Core Insights - John Neal, a former executive at Lloyd's, has been appointed as the No. 2 executive at AIG, with a start date set for two weeks from now [1] Company Summary - The hiring of John Neal is a strategic move for AIG, indicating a potential shift in leadership dynamics within the company [1] - Neal's experience at Lloyd's may bring valuable insights and expertise to AIG, potentially impacting its operational strategies [1]

Core Viewpoint - Onex Corp. is actively pursuing further investments in the insurance sector following a significant partnership with AIG to acquire stakes in Convex Group Ltd. for $7 billion [1][2]. Group 1: Transaction Details - Onex will hold a 63% stake in Convex, while AIG will own 35% after the completion of the deal [2]. - AIG will also acquire a 9.9% interest in Onex for approximately $646 million and plans to invest $2 billion over the next three years in Onex funds [3]. Group 2: Strategic Direction - The CEO of Onex, Bobby Le Blanc, indicated that the company is open to similar transactions in the future, suggesting the potential for redeploying billions of dollars from other assets into "Convex-like" deals [2][3]. - Le Blanc emphasized a concentrated approach to future investments, potentially focusing on one or two additional opportunities in the insurance sector, while also considering other successful areas [3]. Group 3: Company Transformation - The Convex deal is viewed as a major transformation for Onex, aligning with a broader restructuring strategy that has involved cost-cutting and divesting from certain businesses, such as Gluskin Sheff [4].

Financial Performance - Total revenues for Q3 2025 were $6,351 million, a decrease of 5.9% compared to $6,751 million in Q3 2024[8] - Net income attributable to AIG for Q3 2025 was $519 million, up from $459 million in Q3 2024, representing a 13.1% increase[8] - Basic income per common share attributable to AIG common shareholders was $0.94 for Q3 2025, compared to $0.72 for Q3 2024, reflecting a 30.6% increase[8] - Comprehensive income attributable to AIG for Q3 2025 was $1,021 million, compared to $2,302 million in Q3 2024, a decrease of 55.6%[10] - Net income for the nine months ended September 30, 2025, was $2,366 million, a significant improvement compared to a net loss of $1,827 million for the same period in 2024[15] Investment Income - Total net investment income for Q3 2025 was $772 million, down from $973 million in Q3 2024, a decline of 20.7%[8] - The company reported net realized losses of $490 million in Q3 2025, compared to net realized losses of $167 million in Q3 2024[8] - The company reported unrealized gains in earnings of $537 million for the nine months ended September 30, 2025[15] Expenses and Losses - Losses and loss adjustment expenses incurred in Q3 2025 were $3,391 million, a decrease of 10.1% from $3,773 million in Q3 2024[8] - Total benefits, losses, and expenses for Q3 2025 were $5,637 million, down from $6,102 million in Q3 2024, a decrease of 7.6%[8] - The company experienced a net loss on sales of securities available for sale and other assets amounting to $539 million for the nine months ended September 30, 2025[15] Cash Flow and Equity - Cash flows from operating activities for continuing operations were $2,678 million for the nine months ended September 30, 2025, compared to $3,252 million in 2024[15] - Total cash and restricted cash at the end of the period was $1,594 million, slightly up from $1,559 million at the end of September 2024[17] - AIG's total equity at the end of the period was $41,117 million, a decrease from $45,073 million at the end of September 2024[13] Stock and Dividends - The company declared dividends on common stock of $0.45 per share for Q3 2025, up from $0.40 per share in Q3 2024[12] - Dividends on common stock were $734 million for the nine months ended September 30, 2025, compared to $758 million in 2024[15] - Common stock purchases totaled $5,252 million in the nine months ended September 30, 2025, compared to $4,830 million in the same period of 2024[15] Debt and Financing - The company issued long-term debt amounting to $1,241 million during the nine months ended September 30, 2025[15] - AIG's cash paid for interest during the period was $268 million, down from $581 million in the previous year[17]

