Underwriting efficiency has improved significantly, with the combined ratio reaching 78.1% in 2025Q2, though revenue growth remains inconsistent, fluctuating between a 28.1% contraction in 2024Q4 and a 7.2% expansion in 2025Q2.
| 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 | 26.65B | 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 % | -2.28% | -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 | 16.39B | 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 % | 61.5% | 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 | 10.26B | 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 % | 38.5% | 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 | 6.25B | 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 % | 23.47% | 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 | 2.59B | 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 % | 84.97% | 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 | 4.01B | 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 % | 15.03% | 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 | 6.59B | 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 % | 24.75% | 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 | 3.91B | 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 % | 14.66% | 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 | 744M | 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 % | 19.05% | 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 | 3.16B | 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 % | 11.86% | 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 % | 264.46% | 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) | 5.83 | 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 % | 345.95% | 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 | 542.2M | 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 |
Social inflation reserve deficiency
As indicated by recent quarterly filings, AIG's top-line performance remains inconsistent, with revenue growth fluctuating between a 28.1% contraction in 2024Q4 and a 7.2% expansion in 2025Q2, reflecting the ongoing strategic deconsolidation of the Corebridge Financial business and a shift toward a pure-play P&C model.
The erratic revenue trajectory appears to be a byproduct of intentional portfolio pruning rather than purely market-driven demand shifts. Investors should monitor whether the company can stabilize its premium base as it exits volatile accounts and completes its transition away from life and retirement operations.
Based on reported figures, AIG has demonstrated improved underwriting efficiency, with the combined ratio reaching a notable 78.1% in 2025Q2, suggesting that recent management initiatives to lower the loss ratio are successfully offsetting the inherent volatility of the firm's complex global commercial insurance book.
The downward trend in the combined ratio indicates a disciplined approach to risk selection and pricing. However, the sustainability of these margins remains contingent on the company's ability to maintain this technical rigor while navigating a potentially softening global P&C pricing environment.
While current underwriting metrics appear favorable, historical data suggests that AIG's reliance on long-tail casualty lines warrants caution, as the potential for social inflation to drive unfavorable reserve development could retroactively erode the underwriting gains reported in recent quarters, according to industry-wide litigation trends.
The market may be underestimating the impact of rising legal settlement costs on the company's legacy casualty reserves. Even with the use of Adverse Development Covers, the sheer scale of historical exposure suggests that future reserve adjustments could introduce significant volatility to net income that is not currently reflected in the headline combined ratios.
As reported in financial statements, the reduction in administrative complexity following the Corebridge separation appears to be supporting operating income, which reached $1.5 billion in 2025Q2, suggesting that the company is successfully leveraging its leaner organizational structure to improve overall profitability metrics.
The shift toward a more focused P&C entity may allow for better expense management and technological integration. Analysts should continue to evaluate whether this operational leverage is sufficient to maintain competitive margins if premium growth remains constrained by the current portfolio remediation strategy.
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.