AIG Reports Strong Financial Performance for Year Ended December 31, 2024

American International Group, Inc. (AIG) reported strong financial performance for the year ended December 31, 2024, driven by underwriting excellence. The company achieved a combined ratio of 91.8 and an adjusted accident year combined ratio of 88.2. Underwriting income totaled $1.9 billion, contributing to over $7 billion in cumulative underwriting income from 2021 to 2024. Net premiums written reached $23.9 billion, reflecting new business growth, strong retention, and rate discipline. Net investment income saw a 23 percent year-over-year increase.

Significant changes compared to the previous fiscal year included a $5 billion decrease in net income attributable to AIG common shareholders, primarily due to the deconsolidation of Corebridge Financial, Inc. (Corebridge) resulting in a $4.8 billion decrease in income from discontinued operations. This decrease was partially offset by an $809 million increase in net investment income, largely driven by Corebridge dividends and changes in its stock price. AIG also completed the multi-year strategies to focus on core businesses, including the deconsolidation of Corebridge (reducing AIG's ownership to 22.7 percent for aggregate gross proceeds of $6.0 billion), and the divestiture of its global individual personal travel insurance business for $600 million plus additional earn-out consideration. The company also launched Lloyd's syndicate 2478 through a strategic relationship with Blackstone Inc.

Strategic developments in 2024 included the completion of the Corebridge deconsolidation and divestitures, enhancing AIG's financial flexibility and portfolio sculpting. The company expanded its capabilities in the non-admitted ultra and high-net-worth market through a partnership between Private Client Select (PCS) and Ryan Specialty. AIG also continued its balanced capital management plan, reducing general borrowings by $1.6 billion (resulting in a debt-to-capital ratio of 17.0 percent), repurchasing $6.6 billion of its common stock (a 12 percent reduction in outstanding shares), and paying $1.0 billion in common stock dividends while increasing the quarterly dividend amount by a double-digit percentage for the second consecutive year. AIG ended 2024 with parent liquidity of $7.7 billion.

Operationally, AIG reported approximately 22,200 employees in 46 countries as of December 31, 2024, with 47 percent located in North America, 26 percent in the Asia Pacific region, and 27 percent in EMEA and Latin America. The company realigned its organizational structure into three segments (North America Commercial, International Commercial, and Global Personal) and Other Operations in the fourth quarter of 2024. In 2024, 39 percent of open positions were filled internally. AIG also highlighted its focus on data and digital strategies, including the responsible scaling of generative AI.

AIG's outlook and forward-looking statements are subject to various risks and uncertainties, including market conditions, reserve and exposure levels, investment portfolio performance, liquidity and capital resources, business and operational factors, regulatory changes, and estimates and assumptions. The company emphasized the potential for material adverse effects on its business, results of operations, financial condition, and liquidity from various factors detailed in the filing's risk factors section. The company also noted that it is subject to extensive regulation in numerous jurisdictions and that these regulations are expected to continue evolving.