.11B | 5.87B | 5.36B | 6.64B | 6.19B | 4.28B | 3.71B | 2.9B |
| Depreciation & Amortization | 3.44B | 3.46B | 3.6B | 4.21B | 4.41B | 4.54B | 4.12B | 5.01B | 5.36B | 3.87B | 4.09B | 4.63B | 4.45B | 4.71B | 7.35B | 7.37B | 11.32B | 12.07B | 15.45B | 3.91B | 2.37B | 2.2B | 2.04B | 1.86B | 2.09B | 1.44B | 1.24B | 1.13B | 952M | 885M | 806M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.36B | 519M | -667M | 1.7B | 819M | -7B | 6.97B | -1.5B | 669M | 650M | 1.13B | 153M | -2.66B | -2.34B | -1.71B | 6.71B | -5.9B | 24.1B | 90.47B | 22.34B | 10.08B | -1.12B | -859M | -67M | -13.49B | 452M | -178M | -313M | -437M | -1.22B | -287M |
| Working Capital Changes | 282M | -3.76B | -2.36B | -3.55B | -12.37B | -2.22B | -4.22B | -9.43B | -6.53B | -6.26B | -1.46B | -4.13B | -4.31B | -5.51B | -5.67B | -32.99B | -584M | -4.77B | -8.4B | 2.72B | -20.18B | 13.58B | 19.66B | 23.34B | 23.74B | 1.55B | 1.38B | 5.64B | 2.64B | 55M | 6.16B |
| Cash from Investing | 1.27B | 3.19B | 1.67B | -7.02B | -3.63B | -3.28B | -6.2B | -5.47B | -223M | 14.04B | 3.25B | 8.46B | 14.28B | 7.1B | 16.61B | 36.45B | -10.22B | 5.78B | 47.18B | -67.83B | -67.95B | -57.32B | -97.11B | -66.9B | -46.96B | -31.3B | -20.83B | -26.55B | -16.21B | -7.4B | -14.46B |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -267M | -341M | -4.82B | -5.64B | -7.11B | -6.19B | -4.86B | -5.46B | -6.23B | -4.42B | -3.43B | -3.37B | -3.16B | -3.44B | -3.25B |
| Acquisitions | 0 | 0 | 0 | 3.31B | 0 | 4.68B | 2.17B | 2M | -5.71B | 792M | 2.81B | 0 | 2.35B | 0 | 0 | 587M | 21.76B | 5.28B | -5B | 0 | 0 | -50M | 1M | -1.84B | -479M | -924M | 62M | 15M | -516M | -40M | -39M |
| Purchase of Investments | -5.79B | 0 | -25.35B | -30.21B | -44.95B | -79.41B | -67.35B | -63.03B | -48.27B | -53.88B | -62.42B | -55.13B | -50.1B | -72.62B | -81.42B | -98.56B | -98.34B | -83.13B | -181.03B | -212.86B | -211.47B | -200.05B | -201.97B | -188.71B | -156.79B | -157.21B | -79.58B | -89.97B | -60.24B | -49.69B | -33.52B |
| Sale/Maturity of Investments | 3.77B | 8.9B | 30.14B | 44.56B | 46.69B | 73.18B | 57.15B | 59.74B | 59.56B | 72.9B | 68.46B | 68.67B | 68.66B | 84.94B | 98.09B | 101.81B | 87.68B | 78.98B | 239.81B | 168.89B | 152.24B | 166.78B | 135.97B | 138.2B | 128.23B | 133.4B | 64.31B | 68.07B | 48.25B | 44.31B | 21.59B |
| Other Investing | 3.29B | -5.71B | -3.11B | -24.69B | -5.37B | -1.74B | 1.82B | -2.19B | -5.81B | -5.77B | -5.6B | -5.09B | -6.62B | -5.22B | -61M | 32.6B | -21.05B | 4.99B | -1.79B | -18.23B | -1.62B | -17.81B | -26.26B | -9.1B | -11.7B | -2.15B | -2.19B | -1.31B | -538M | 1.44B | 766M |
| Cash from Financing | -4.67B | -6.54B | -5.06B | 782M | -602M | -3.68B | 5.06B | 7.26B | 1.25B | -5.7B | -6.83B | -11.43B | -19.79B | -11.76B | -20.56B | -36.24B | -9.26B | -29B | -40.73B | 33.31B | 61.24B | 33B | 66.49B | 33.07B | 29.25B | 23.11B | 11.84B | 13.69B | 8.98B | 4B | 4.85B |
| Dividends Paid | -983M | -976M | -1.02B | -1.03B | -1.01B | -1.11B | -1.13B | -1.14B | -1.14B | -1.17B | -1.37B | -1.03B | -712M | -294M | 0 | -336M | 0 | 0 | -1.63B | -1.88B | -1.64B | -1.42B | -730M | -584M | -467M | -743M | -776M | -709M | -324M | -267M | -174M |
