AIG reports GI underwriting income increase of 81% for Q3’25

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]