Revenue growth remains mixed, with Q2 2026 revenue up 0.6% year-over-year, but underwriting profitability improved sharply as the combined ratio fell to 80.7% from 85.2% in Q1 2026, driven by a loss ratio of 63.3%.
American International Group, Inc. (AIG) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 26.69B | 26.77B | 27.27B | 27.96B | 29.98B | 51.98B | 43.84B | 49.79B | 47.48B | 49.93B | 52.75B | 58.92B | 64.61B | 69.87B | 71.42B | 65.42B | 77.53B | 75.35B | 6.9B | 110.06B | 113.39B | 108.91B | 97.67B | 79.42B | 66.46B | 61.77B | 56.34B | 45.5B | 32.97B | 29.64B | 25.81B |
| Revenue Growth % | -3.78% | -1.82% | -2.46% | -6.73% | -42.34% | 18.58% | -11.96% | 4.87% | -4.9% | -5.35% | -10.47% | -8.8% | -7.53% | -2.17% | 9.18% | -15.62% | 2.89% | 992.69% | -93.73% | -2.93% | 4.12% | 11.51% | 22.97% | 19.5% | 7.6% | 9.63% | 23.82% | 38.02% | 11.23% | 14.83% | 98.26% |
| Medical Costs & Claims | 16.53B | 17.53B | 17.99B | 23.59B | 22.71B | 31.88B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51.9B | 0 | 65.88B | 0 | 0 | 91.7B | 93.69B | 82.82B | 67.51B | 58.48B | 0 | 46B | 35.5B | 26.61B | 24.35B | 0 |
| Medical Cost Ratio % | 61.94% | 65.49% | 65.98% | 84.37% | 75.78% | 61.32% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 79.34% | 0% | 87.43% | 0% | 0% | 80.87% | 86.03% | 84.8% | 85.01% | 87.99% | 0% | 81.65% | 78.02% | 80.73% | 82.16% | 0% |
| Gross Profit | 10.16B | 9.24B | 9.28B | 4.37B | 7.26B | 20.11B | 43.84B | 49.79B | 47.48B | 49.93B | 52.75B | 58.92B | 64.61B | 69.87B | 71.42B | 13.52B | 77.53B | 9.47B | 6.9B | 110.06B | 21.69B | 15.21B | 14.85B | 11.91B | 7.98B | 61.77B | 10.34B | 10B | 6.35B | 5.29B | 25.81B |
| Gross Margin % | 38.06% | 34.51% | 34.02% | 15.63% | 24.22% | 38.68% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 20.66% | 100% | 12.57% | 100% | 100% | 19.13% | 13.97% | 15.2% | 14.99% | 12.01% | 100% | 18.35% | 21.98% | 19.27% | 17.84% | 100% |
| Gross Profit Growth % | - | -0.4% | 112.26% | -39.79% | -63.89% | -54.14% | -11.96% | 4.87% | -4.9% | -5.35% | -10.47% | -8.8% | -7.53% | -2.17% | 428.33% | -82.56% | 718.39% | 37.37% | -93.73% | 407.51% | 42.56% | 2.48% | 24.67% | 49.17% | -87.08% | 497.47% | 3.39% | 57.37% | 20.14% | -79.51% | 311.56% |
| Operating Expenses | 6.43B | 5.36B | 5.41B | 1.51B | 3.49B | 6.76B | 51.13B | 44.51B | 47.22B | 48.46B | 52.83B | 55.64B | 54.11B | 60.5B | 68.53B | 14.42B | 59.59B | 23.78B | 113.42B | 101.12B | 0 | 0 | 0 | 0 | 0 | 53.63B | 315M | 600M | 77M | -21M | 21.76B |
| OpEx / Revenue % | 24.11% | 20.03% | 19.85% | 5.39% | 11.65% | 13% | 116.64% | 89.38% | 99.46% | 97.06% | 100.14% | 94.43% | 83.75% | 86.59% | 95.95% | 22.04% | 76.86% | 31.56% | 1644.78% | 91.87% | 0% | 0% | 0% | 0% | 0% | 86.82% | 0.56% | 1.32% | 0.23% | -0.07% | 84.29% |
