Company Overview - American International Group (AIG) is headquartered in New York and has experienced a price change of 17.95% this year [3] - The company currently pays a dividend of $0.45 per share, resulting in a dividend yield of 2.1%, which is higher than the Insurance - Multi line industry's yield of 1.82% and the S&P 500's yield of 1.54% [3] Dividend Analysis - AIG's current annualized dividend of $1.80 represents a 15.4% increase from the previous year [4] - Over the last 5 years, AIG has increased its dividend 2 times year-over-year, with an average annual increase of 5.58% [4] - The company's current payout ratio is 33%, indicating that it paid out 33% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for AIG's earnings in 2025 is $6.24 per share, reflecting an expected increase of 26.06% from the previous year [5] Investment Considerations - AIG is considered a compelling investment opportunity due to its strong dividend profile and current Zacks Rank of 3 (Hold) [7] - The company is positioned well for income investors, especially compared to tech start-ups or growth businesses that typically do not offer dividends [6][7]

Key Takeaways AIG has gained 20% YTD, driven by strong NPW growth across key segments and solid investor confidence. North America Commercial NPW rose 14% in Q125 while Tata AIG grew at a 20% CAGR and expects this to continue. AIG boosted its dividend by 12.5% in May 2025 and maintained a strong balance sheet with low leverage.American International Group, Inc. (AIG) is a global insurance company that provides property casualty insurance, life insurance, retirement solutions and other financial services t ...

在谈论沃伦·巴菲特时，很多人习惯聚焦在那些耳熟能详的标签：长期持有、价值投资、复利奇迹。但如果想真正理解，他为什么能持续几十年击败市场，仅靠这 些表面印象远远不够。 2008年，《滚雪球》作者爱丽丝·施罗德（Alice Schroeder）在弗吉尼亚大学价值投资会议的一场演讲中，详细还原了巴菲特一次非常经典且鲜为人知的私人投资 ——中部穿孔卡公司（Midcontinent Tab Card Company）。 编者按 作为巴菲特的传记作者，她曾有机会近距离接触巴菲特及其最核心的圈子，拥有独一无二的观察视角。这场演讲真正与众不同之处在于：施罗德特别强调了巴菲 特作为赔率评估者的思考逻辑。与一般人想象的不同，巴菲特的成功，并不是依靠复杂模型或者超前预测。 他像一个赛马下注师，第一步永远是问自己：这项投资有没有灾难性风险？如果有，立即拒绝，不再浪费时间。这种极端注重赔率评估和风险排查的思维方式， 是他投资方法的出发点，也是他在长期战役中屹立不倒的根基。在这场演讲中，爱丽丝·施罗德也特别强调了巴菲特鲜为人知的一面：他从不建复杂财务模型，只 关注最核心的几组数据；他设定15%的初始回报率作为底线，追求合理赔率，而不是贪 ...

Core Insights - American International Group, Inc. (AIG) reported first-quarter 2025 adjusted earnings per share of $1.17, exceeding the Zacks Consensus Estimate by 11.4%, but down from $1.25 in the same quarter last year [1] - Adjusted operating revenues were $6.6 billion, a significant decline year over year, missing the consensus mark by 2.6% [1] Financial Performance - The first-quarter earnings were bolstered by new business production and strong retention, although lower premiums and high catastrophe charges from California wildfires negatively impacted results [2] - Total premiums for the quarter were $5.8 billion, down 1.7% year over year, and also missed the Zacks Consensus Estimate by 1.5% [3] - Total net investment income increased by 13% year over year to $1.1 billion, driven by higher income from fixed maturity securities and dividends from Corebridge Financial, beating the consensus by 18.4% [3] - Total benefits, losses, and expenses rose 2.1% year over year to $5.8 billion, primarily due to increased losses and loss adjustment expenses [4] - Adjusted return on equity was 6.4%, consistent with the previous year [4] Segmental Performance - General Insurance – North America Commercial segment reported net premiums written of $1.2 billion, a 14% increase year over year, supported by new business and strong retention [5] - Underwriting income for this segment fell 45% to $129 million, impacted by increased catastrophe charges, which rose to $258 million from $72 million a year ago [6] - General Insurance – International Commercial segment saw net premiums written of $2.0 billion, a 5% increase year over year, with underwriting income decreasing by 27% to $240 million [7] - General Insurance – Global Personal segment reported net premiums written of $1.3 billion, a 14% decrease year over year, with an underwriting loss of $126 million compared to a profit of $30 million in the prior year [8] Investment and Financial Position - AIG's total net investment income rose 51% year over year to $11 million, attributed to dividends from Corebridge [9] - Interest expenses decreased by 21% year over year due to debt reduction, with adjusted pre-tax loss narrowing from $205 million to $70 million [10] - As of March 31, 2025, AIG had a cash balance of $1.4 billion, total assets of $161.9 billion, and long-term debt of $8.6 billion, down from $8.8 billion at the end of 2024 [11] - Total equity fell to $41.5 billion from $42.6 billion at the end of 2024, with total debt to total capital at 17.1% [11] - Adjusted book value per share declined 6.2% year over year to $74.45 [12] Capital Deployment - AIG repurchased shares worth $2.2 billion and distributed dividends of $234 million, with a cash dividend of 45 cents per share for the second quarter, marking a 12.5% increase [13]

