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Cash conversion is strong, with Q2 2026 operating cash flow of $1.7B covering $908M in dividends and buybacks, and an OCF/NI ratio of 1.81, though quarterly OCF has been volatile, ranging from -$56M to $1.7B over the past year.
American International Group, Inc. (AIG) cash flow statement — 30-year operating, investing & financing cash flows
| 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 | 3.85B | 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 % | 788% | 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 % | 14.42% | 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 | 2.96B | 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 | 3.49B | 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 | -2.71B | 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 | 103M | -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 | -44M | 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 | -16.13B | -26.46B | -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 | 11.61B | 29.43B | 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 | 4.47B | 222M | -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 | -4.05B | -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 | -992M | -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 | -2.98B | -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) | -4M | 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 | -47M | 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 | -276M | -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 | -32M | 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 | 1.53B | 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 | 1.56B | 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 | 3.85B | 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 % | 21.87% | 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 % | 14.42% | 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 | 7.16 | 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 |
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.
Key Metrics
Top Statement Risk
Revenue contraction persists
Metrics are mathematically derived from official filings.
Underwriting Cash Generation Remains Solid
AIG's operating cash flow averaged $1.1B per quarter over the last four quarters, with Q2 2026 OCF/NI at 1.81, indicating strong premium collection relative to claims paid, as per recent SEC filings.
The consistent positive operating cash flow, despite quarterly volatility, suggests that AIG's underwriting operations are generating sufficient cash to cover claims and expenses. The Q2 2026 OCF/NI ratio of 1.81 indicates that for every dollar of net income, $1.81 was generated in operating cash flow, reflecting high earnings quality. This is particularly notable given the ongoing portfolio reshaping and the deconsolidation of Corebridge, which could have disrupted cash flows.
Claims Payments Stable, but Social Inflation Looms
Claims and loss payments have remained steady around $4.3-4.6B per quarter over the past year, as reported in financial statements, suggesting stable loss experience, though social inflation may pressure future payments.
The stability in claims payments, despite the company's exit from volatile lines, suggests that current loss experience is manageable. However, the persistent threat of social inflation in casualty lines could lead to higher-than-expected claims payments in the future. Investors should monitor whether the stability in claims payments is sustainable or if it masks underlying reserve deficiencies that could emerge as legal settlements rise.
Investment Portfolio Cash Flows Reflect Active Management
AIG's investment portfolio shows significant activity, with purchases and sales of investments roughly offsetting each other in Q2 2026 ($6.1B each), as per recent filings, indicating active portfolio repositioning.
The near-equal purchases and sales of investments suggest that AIG is actively managing its portfolio, likely to optimize yields in a higher interest rate environment. This activity may be part of a strategy to increase investment income, which is a key earnings driver. However, the large swings in investment cash flows (e.g., Q3 2025 saw sales of $11.0B) indicate that the portfolio is being reshaped, which could introduce volatility in investment income and realized gains/losses.
Capital Return Covered by Operating Cash
Dividends and buybacks totaled $908M in Q2 2026, fully covered by operating cash flow of $1.7B, as per recent SEC filings, indicating that capital return is sustainable without liquidating investments.
The coverage of dividends and buybacks by operating cash flow is a positive sign, suggesting that AIG is returning capital to shareholders without relying on portfolio sales. However, the pace of buybacks has been variable, with Q3 2025 seeing $1.2B in buybacks, which may indicate opportunistic repurchasing. The sustainability of this capital return depends on maintaining underwriting cash generation, which could be challenged by revenue contraction.
Earnings Quality Supported by Cash Conversion
AIG's operating cash flow has exceeded net income in most quarters, with Q2 2026 OCF/NI at 1.81, as reported in financial statements, suggesting that earnings are backed by actual cash generation.
The high OCF/NI ratio in Q2 2026 indicates that net income is not being inflated by non-cash items, such as reserve releases or unrealized gains. This is a positive signal for earnings quality. However, the negative OCF/NI in Q1 2025 and Q2 2024 (due to net losses) highlights the volatility in earnings, which may be driven by investment portfolio mark-to-market or one-time items. Investors should continue to monitor the consistency of cash conversion.
Cash Flow Volatility Masks Underlying Trends
Despite strong Q2 2026 cash generation, AIG's operating cash flow has been volatile, ranging from -$56M to $1.7B over the past year, as per recent filings, suggesting potential timing mismatches or one-time items.
The wide range in quarterly operating cash flow indicates that AIG's cash generation is not smooth, which could be due to the timing of premium collections, claims payments, or investment activity. This volatility may obscure the underlying trend of underwriting profitability. Additionally, the large investment purchases and sales could be distorting operating cash flow, as they are classified as investing activities. Investors should focus on the core underwriting cash generation, which appears stable, but should be cautious about relying on any single quarter's cash flow as indicative of the full-year trend.