| Share Repurchases | -4.12B | -5.84B | -7.14B | -2.96B | -5.2B | -2.59B | -500M | 0 | -1.74B | -6.28B | -11.46B | -10.69B | -4.9B | -597M | -13B | 0 | 0 | 0 | -1B | -6.02B | -20M | -176M | -1.28B | 0 | -784M | -2.29B | -1.4B | -700M | -81M | -645M | -494M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 25.35B | 0 | 5.34B | 7.34B | 206M | 163M | 82M | 158M | 74M | 168M | 239M | 144M | 244M | 40M | 614M | 23M |
| Debt Issuance (Net) | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -463M | 129M | 4.49B | 6.72B | 6.41B | 4.22B | 5.07B | 7.23B | 3.06B | 2.09B | 4.13B | 3.23B | -4.7B | -1.91B | 3.56B | 2.35B | 2.58B | -13.37B | -22.42B | 17.86B | 25.24B | 23.47B | 55.43B | 28.07B | 32.81B | 17.31B | 9.47B | 11.69B | 5.15B | 4.28B | 790.13M |
| Net Change in Cash | 120M | -27M | -201M | -643M | -211M | -803M | -57M | -71M | 621M | 630M | -131M | -129M | -483M | 1.09B | -323M | -84M | -2.84B | -4.24B | 6.36B | 694M | -307M | -112M | 1.09B | -243M | 467M | 176M | 96M | -218M | 216M | 28M | -29M |
| Exchange Rate Effect | -12M | 12M | -83M | -647M | -117M | -67M | 49M | -47M | -11M | -29M | 55M | -39M | -74M | -92M | 16M | 29M | 39M | 533M | 38M | 50M | 114M | -928M | 992M | 0 | -31M | -439M | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 1.34B | 1.37B | 1.57B | 2.22B | 2.43B | 3.23B | 3.29B | 3.36B | 2.74B | 2.11B | 2.24B | 1.76B | 2.24B | 1.15B | 1.47B | 1.56B | 4.4B | 8.64B | 2.28B | 1.59B | 1.9B | 2.01B | 922M | 1.17B | 698M | 522M | 426M | 644M | 87M | 59M | 88M |
| Cash at End | 1.53B | 1.34B | 1.37B | 1.57B | 2.22B | 2.43B | 3.23B | 3.29B | 3.36B | 2.74B | 2.11B | 1.63B | 1.76B | 2.24B | 1.15B | 1.47B | 1.56B | 4.4B | 8.64B | 2.28B | 1.59B | 1.9B | 2.01B | 922M | 1.17B | 698M | 522M | 426M | 303M | 87M | 59M |
| Free Cash Flow | 3.52B | 3.31B | 3.27B | 6.24B | 4.13B | 6.22B | 1.04B | -1.81B | -394M | -7.82B | 3.5B | 2.88B | 5.01B | 5.87B | 3.68B | -81M | 16.91B | 18.24B | -1.38B | 29.53B | -819M | 18.95B | 25.86B | 27.78B | 11.98B | 4.39B | 5.65B | 9.28B | 4.28B | -2M | 6.32B |
| FCF Growth % | 30.65% | 1.25% | -47.57% | 51.02% | -33.57% | 499.52% | 157.44% | -358.63% | 94.96% | -323.24% | 21.72% | -42.54% | -14.63% | 59.55% | 4638.27% | -100.48% | -7.31% | 1421.96% | -104.67% | 3705.49% | -104.32% | -26.73% | -6.93% | 131.86% | 173.19% | -22.36% | -39.11% | 116.83% | 214050% | -100.03% | 76.15% |
| FCF Margin % | 13.23% | 12.38% | 12% | 22.33% | 13.79% | 11.97% | 2.37% | -3.63% | -0.83% | -15.66% | 6.64% | 4.88% | 7.75% | 8.39% | 5.15% | -0.12% | 21.81% | 24.21% | -20.01% | 26.83% | -0.72% | 17.4% | 26.47% | 34.98% | 18.03% | 7.1% | 10.03% | 20.39% | 12.98% | -0.01% | 24.49% |
| FCF per Share | 6.5 | 5.81 | 4.98 | 8.61 | 5.25 | 7.2 | 1.19 | -2.03 | -0.43 | -8.4 | 3.21 | 2.16 | 3.46 | 3.96 | 2.18 | -0.05 | 123.75 | 134.81 | -10.48 | 227.32 | -6.24 | 144.23 | 196.1 | 210.7 | 88.65 | 33.1 | 42.83 | 70.02 | 36.71 | -0.02 | 63.37 |
Social inflation reserve volatility
According to AIG's quarterly financial disclosures, operating cash flow has exhibited significant inconsistency, ranging from a $56 million outflow in 2025Q1 to a $1.7 billion inflow in 2024Q3, highlighting the inherent difficulty in stabilizing cash generation during the ongoing transition toward a pure-play P&C business model.