Core Insights - American International Group, Inc. (AIG) reported third-quarter 2025 adjusted earnings per share of $2.20, exceeding the Zacks Consensus Estimate by 31% and reflecting a 77% year-over-year increase [1][9] - Adjusted operating revenues rose 3.2% year over year to $7.1 billion, surpassing the consensus mark by 3% [1][9] Financial Performance - Premiums for the quarter reached $6.1 billion, growing 2.2% year over year [3] - Total net investment income decreased by 20.7% year over year to $772 million, missing the Zacks Consensus Estimate of $990 million [3] - Total benefits, losses, and expenses amounted to $5.6 billion, down 7.6% year over year due to lower general operating and other expenses [4] - Adjusted return on equity improved by 470 basis points year over year to 11.6% [4] Segment Performance - **General Insurance – North America Commercial**: Net premiums written were stable at $2.4 billion, with underwriting income soaring 300% year over year to $384 million [5][6] - **General Insurance – International Commercial**: Net premiums written increased by 3% year over year to $2.1 billion, with underwriting income rising 3% to $330 million [7] - **General Insurance – Global Personal**: Net premiums written fell 11% year over year to $1.7 billion, impacted by the U.S. High Net Worth business [8] Investment and Capital Management - AIG's cash balance at the end of the third quarter was $1.6 billion, a 22% increase from the end of 2024 [12] - Total assets rose by 1.3% to $163.4 billion, while long-term debt increased by 3.7% to $9.1 billion [12] - AIG repurchased approximately $1.3 billion in shares and paid $250 million in dividends during the quarter [14]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - Adjusted after-tax income per diluted share was $2.20, a 77% increase year-over-year [5] - Adjusted after-tax income for the quarter reached $1.2 billion, up 52% year-over-year, primarily driven by the general insurance business [5] - Underwriting income was $793 million, reflecting an 81% year-over-year increase [5] - Net investment income on an adjusted pre-tax basis was $1 billion, a 15% increase year-over-year [5] - The accident year combined ratio, as adjusted, was 88.3%, maintaining a sub-90% result for the 16th consecutive quarter [5][6] - The calendar year combined ratio improved to 86.8%, a 580 basis point improvement from the prior year quarter [6][30] Business Segment Data and Key Metrics Changes - North America commercial insurance net premiums written were flat year-over-year, but adjusted for a prior year closeout transaction, would have increased by 3% [6] - International commercial insurance net premiums written increased by 1% year-over-year, driven by Marine (up 11%) and property (up 6%) [7] - Global personal insurance net premiums written decreased by 4%, impacted by a high net worth quota share reinsurance treaty [8] Market Data and Key Metrics Changes - North America commercial renewal pricing increased by 5%, with casualty pricing showing favorable conditions [33] - International commercial overall pricing was down 2%, but property pricing increased by 4% driven by rate increases in Japan [35] Company Strategy and Development Direction - The company announced strategic investments with Convex Group, Onyx Corporation, and a transaction with Everest Group, all expected to be accretive to earnings, EPS, and ROE in the first year post-closing [4][9] - AIG aims to enhance its earnings potential and drive long-term sustainable profitable growth through these transactions [18] - The company is embedding GenAI solutions into core underwriting and claims processes to improve efficiency and decision-making [20][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong balance sheet and liquidity to pursue compelling opportunities [18] - The company is well-positioned to drive continued strong performance despite a dynamic macro and insurance market [43] - Management highlighted the importance of maintaining a disciplined approach to capital management while seeking strategic investments [42][55] Other Important Information - AIG returned $1.5 billion of capital to shareholders in Q3 2025 through share repurchases and dividends [42] - Book value per share increased by 6% year-over-year to $75.45, reflecting strong net income growth [43] Q&A Session Summary Question: Expected underwriting profitability from quota share and renewal rights - Management clarified that the quota share with Convex is expected to be positive due to their strong track record of profitability [44] - For the Everest renewal rights, management expects combined ratios to align closely with AIG's due to operational efficiencies [45][46] Question: Capacity for further deals - Management indicated that they are actively looking for strategic opportunities that enhance AIG's position and are open to more deals [52][53] Question: Minimum level of liquidity to maintain - Management stated that they will keep several billion dollars of liquidity on the balance sheet for prudent capital management [55] Question: Expense ratio target and potential improvements - Management acknowledged that while the target is below 30%, there may be further improvements driven by operational efficiencies and strategic acquisitions [57]

