Financial Data and Key Metrics Changes - Adjusted after-tax income per diluted share was $1.96, a 51% increase year-over-year [6] - Underwriting income reached $670 million, an increase of 48% year-over-year [6] - For the full year 2025, adjusted after-tax income per diluted share was $7.09, a 43% increase year-over-year [7] - Total adjusted after-tax income for the year was $4 billion, a 24% increase year-over-year [7] - The full year 2025 combined ratio was 90.1%, an improvement of 170 basis points from 2024 [46] Business Line Data and Key Metrics Changes - Global commercial net premiums written grew 3% year-over-year, totaling $17.4 billion [7] - North America Commercial grew net premiums written by 4%, with Retail Property contracting by 8% [8] - International Commercial net premiums written increased by 3%, primarily driven by Property and Global Specialty [8] - Global Personal net premiums written contracted by 3% due to higher ceded premiums under a reinsurance treaty [8] - New business in Global Commercial grew 9% year-over-year, with International new business up 10% [9] Market Data and Key Metrics Changes - North America casualty lines pricing remained favorable, with increases in the mid-teens for wholesale and excess casualty [10] - Retail property pricing was down 10%, and excess and surplus lines pricing was down 13% for the year [10] - International property pricing was up 3%, while energy pricing was down 10% due to abundant capacity [11] - Overall pricing in North America commercial renewal increased by 6%, excluding property [43] Company Strategy and Development Direction - AIG is focused on maintaining disciplined underwriting and capital management while pursuing growth through strategic transactions [12][18] - The company aims to achieve a sub-30% expense ratio by 2027, with a current expense ratio of 31.1% [9][46] - AIG is leveraging GenAI capabilities to enhance underwriting and claims processes, with plans for broader deployment in 2026 [26][30] - The company is positioned for growth through organic initiatives, strategic partnerships, and innovative capital structures [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AIG's financial strength and liquidity to execute strategic objectives [13] - The company anticipates low- to mid-teens net premiums written growth in General Insurance for 2026 [31] - Management highlighted the importance of maintaining underwriting discipline amid competitive market conditions [10][43] - The leadership transition is expected to support AIG's strategic goals and financial guidance [32][33] Other Important Information - AIG returned $6.8 billion in capital to shareholders, including $5.8 billion in share repurchases and $1 billion in dividends [12] - The company achieved a 12.5% increase in quarterly dividends, marking the third consecutive year of significant dividend growth [12] - AIG's investment strategy has shifted towards higher-yielding assets, resulting in a net investment income increase of 8% year-over-year [11][47] Q&A Session Summary Question: Discussion on expense ratio expectations - Management indicated that the expense ratio is expected to be lower in 2026 compared to 2025, with a focus on managing corporate expenses [54][56] Question: Clarification on net premium written growth sources - Management noted that growth comes from various initiatives, including reinsurance benefits and organic growth, but did not provide specific breakdowns [58][60] Question: Additional details on casualty line margins - Management explained that additional margins in casualty lines are a result of conservative loss cost trend assumptions and macro uncertainties [66][68] Question: Breakdown of interest and dividends in investment portfolio - Management highlighted a significant transformation in the investment portfolio, with a focus on reinvesting in higher yields [70]

Financial Data and Key Metrics Changes - Adjusted after-tax income per diluted share was $1.96, a 51% increase year-over-year [6] - Underwriting income reached $670 million, an increase of 48% year-over-year [6] - Full-year adjusted after-tax income per diluted share was $7.09, a 43% increase year-over-year [7] - Global commercial net premiums written were $17.4 billion, an increase of 3% year-over-year [7] - The accident year combined ratio was 88.3%, and the calendar year combined ratio was 90.1%, both showing improvements [10][45] Business Line Data and Key Metrics Changes - North America Commercial grew net premiums written by 4% or 5% when adjusted for a large closeout transaction, with balanced growth across the portfolio [8] - International Commercial net premiums written increased by 3%, primarily driven by property and global specialty [8] - Global Personal saw a contraction of 3% in net premiums written due to higher ceded premiums [8] - New business in global commercial grew 9% year-over-year, with international new business up 10% [9] Market Data and Key Metrics Changes - North America property pricing was down 10%, and excess and surplus lines pricing was down 13% for the year [10] - International property pricing was up 3%, while energy pricing was down 10% due to abundant capacity [11] - Overall pricing in North America commercial renewal increased by 6%, with casualty pricing remaining favorable [41][42] Company Strategy and Development Direction - AIG is focused on maintaining disciplined underwriting and capital management while pursuing growth through strategic transactions and technology initiatives [12][17] - The company aims to achieve a sub-30% expense ratio by 2027, with significant progress made in reducing the expense ratio [9][35] - AIG is leveraging GenAI capabilities to enhance underwriting processes and improve operational efficiency [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AIG's financial strength and liquidity to execute strategic objectives and growth ambitions [13] - The company anticipates low- to mid-teens net premiums written growth in General Insurance for 2026, indicating a strong start to the year [30] - Management highlighted the importance of maintaining strong relationships with reinsurance partners and achieving favorable renewal terms [14][15] Other Important Information - AIG returned $6.8 billion in capital to shareholders, including $5.8 billion in share repurchases and $1 billion in dividends [12] - The company achieved a significant milestone by delivering greater than $2 billion in underwriting income for the first time since 2008, excluding divested businesses [7] - AIG's investment strategy has shifted towards higher-yielding assets, resulting in a net investment income increase of 8% year-over-year [11] Q&A Session Summary Question: Insights on the expense ratio outlook - Management indicated that the expense ratio is expected to be lower on a run rate basis in 2026 compared to 2025, with a focus on managing corporate expenses [53][55] Question: Clarification on general insurance net premium growth - Management noted that growth comes from various initiatives, including reinsurance benefits and organic growth, but did not provide specific breakdowns [57][59] Question: Additional details on casualty line margins - Management explained that additional margin in casualty lines is a conservative approach to cover macro uncertainties, not indicative of portfolio deterioration [65][66] Question: Breakdown of interest and dividends in the investment portfolio - Management highlighted a significant transformation in the investment portfolio, with a focus on reinvesting in higher yields [67][68] Question: AI implementation and orchestration layer - Management discussed the progress in AI implementation and the focus on orchestrating multiple agents within the organization for improved efficiency [72][75]

