Core Insights - AIG's General Insurance (GI) underwriting income increased by 48% year-over-year to $670 million in Q4 2025, up from $454 million in Q4 2024 [1] - The overall net income for AIG in 2025 was $3.1 billion, a significant recovery from a net loss of $1.4 billion in 2024 [9] Financial Performance - GI adjusted pre-tax income rose by 26% to $1.6 billion in Q4 2025, driven by higher underwriting income and net investment income [3] - For the full year 2025, GI underwriting income increased by 22% to $2.3 billion compared to $1.9 billion in 2024 [7] - Total net investment income for AIG in 2025 was $4.2 billion, down by 1% from $4.3 billion in 2024 [8] Premiums and Ratios - GI gross premiums written (GPW) remained relatively flat with a 1% increase to $8.1 billion for Q4 2025, while net premiums written (NPW) decreased by 1% to $6 billion [2] - The combined ratio for GI improved to 90.1% for the full year 2025, compared to 91.8% in 2024 [7] Strategic Initiatives - AIG returned $6.8 billion of capital to shareholders in 2025, including $5.8 billion in share repurchases and approximately $1.0 billion in dividends [12] - The company announced several strategic partnerships expected to enhance earnings and ROE in 2026, including collaborations with Blackstone and Amwins [12] Outlook - AIG entered 2026 with strong momentum, achieving enhanced terms and favorable pricing in January 1 reinsurance renewal activity [13] - The company is on track to meet or exceed its financial objectives for 2026 [13]