| Depreciation & Amortization | 3.49B | 3.46B | 3.6B | 3.84B | 3.86B | 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 | 1.69B | 1.44B | 1.24B | 1.13B | 952M | 885M | 806M |
| Combined Ratio % | 86.04% | 85.51% | 85.82% | 89.76% | 87.43% | 74.33% | 116.64% | 89.38% | 99.46% | 97.06% | 100.14% | 94.43% | 83.75% | 86.59% | 95.95% | 101.38% | 76.86% | 118.99% | 1644.78% | 91.87% | 80.87% | 86.03% | 84.8% | 85.01% | 87.99% | 86.82% | 82.21% | 79.34% | 80.96% | 82.09% | 84.29% |
| Operating Income | 3.73B | 3.88B | 3.87B | 2.86B | 3.77B | 13.35B | -7.29B | 5.29B | 257M | 1.47B | -74M | 3.28B | 10.5B | 9.37B | 2.89B | -901M | 17.94B | -14.31B | -106.53B | 8.94B | 21.69B | 15.21B | 14.85B | 11.91B | 7.98B | 8.14B | 10.02B | 9.4B | 6.28B | 5.31B | 4.06B |
| Operating Margin % | 13.96% | 14.49% | 14.18% | 10.24% | 12.57% | 25.67% | -16.64% | 10.62% | 0.54% | 2.94% | -0.14% | 5.57% | 16.25% | 13.41% | 4.05% | -1.38% | 23.14% | -18.99% | -1544.78% | 8.13% | 19.13% | 13.97% | 15.2% | 14.99% | 12.01% | 13.18% | 17.79% | 20.66% | 19.04% | 17.91% | 15.71% |
| Operating Income Growth % | - | 0.34% | 35.03% | -24% | -71.78% | 283.01% | -237.94% | 1957.2% | -82.47% | 2081.08% | -102.26% | -68.76% | 12.09% | 224.04% | 420.87% | -105.02% | 225.37% | 86.57% | -1291.19% | -58.76% | 42.56% | 2.48% | 24.67% | 49.17% | -1.93% | -18.8% | 6.64% | 49.74% | 18.21% | 30.92% | 17.03% |
| EBITDA | 7.22B | 7.33B | 7.46B | 6.7B | 7.63B | 17.89B | -3.17B | 10.29B | 5.62B | 5.34B | 4.02B | 7.91B | 14.95B | 14.08B | 10.24B | 6.47B | 29.26B | -2.23B | -91.08B | 12.86B | 24.06B | 17.41B | 16.88B | 13.77B | 9.67B | 9.58B | 11.27B | 10.53B | 7.23B | 6.2B | 4.86B |
| EBITDA Margin % | 27.05% | 27.39% | 27.37% | 23.98% | 25.45% | 34.41% | -7.24% | 20.67% | 11.83% | 10.69% | 7.61% | 13.42% | 23.14% | 20.15% | 14.34% | 9.89% | 37.74% | -2.96% | -1320.81% | 11.68% | 21.22% | 15.99% | 17.28% | 17.34% | 14.55% | 15.5% | 20% | 23.14% | 21.93% | 20.9% | 18.84% |
| Interest Expense | 404M | 396M | 462M | 516M | 603M | 1.3B | 1.46B | 1.42B | 1.31B | 1.17B | 1.26B | 1.28B | 1.72B | 2.14B | 2.32B | 2.44B | 7.98B | 14.24B | 17.01B | 4.75B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Operating Income | -304M | -396M | -466M | -520M | -608M | -1.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.44B | 0 | -14.24B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 3.63B | 3.88B | 3.87B | 2.87B | 3.77B | 13.35B | -7.29B | 5.29B | 257M | 1.47B | -74M | 3.28B | 10.5B | 9.37B | 2.89B | -901M | 17.94B | -14.31B | -106.53B | 8.94B | 21.69B | 15.21B | 14.85B | 11.91B | 7.98B | 8.14B | 10.02B | 9.4B | 6.28B | 5.31B | 4.06B |
| Pretax Margin % | 13.58% | 14.49% | 14.19% | 10.25% | 12.58% | 25.67% | -16.64% | 10.62% | 0.54% | 2.94% | -0.14% | 5.57% | 16.25% | 13.41% | 4.05% | -1.38% | 23.14% | -18.99% | -1544.78% | 8.13% | 19.13% | 13.97% | 15.2% | 14.99% | 12.01% | 13.18% | 17.79% | 20.66% | 19.04% | 17.91% | 15.71% |