Consolidated Results - AIG's adjusted pre-tax income for 3Q25 was $1622 million, compared to $1075 million in 3Q24[12] - Net income attributable to AIG common shareholders was $519 million in 3Q25, compared to $459 million in 3Q24[12] - Adjusted after-tax income was $1226 million in 3Q25, compared to $804 million in 3Q24[12] - Total invested assets were $93848 million as of September 30, 2025, compared to $98084 million as of September 30, 2024[12] - The return on equity (ROE) was 50% for 3Q25, compared to 41% for 3Q24[12] - Adjusted after-tax income per diluted share was $220 for 3Q25, compared to $124 for 3Q24[12] General Insurance - General Insurance adjusted pre-tax income was $1738 million in 3Q25, compared to $1210 million in 3Q24[13] - Net premiums written for General Insurance were $6230 million in 3Q25, compared to $6380 million in 3Q24[22] - The combined ratio for General Insurance was 868% in 3Q25, compared to 926% in 3Q24[22] Debt and Capital Management - Total financial debt was $8570 million as of September 30, 2025, compared to $8912 million as of September 30, 2024[19] - Aggregate repurchase of common stock was $1234 million in 3Q25[19]

Core Insights - AIG's General Insurance underwriting income increased by 81% year-over-year, reaching $793 million in Q3 2025 compared to $437 million in Q3 2024 [1][10] - The growth was attributed to lower catastrophe-related charges, favorable prior year development, and reduced acquisition expenses [2][3] Financial Performance - Gross premiums written (GPW) rose by 1% to $8.7 billion in Q3 2025, while net premiums written (NPW) decreased by 2% year-over-year to $6.2 billion [2] - Adjusted pre-tax income for General Insurance increased by 44% to $1.7 billion, driven by higher underwriting income and net investment income [3] - Catastrophe-related charges totaled $100 million in Q3 2025, significantly lower than $417 million in Q3 2024, leading to a loss ratio improvement [3] Ratios and Returns - The combined ratio improved to 86.8% from 92.6% in the prior year, with the accident year combined ratio remaining flat at 88.3% [4] - Adjusted after-tax income for Q3 2025 was $1.2 billion, up from $804 million a year earlier, reflecting strong underwriting and investment performance [8] Strategic Initiatives - AIG announced strategic investments in Convex Group and Onex Corporation, and agreements to acquire renewal rights for Everest Group's global retail commercial insurance portfolios, representing $2 billion in aggregate premium [8][9] - The company returned approximately $1.5 billion of capital to shareholders in the quarter, totaling $6 billion year-to-date [11]

Core Points - Corebridge Financial, Inc. announced the pricing of a secondary offering of common stock by American International Group, Inc. at $31.10 per share, expected to close on November 6, 2025 [1][2] - AIG is offering 32.6 million existing shares, which corresponds to approximately $1.0 billion in gross proceeds, with all net proceeds going to AIG [2] - Corebridge Financial intends to purchase approximately $500 million of common stock from the underwriter at the same price, funded by cash on hand, subject to the completion of the offering [3] Company Overview - Corebridge Financial manages over $380 billion in assets as of September 30, 2025, positioning itself as one of the largest providers of retirement solutions and insurance products in the United States [6]

Core Insights - American International Group (AIG) reported a revenue of $7.06 billion for the quarter ended September 2025, reflecting a 3.1% increase year-over-year and a 3% surprise over the Zacks Consensus Estimate of $6.85 billion [1] - Earnings per share (EPS) for the quarter was $2.20, significantly higher than the $1.23 reported in the same quarter last year, resulting in a 30.95% surprise over the consensus EPS estimate of $1.68 [1] Financial Performance Metrics - General Insurance - North America Commercial reported a loss ratio of 59.3%, better than the estimated 67.8% [4] - General Insurance - International Commercial had a combined ratio of 84.9%, outperforming the estimated 87.2% [4] - General Insurance - North America Commercial's combined ratio was 82.6%, compared to the estimated 91.1% [4] - General Insurance - International Commercial's expense ratio was 31.6%, slightly above the estimated 30.6% [4] - Total net investment income was reported at $772 million, which is a 20.7% decrease year-over-year and below the average estimate of $990.96 million [4] - General Insurance - Net premiums earned totaled $6.04 billion, exceeding the average estimate of $5.93 billion and reflecting a year-over-year increase of 1.6% [4] Stock Performance - AIG shares have returned -4.9% over the past month, contrasting with the Zacks S&P 500 composite's +2.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]