Financial Performance - Total revenues for Q1 2025 were $6,783 million, a slight increase from $6,763 million in Q1 2024, representing a 0.3% growth[8] - Net income attributable to AIG common shareholders for Q1 2025 was $698 million, down from $1,194 million in Q1 2024, reflecting a 41.7% decrease[8] - Income from continuing operations per common share was $1.18 for Q1 2025, compared to $1.14 in Q1 2024, indicating a 3.5% increase[8] - Comprehensive income attributable to AIG for Q1 2025 was $1,333 million, significantly higher than $457 million in Q1 2024, showing a 191.5% increase[10] - Net income attributable to AIG for Q1 2025 was $698 million, a decrease of 56.3% compared to $1,600 million in Q1 2024[14] Investment Income - Total net investment income for Q1 2025 was $1,105 million, up from $979 million in Q1 2024, marking a 12.9% increase[8] - AIG's total net investment income for Q1 2025 was $736 million, compared to $762 million in Q1 2024, showing a decrease of 3.4%[35] Expenses and Losses - Losses and loss adjustment expenses incurred in Q1 2025 were $3,794 million, an increase of 8.0% from $3,513 million in Q1 2024[8] - General operating and other expenses decreased to $1,115 million in Q1 2025 from $1,238 million in Q1 2024, a decline of 9.9%[8] - The company reported net realized losses of $103 million in Q1 2025, compared to $87 million in Q1 2024, indicating a rise of about 18.4%[8] - AIG recognized a loss of $4.8 billion due to the deconsolidation of Corebridge, primarily from an accumulated comprehensive loss of $7.2 billion, impacting financial results significantly[43] Cash Flow and Equity - Cash and restricted cash at the end of Q1 2025 totaled $1,408 million, slightly down from $1,437 million at the end of Q1 2024[15] - Total cash provided by investing activities for continuing operations in Q1 2025 was $2,751 million, compared to $2,980 million in Q1 2024[14] - AIG's total equity at the end of Q1 2025 was $41,459 million, a decrease from $49,110 million at the end of Q1 2024[12] - The company experienced a net cash used in financing activities of $(2,677) million in Q1 2025, compared to $(1,144) million in Q1 2024[14] Stock and Dividends - AIG repurchased $2,229 million of common stock in Q1 2025, compared to $1,640 million in Q1 2024[14] - Dividends on common stock for Q1 2025 were $234 million, compared to $243 million in Q1 2024[14] Segment Performance - In Q1 2025, AIG's North America Commercial segment reported underwriting income of $129 million, while International Commercial achieved $240 million, and Global Personal incurred a loss of $126 million[35] - AIG's total general insurance underwriting income for Q1 2025 was $243 million, with total general operating expenses amounting to $703 million[35] - Total net premiums written for AIG in Q1 2025 amounted to $4.526 billion, with net premiums earned at $5.769 billion, reflecting a significant operational scale[35] Corebridge Impact - Corebridge's pre-tax loss for Q1 2025 was $862 million, while AIG reported equity method income related to Corebridge of $240 million[46] - As of March 31, 2025, AIG holds 23.0% of Corebridge's outstanding common stock following share repurchases and sales[45] Fair Value Measurements - Total assets measured at fair value on a recurring basis as of March 31, 2025, amounted to $78,188 million[49] - The total bonds available for sale were valued at $66,027 million, with corporate debt contributing $34,813 million to this total[49] - The company utilizes Level 1, Level 2, and Level 3 fair value measurements based on market observability and valuation techniques[50]

American International Group (AIG) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Speaker0 Good day, and welcome to AIG's First Quarter twenty twenty five Financial Results Conference Call. This conference is being recorded. Now at this time, I would like to turn the conference over to Quentin McMillan. Please go ahead. Speaker1 Thanks very much and good morning. Today's remarks may include forward looking statements, which are subject to risks and uncertainties. These statements are not guarantees of futur ...