| Income Tax | 660M | 782M | 1.17B | 126M | 882M | 2.44B | -1.46B | 1.17B | 154M | 7.53B | 185M | 1.06B | 2.93B | 360M | -808M | -19.76B | 5.86B | -1.49B | -8.89B | 1.46B | 6.54B | 4.26B | 4.41B | 3.56B | 1.96B | 2.34B | 2.97B | 2.83B | 1.78B | 1.52B | 1.12B |
| Effective Tax Rate % | 18.2% | 20.16% | 30.23% | 4.39% | 23.38% | 18.29% | 20.02% | 22.05% | 59.92% | 513.37% | -250% | 32.28% | 27.87% | 3.84% | -27.95% | 2193.56% | 32.67% | 10.41% | 8.35% | 16.27% | 30.14% | 27.99% | 29.69% | 29.86% | 24.51% | 28.74% | 29.64% | 30.14% | 28.44% | 28.72% | 27.51% |
| Net Income | 2.96B | 3.1B | -1.4B | 3.64B | 10.23B | 10.37B | -5.94B | 3.35B | -6M | -6.08B | -849M | 2.2B | 7.53B | 9.09B | 3.44B | 20.62B | 7.79B | -10.95B | -99.29B | 6.2B | 14.05B | 10.48B | 9.98B | 8.1B | 5.87B | 5.5B | 6.64B | 6.19B | 4.28B | 3.71B | 2.9B |
| Net Margin % | 11.11% | 11.56% | -5.15% | 13.03% | 34.12% | 19.94% | -13.56% | 6.72% | -0.01% | -12.19% | -1.61% | 3.73% | 11.65% | 13% | 4.81% | 31.52% | 10.04% | -14.53% | -1439.81% | 5.63% | 12.39% | 9.62% | 10.22% | 10.2% | 8.83% | 8.9% | 11.78% | 13.6% | 12.99% | 12.52% | 11.22% |
| Net Income Growth % | -7.31% | 320.51% | -138.54% | -64.38% | -1.35% | 274.41% | -277.54% | 55900% | 99.9% | -616.61% | -138.66% | -70.83% | -17.13% | 164.25% | -83.33% | 164.86% | 171.11% | 88.97% | -1701.44% | -55.87% | 34.08% | 4.95% | 23.26% | 38.07% | 6.67% | -17.17% | 7.32% | 44.47% | 15.39% | 28.1% | 15.4% |
| EPS (Diluted) | 5.51 | 5.43 | 3.35 | 4.98 | 12.94 | 11.95 | -6.84 | 3.74 | -0.01 | -6.54 | -0.78 | 1.65 | 5.20 | 6.13 | 2.04 | 11.01 | 56.98 | -80.91 | -753.82 | 47.80 | 107.20 | 79.80 | 74.60 | 61.40 | 43.40 | 40.40 | 50.40 | 46.80 | 36.60 | 32.00 | 29.01 |
| EPS Growth % | 2.24% | 62.09% | -32.73% | -61.51% | 8.28% | 274.71% | -282.89% | - | 99.9% | -738.46% | -147.27% | -68.27% | -15.17% | 200.49% | -81.47% | -80.68% | 170.42% | 89.27% | -1677.03% | -55.41% | 34.34% | 6.97% | 21.5% | 41.47% | 7.43% | -19.84% | 7.69% | 27.87% | 14.37% | 10.31% | 15.44% |
| EPS (Basic) | - | 5.48 | 3.38 | 5.02 | 13.10 | 12.10 | -6.84 | 3.79 | -0.01 | -6.54 | -0.78 | 1.69 | 5.27 | 6.16 | 2.04 | 11.01 | 57.00 | -80.91 | -753.82 | 48.00 | 107.80 | 80.60 | 75.40 | 62.00 | 44.00 | 41.00 | 51.00 | 47.40 | 37.40 | 32.67 | 29.12 |
| Diluted Shares Outstanding | 537.8M | 570.3M | 657.28M | 725.23M | 787.94M | 864.88M | 869.31M | 889.51M | 910.14M | 930.56M | 1.09B | 1.33B | 1.45B | 1.48B | 1.69B | 1.8B | 136.65M | 135.32M | 131.71M | 129.9M | 131.15M | 131.35M | 131.85M | 131.85M | 135.16M | 132.5M | 131.9M | 132.5M | 116.55M | 115.65M | 99.75M |
Quick answers to the most common questions about buying AIG stock.
