Latest Ratios: P/E Ratio 13.9x · EV/EBITDA 6.5x · ROE 7.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $40.1B | $48.8B | $47.9B | $49.1B | $49.8B | $49.2B | $32.9B | $45.7B | $35.9B | $55.4B | $71.3B |
| Enterprise Value | $48.0B | $56.7B | $55.5B | $58.5B | $75.0B | $77.1B | $67.6B | $78.2B | $67.5B | $84.7B | $100.3B |
| P/E Ratio → | 13.92 | 15.76 | 21.73 | 13.60 | 4.89 | 4.76 | — | 13.72 | — | — | — |
| P/S Ratio | 1.50 | 1.82 | 1.75 | 1.76 | 1.66 | 0.95 | 0.75 | 0.92 | 0.76 | 1.11 | 1.35 |
| P/B Ratio | 1.05 | 1.19 | 1.12 | 0.96 | 1.15 | 0.71 | 0.49 | 0.68 | 0.63 | 0.84 | 0.93 |
| P/FCF | 12.09 | 14.72 | 14.62 | 7.87 | 12.05 | 7.90 | 31.71 | — | — | — | 20.35 |
| P/OCF | 12.09 | 14.72 | 14.62 | 7.87 | 12.05 | 7.90 | 31.71 | — | — | — | 20.35 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.12 | 2.03 | 2.09 | 2.50 | 1.48 | 1.54 | 1.57 | 1.42 | 1.70 | 1.90 |
| EV / EBITDA | 6.54 | 7.73 | 7.43 | 8.72 | 9.83 | 4.31 | — | 7.59 | 12.02 | 15.87 | 24.98 |
| EV / EBIT | 12.37 | 13.26 | 12.80 | 17.28 | 17.13 | 5.26 | — | 14.78 | 262.78 | 57.79 | — |
| EV / FCF | — | 17.11 | 16.95 | 9.36 | 18.13 | 12.40 | 65.14 | — | — | — | 28.64 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.5% | 34.5% | 34.0% | 15.6% | 24.2% | 38.7% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 14.5% | 14.5% | 14.2% | 10.2% | 12.6% | 25.7% | -16.6% | 10.6% | 0.5% | 2.9% | -0.1% |
| Net Profit Margin | 11.6% | 11.6% | -5.1% | 13.0% | 34.1% | 19.9% | -13.6% | 6.7% | -0.0% | -12.2% | -1.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.4% | 7.4% | -3.0% | 7.7% | 18.2% | 15.2% | -8.8% | 5.4% | -0.0% | -8.5% | -1.0% |
| ROA | 1.9% | 1.9% | -0.4% | 0.7% | 1.8% | 1.8% | -1.1% | 0.7% | -0.0% | -1.2% | -0.2% |
| ROIC | 5.9% | 5.9% | 5.2% | 3.3% | 3.4% | 10.1% | -5.4% | 4.2% | 0.2% | 1.1% | -0.0% |
| ROCE | 6.5% | 6.5% | 1.6% | 0.7% | 0.8% | 2.7% | -1.3% | 1.0% | 0.1% | 0.3% | -0.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.22 | 0.22 | 0.21 | 0.21 | 0.63 | 0.44 | 0.56 | 0.52 | 0.60 | 0.48 | 0.40 |
| Debt / EBITDA | 1.25 | 1.25 | 1.20 | 1.62 | 3.56 | 1.69 | — | 3.43 | 6.15 | 5.93 | 7.70 |
| Net Debt / Equity | — | 0.19 | 0.18 | 0.18 | 0.58 | 0.41 | 0.52 | 0.48 | 0.55 | 0.45 | 0.38 |
| Net Debt / EBITDA | 1.08 | 1.08 | 1.02 | 1.39 | 3.30 | 1.56 | — | 3.16 | 5.64 | 5.48 | 7.23 |
| Debt / FCF | — | 2.39 | 2.33 | 1.49 | 6.08 | 4.49 | 33.44 | — | — | — | 8.29 |
| Interest Coverage | 10.80 | 10.80 | 9.38 | 6.56 | 7.26 | 11.23 | -5.01 | 3.73 | 0.20 | 1.26 | -0.06 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.85 | 0.85 | 1.28 | 1.26 | 3.27 | 3.88 | — | — | — | — | — |
| Quick Ratio | 0.85 | 0.85 | 1.28 | 1.26 | 3.27 | 3.88 | — | — | — | — | — |
| Cash Ratio | 0.37 | 0.37 | 0.79 | 0.78 | 2.41 | 2.98 | — | — | — | — | — |
| Asset Turnover | — | 0.17 | 0.17 | 0.05 | 0.06 | 0.09 | 0.07 | 0.09 | 0.10 | 0.10 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 2.0% | 2.1% | 2.0% | 2.0% | 2.2% | 3.4% | 2.4% | 3.2% | 2.1% | 1.9% |
| Payout Ratio | 31.5% | 31.5% | — | 27.4% | 9.6% | 10.4% | — | 33.3% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 6.3% | 4.6% | 7.4% | 20.5% | 21.0% | — | 7.3% | — | — | — |
| FCF Yield | 8.3% | 6.8% | 6.8% | 12.7% | 8.3% | 12.7% | 3.2% | — | — | — | 4.9% |
| Buyback Yield | 14.6% | 12.0% | 14.9% | 6.0% | 10.4% | 5.3% | 1.5% | 0.0% | 4.8% | 11.3% | 16.1% |
| Total Shareholder Yield | 16.8% | 14.0% | 17.0% | 8.1% | 12.4% | 7.5% | 4.9% | 2.4% | 8.0% | 13.4% | 18.0% |
| Shares Outstanding | — | $570M | $657M | $725M | $788M | $865M | $869M | $890M | $910M | $931M | $1.1B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AIG stock.