The wide variance in operating cash flow suggests that the timing of premium receipts and claim settlements remains sensitive to both portfolio remediation efforts and broader market cycles. Investors should monitor whether the recent volatility in cash generation reflects a structural shift in the underwriting book or merely the temporary noise associated with the deconsolidation of non-core assets.
As reported in recent SEC filings, AIG has actively managed its investment portfolio through substantial asset turnover, including a net sale of $11 billion in 2025Q1, which appears to be a strategic effort to optimize liquidity and reinvestment yields in a higher-for-longer interest rate environment.
The frequent oscillation between large-scale purchases and sales of investment securities indicates a proactive approach to managing the float's duration and yield profile. This activity suggests that management is prioritizing the alignment of investment income with the evolving liability structure of the remaining General Insurance operations.
Based on reported figures, AIG has maintained a consistent pace of capital return, with share buybacks totaling $2.2 billion in 2025Q1 alone, even as operating cash flow turned negative during the same period, suggesting a reliance on balance sheet liquidity rather than purely organic cash generation.
The disconnect between volatile operating cash flows and the sustained level of share repurchases warrants further investigation into the sustainability of this capital allocation strategy. It appears that the company is utilizing proceeds from the Corebridge separation to fund shareholder returns, which may limit future flexibility if underwriting cash generation does not stabilize.
As indicated by the OCF/NI ratio, which fluctuated from a low of -0.23 in 2024Q2 to a high of 17.44 in 2023Q4, there is a notable lack of correlation between reported net income and actual cash generation, complicating the assessment of the company's true underlying profitability.
This divergence suggests that non-cash accruals and accounting adjustments related to the Corebridge deconsolidation are significantly distorting the relationship between earnings and cash. Analysts should be cautious in using net income as a proxy for cash-generating capacity, as the statutory reality appears far more complex than headline figures imply.
Quick answers to the most common questions about buying AIG stock.
American International Group, Inc. (AIG) generated $3.31B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
American International Group, Inc. (AIG) generated $3.31B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
American International Group, Inc. (AIG) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, American International Group, Inc. (AIG) returned $976.0M to shareholders via cash dividends and spent $5.84B on share repurchases. This shows the company's commitment to returning capital to its equity investors.