Financial Data and Key Metrics Changes - Adjusted after-tax income per diluted share was $1.96 for Q4 2025, a 51% increase year-over-year [5] - Underwriting income for Q4 2025 was $670 million, up 48% year-over-year [5] - Full-year adjusted after-tax income per diluted share was $7.09, a 43% increase year-over-year [6] - Full-year underwriting income reached $2.3 billion, a 22% increase year-over-year [6] - Net investment income on an APTI basis was $3.8 billion, an 8% increase year-over-year [11] Business Line Data and Key Metrics Changes - Global commercial net premiums written grew 3% year-over-year, with international commercial leading at 14% growth [5] - North America Commercial net premiums written increased by 4%, while retail property contracted by 8% [7] - International Commercial net premiums written grew by 3%, driven by property and global specialty [7] - Global Personal net premiums written contracted by 3% due to higher ceded premiums [8] Market Data and Key Metrics Changes - North America casualty lines pricing remained favorable, with increases in the mid-teens for wholesale and excess casualty [10] - International property pricing increased by 3%, while energy pricing decreased by 10% [10] - Overall pricing in North America commercial renewal increased by 6%, with retail excess casualty up 15% [41] Company Strategy and Development Direction - AIG is focused on maintaining disciplined underwriting and capital management while pursuing growth through strategic transactions [12][18] - The company aims to achieve a sub-30% expense ratio by 2027 [9] - AIG is leveraging GenAI capabilities to enhance underwriting and claims processes, with a focus on efficiency and speed [25][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in AIG's financial strength and liquidity to execute strategic objectives [13] - The company anticipates low- to mid-teens net premiums written growth in General Insurance for 2026 [29] - Management highlighted the importance of maintaining strong underwriting margins despite competitive pressures in the market [10] Other Important Information - AIG returned $6.8 billion in capital to shareholders, including $5.8 billion in share repurchases [12] - The company achieved a significant milestone by delivering over $2 billion in underwriting income for the first time since 2008 [6] - AIG's remaining ownership stake in Corebridge Financial was 10.1% at the end of 2025 [12] Q&A Session Summary Question: Insights on the expense ratio outlook - Management indicated that the expense ratio is expected to be lower in 2026 compared to 2025, with a focus on managing corporate expenses [51][54] Question: Clarification on general insurance net premium growth - Management noted that growth comes from various initiatives, including reinsurance benefits and organic growth, but did not provide specific breakdowns [56][58] Question: Additional margin in casualty lines - Management explained that additional margin in casualty lines is a conservative approach to cover macro uncertainties, not due to deterioration in the underlying portfolio [64][66] Question: Breakdown of interest and dividends in the investment portfolio - Management highlighted significant changes in the investment portfolio, including a shift to higher yields through active management [67][68] Question: AI implementation and orchestration layer - Management discussed the progress in AI implementation and the focus on orchestrating multiple AI agents for improved efficiency [71][74]

Core Appointment - Everest Group has appointed Elias Habayeb as executive vice-president (EVP) and group chief financial officer (CFO), effective on or around 1 May 2026 [1] - Habayeb will report directly to Everest president and CEO Jim Williamson and join the company's executive leadership team [1] Transition and Experience - Mark Kociancic, the current CFO, is set to retire after five years and will continue as a special advisor during the transition period [2] - Habayeb brings over 30 years of experience in senior finance positions across the insurance and financial services sectors, most recently serving as CFO of Corebridge Financial [2][3] Previous Roles - Prior to Corebridge Financial, Habayeb held CFO roles at various divisions of American International Group (AIG), including General Insurance and Life & Retirement, where he played a key role in the IPO of Corebridge Financial [3] - He also served as CFO of AIG subsidiary International Lease Finance Corporation and was a partner in Deloitte & Touche's Capital Markets Group [3][4] Strategic Vision - Jim Williamson stated that Habayeb's experience and strategic insight will be instrumental in strengthening Everest's foundation for sustained performance [4] - The company aims to focus on core businesses to capture future opportunities and deliver consistent returns for shareholders [4] Recent Developments - Last month, Everest Group agreed to divest the renewal rights for its Global Retail Commercial Insurance portfolio to AIG [5]