For fiscal year 2025, American International Group, Inc. (AIG) reported total revenue of $26.77B. This represents a 3.7% increase compared to $25.81B in 1996.
American International Group, Inc. (AIG) is profitable, generating $3.10B in net income for the fiscal year ending 2025 with a net profit margin of 11.6%.
American International Group, Inc. (AIG) reported an operating income of $3.88B, resulting in an operating profit margin of 14.5%. This margin reflects the operational efficiency of the business before interest and taxes.
American International Group, Inc. (AIG) generated $9.24B in gross profit for the year, representing a gross profit margin of 34.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue contraction persists
Metrics are mathematically derived from official filings.
Premium Growth Stalls Amid Portfolio Reshaping
AIG's total revenue declined 1.8% year-over-year in Q1 2026, per recent filings, reflecting ongoing portfolio pruning and the Corebridge deconsolidation, though Q2 2026 showed a slight rebound.
The negative revenue trend over the past year, with contractions in most quarters, suggests that strategic exits from volatile lines are outweighing organic growth. The modest uptick in Q2 2026 may indicate stabilization, but the sustainability of this improvement is uncertain given the continued emphasis on underwriting discipline over top-line expansion.
Underwriting Profitability 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 remained below 100% for all reported quarters, with a notable dip in Q2 2026 driven by a lower loss ratio of 63.3%. This suggests that AIG's focus on underwriting excellence is yielding results, though the volatility in the loss ratio (ranging from 52.3% to 82.0%) highlights sensitivity to catastrophe losses and reserve adjustments.
Reserve Releases Bolster Earnings, but Quality Questioned
Prior-year reserve development appears favorable, as indicated by low combined ratios in recent quarters, but the magnitude of releases may be masking underlying margin pressure from social inflation.
The consistent sub-90% combined ratios, particularly in Q2 2025 and Q4 2024, suggest that reserve releases are contributing to underwriting income. However, the elevated loss ratio in Q1 2024 (82.0%) and the negative net income in Q2 2024 (driven by a large charge) indicate that reserve adequacy is not uniform. Investors should monitor the accident-year loss ratio excluding catastrophes to assess the true profitability of current underwriting.
Investment Income Supports Earnings Amid Low Yields
Net investment income data is unavailable, but AIG's large fixed-income portfolio likely benefits from higher interest rates, providing a stable earnings buffer, as suggested by peer comparisons.
While specific investment income figures are not disclosed in the provided data, the overall profitability, with net income positive in most quarters, implies that investment returns are supplementing underwriting results. The absence of yield data limits a precise assessment, but the current rate environment appears favorable for reinvestment, potentially offsetting any underwriting volatility.
Q2 2026 Marks a Turning Point in Earnings Quality
AIG's Q2 2026 EPS of $1.78 beat estimates, with a combined ratio of 80.7%, the best in recent quarters, signaling a potential inflection in operational performance.
The sequential improvement in combined ratio from 85.2% to 80.7% and the EPS beat suggest that AIG's strategic repositioning is gaining traction. However, the revenue growth of only 0.6% indicates that this is not yet translating into top-line expansion. The sustainability of this margin improvement will depend on maintaining underwriting discipline in a potentially softening market.
Revenue Decline May Signal Structural Challenges
Despite strong earnings, AIG's revenue has contracted in most quarters over the past two years, as per SEC filings, raising questions about the sustainability of profit growth.
The persistent revenue decline, with TTM revenue down 1.8% YoY, suggests that AIG is shrinking its book of business, possibly due to deliberate exits from unprofitable lines. While this improves margins, it may limit future growth potential. If the market softens, AIG could face pressure to write more business, potentially compromising underwriting standards. The divergence between earnings and revenue growth warrants close monitoring.