American International Group (AIG) Q1 2025 Earnings Call May 02, 2025 08:30 AM ET Company Participants Quentin Mcmillan - Vice President, Managing Director, IRPeter Zaffino - Chairman & CEOKeith Walsh - EVP & CFODon Bailey - EVP & CEO - North America Commercial InsuranceJohn Rice - Lead Independent DirectorMeyer Shields - Managing DirectorAndrew Andersen - Equity Research Vice PresidentBrian Meredith - Managing Director Conference Call Participants Mike Zaremski - AnalystAlex Scott - Equity Research Analyst ...

First Quarter 2025 Financial Results Presentation May 2, 2025 Copyright ® 2025 by American International Group, Inc. All rights reserved. No part of this document may be reproduced, republished or reposted without the permission of AIG. Q1 2025 Earnings Key Themes 1. NPW on a comparable basis reflects constant dollar basis adjustments and the sale of AIG's Travel business in 2024. NPE on a comparable basis reflects the sale of AIG's Travel business in 2024. Refer to page 26 for more detail. * Refers to fina ...

Core Insights - American International Group (AIG) reported a revenue of $6.62 billion for Q1 2025, marking a 47% decline year-over-year and falling short of the Zacks Consensus Estimate of $6.79 billion, resulting in a surprise of -2.59% [1] - The earnings per share (EPS) for the same quarter was $1.17, down from $1.77 a year ago, but exceeded the consensus estimate of $1.05 by 11.43% [1] Financial Performance Metrics - AIG's shares have returned -7.1% over the past month, compared to a -0.7% change in the Zacks S&P 500 composite, with a current Zacks Rank of 3 (Hold) indicating potential performance in line with the broader market [3] - General Insurance combined ratio was reported at 95.8%, better than the average estimate of 96.7% from four analysts [4] - The expense ratio for General Insurance was 30.5%, compared to the estimated 31.1% [4] - The loss ratio for General Insurance was 65.3%, slightly better than the 65.6% average estimate [4] - North America Commercial loss ratio was reported at 71.8%, compared to the estimated 71.2% [4] - North America Commercial combined ratio was 93.9%, better than the estimated 94.9% [4] - Net premiums earned in General Insurance were $5.77 billion, below the average estimate of $5.86 billion, reflecting a -0.3% year-over-year change [4] - Net investment income for General Insurance was $736 million, lower than the average estimate of $809.75 million, representing a -3.4% year-over-year change [4] - International Commercial net premiums earned were $2.05 billion, below the estimated $2.10 billion [4] - Global Personal net premiums earned were $1.59 billion, compared to the estimated $1.74 billion [4] - Other Operations reported net investment income and other at $110 million, exceeding the average estimate of $96.73 million, showing a significant year-over-year increase of 358.3% [4] - North America Commercial net premiums earned were $2.12 billion, slightly above the average estimate of $2.06 billion [4] - Total net investment income was reported at $1.11 billion, surpassing the average estimate of $933.40 million, but reflecting a substantial year-over-year decline of 71.7% [4]

Group 1: Earnings Performance - American International Group (AIG) reported quarterly earnings of $1.17 per share, exceeding the Zacks Consensus Estimate of $1.05 per share, but down from $1.77 per share a year ago, representing an earnings surprise of 11.43% [1] - The company posted revenues of $6.62 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 2.59%, and down from $12.47 billion year-over-year [2] - Over the last four quarters, AIG has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Group 2: Stock Performance and Outlook - AIG shares have increased approximately 12% since the beginning of the year, contrasting with the S&P 500's decline of -5.3% [3] - The future performance of AIG's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $1.69 on revenues of $6.99 billion, and for the current fiscal year, it is $6.15 on revenues of $27.84 billion [7] Group 3: Industry Context - The Zacks Industry Rank indicates that the Insurance - Multi line sector is currently in the top 20% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact AIG's stock performance [5]