American International Group, Inc.'s current P/E ratio is 13.9x. The historical average is 17.4x. This places it at the 38th percentile of its historical range.
American International Group, Inc.'s current EV/EBITDA is 6.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
American International Group, Inc.'s return on equity (ROE) is 7.4%. The historical average is 3.6%.
Based on historical data, American International Group, Inc. is trading at a P/E of 13.9x. This is at the 38th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
American International Group, Inc.'s current dividend yield is 2.26% with a payout ratio of 31.5%.
American International Group, Inc. has 34.5% gross margin and 14.5% operating margin. Operating margin between 10-20% is typical for established companies.
American International Group, Inc.'s Debt/EBITDA ratio is 1.3x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Legacy casualty reserve tail risk
Metrics are mathematically derived from official filings.
Combined Ratio Shows Cyclical Resilience
AIG's combined ratio improved to 80.7% in Q2 2026 from 85.2% in Q1, as reported in financial statements, indicating strong underwriting performance despite revenue headwinds.
The combined ratio has fluctuated between 78.1% and 90.6% over the past ten quarters, with the most recent quarter at 80.7% reflecting a favorable loss ratio of 63.3% and expense ratio of 17.5%. The improvement from the prior quarter is driven by a sharp decline in the expense ratio from 32.9% to 17.5%, which may indicate timing of expenses or one-time items. However, the loss ratio has been volatile, suggesting that underwriting profitability is sensitive to catastrophe losses and reserve development. Investors should monitor whether the low combined ratio is sustainable or if it benefits from favorable prior-year reserve releases.
ROE Recovery Masks Underlying Volatility
ROE rebounded to 2.3% in Q2 2026 from a negative -8.5% in Q2 2024, as per SEC filings, but remains below peer averages, suggesting a need for sustained underwriting discipline.
Quarterly ROE has been erratic, ranging from -8.5% to 2.8%, with the negative quarter in Q2 2024 likely reflecting a significant loss event or reserve charge. The recent improvement to 2.3% is supported by a strong combined ratio and investment income, but the absolute level is low compared to peers like HIG (23.0%) and TRV (25.6%). This suggests that AIG's profitability is still recovering from legacy issues and that the market may be pricing in a lower quality of earnings. The decomposition of ROE indicates that underwriting profits are the primary driver, with investment income providing a stable but modest contribution.
Underwriting Leverage Appears Conservative
AIG's premium-to-surplus ratio is not directly disclosed, but the D/E ratio of 0.22 and stable equity near $40B, as reported in financial statements, suggest a conservative capital structure.
The debt-to-equity ratio has remained stable at 0.22 over the past year, indicating a moderate use of leverage. Interest coverage improved to 13.64x in Q2 2026 from 7.30x in Q4 2025, reflecting stronger operating earnings. While the premium-to-surplus ratio is not provided, the stable equity base and low debt levels suggest that AIG has ample capacity to support its underwriting operations. However, the deconsolidation of Corebridge has reduced the asset base, and investors should monitor whether the remaining capital is sufficient to support the P&C business without raising additional debt.
Valuation Discount Persists Despite Improved Metrics
AIG trades at a P/B of 1.06 versus Chubb's 1.71 and Travelers' 2.56, as per current market data, implying a discount that may reflect legacy risk and complexity.
AIG's P/B is significantly lower than its primary P&C peers, suggesting that the market is applying a complexity discount due to the ongoing Corebridge separation and historical volatility. The forward P/E of 9.59 is also below the peer average, indicating that earnings are expected to grow or that the market is skeptical of sustainability. While AIG's combined ratio is competitive, its ROE lags peers, which may justify the lower multiple. However, if the company continues to execute on its strategic plan and delivers consistent underwriting results, the discount could narrow. Investors should compare AIG's accident-year combined ratio ex-catastrophes to peers to assess true underwriting quality.
Combined Ratio May Overstate Underlying Strength
The combined ratio of 80.7% in Q2 2026, as reported in financial statements, may be flattered by favorable prior-year reserve development, obscuring underlying margin pressure from social inflation.
While the combined ratio is a key metric, it can be distorted by reserve releases. AIG has a history of favorable prior-year development, which lowers the reported combined ratio but does not reflect current accident-year performance. The loss ratio of 63.3% in Q2 2026 is below the historical average, but this may be due to releases rather than improved underwriting. Analysts should focus on the accident-year combined ratio excluding catastrophes and reserve development to gauge true profitability. Additionally, the expense ratio has been volatile, with a spike to 32.9% in Q1 2026, suggesting that expense management is not yet stable. A more accurate measure would be the accident-year loss ratio adjusted for reserve changes.