American International Group

AIG · NYSE · Financials · Financials, fiscal 2016 to 2025

AIG · Last close · October 26, 2026

$81.13

Value American International Group yourself

American International Group's revenue fell 1.8% to $26.8 billion in fiscal 2025. Its net margin was 11.6%, up from −5.2% a year earlier. It paid out $6.8 billion in dividends and buybacks. The diluted share count fell 13.2%.

AMERICAN INTERNATIONAL GROUP, INC. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0000005272-26-000023 Updated October 9, 2026

Revenue

$26.8B

1.8%

Net margin

11.6%

16.7 pts

Net income

$3.1B

Free cash flow

—

Return on capital

9.3%

2.0 pts

Market cap

$43.3B

Oct 26 close

P/E

14.8x

On $5.47 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. From 2024 AIG's cash flow statement doesn't show its spending on property and equipment as a line of its own, so capital spending and free cash flow are left blank.

What American International Group does

American International Group, known as AIG, is a global commercial and personal insurer. It sells property, casualty, financial and specialty insurance to businesses, and accident and health, auto, home and warranty insurance to individuals. It sells in about 45 countries.

AIG reports three segments: North America Commercial, International Commercial and Global Personal. Together they make up its General Insurance business. Commercial products include property, general liability, workers' compensation, professional liability such as directors and officers cover, and marine, aviation and political risk insurance. Personal products include group accident and health cover, personal auto and homeowners policies, device protection and extended warranties, and cover for high net-worth individuals. A fourth group, Other Operations, holds items such as investment income on the parent company's liquidity portfolio, dividend income from Corebridge Financial, corporate expenses and interest expense.

AIG earns money mainly from insurance premiums and from income on its investments. Its costs are mostly claims, the costs of settling them, commissions and other costs of selling and servicing policies. It says it competes with global, national and local insurers, reinsurers and underwriting syndicates, on risk acceptance, price, service and terms. At the end of 2025 it had about 22,100 employees, with 47 percent in the Asia Pacific region.

Its biggest risks, as it describes them

Claims that arrive later or cost more than the reserves it has set aside for them.
Natural and man-made catastrophes and mass torts, which can hurt its results, liquidity and ratings.
An investment portfolio that is concentrated in certain parts of the economy, and some investments that are hard to sell quickly.
Risk management policies that may fail to catch risks it did not foresee or expect.
Heavy regulation that can raise capital requirements for its insurance subsidiaries or cut its profit.

From American International Group's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2019 to 2025, earnings per share grew 6.4% a year and net income fell 1.3% a year, as buybacks cut the share count by 36%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value American International Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from American International Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. American International Group's free cash flow isn't available in its filings' structured data (the notes above say why), and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to American International Group's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 9% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $81.13
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from American International Group's earnings per share of $5.47 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of American International Group's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Loews, Assurant, American Financial Group, Marsh McLennan.

Earnings growth in the years ahead (% a year) Starts at American International Group's revenue growth over the last 3 years, -3.7% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $81.13
Value at this multiple, against the last close: —
American International Group's P/E at the last close: 14.8×

Company	Last close	Earnings per share	P/E today
Marsh McLennanMRSH	$194.72	$8.36	23.3×
American International GroupAIG	$81.13	$5.47	14.8×
AssurantAIZ	$287.15	$20.91	13.7×
LoewsL	$111.42	$8.16	13.7×
American Financial GroupAFG	$150.59	$11.44	13.2×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	15.8	13.9	14.4	15.8	12.5
Debt incl. finance leases	30.2	28.7	10.9	8.9	9.2
Net debt (negative means net cash)	14.4	14.7	−3.6	−6.9	−3.3
Net debt to EBITDA	0.8x	1.8x	−0.5x	−0.9x	−0.4x
Debt to equity	0.5x	0.7x	0.2x	0.2x	0.2x
Interest coverage	11.2x	7.3x	6.6x	9.4x	10.8x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ billions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 2 insiders bought $1,667 of American International Group shares on the open market, and 1 insider sold $18.1 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 13, 2026	Peter ZaffinoExecutive Chair, Director	Sold plan	36,829	$76.13	$2.8 million	Form 4
Aug 12, 2026	Peter ZaffinoExecutive Chair, Director	Sold plan	200,000	$76.47	$15.3 million	Form 4
Dec 30, 2025	John C InglisDirector	Bought	14	$86.47	$1,200	Form 4
Dec 30, 2025	Keith WalshEVP and CFO	Bought	5	$86.54	$467	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Fail	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Pass	Fail	Pass
F-score	—	—	—
Accruals ratio	−0.5%	−1.3%	−0.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put American International Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
American International Group	FY25	−1.8%	—	—	9.3%	−0.4x	—
Loews	FY25	5.4%	—	14.6%	9.5%	0.9x	—	Compare
Assurant	FY25	7.9%	—	12.5%	17.5%	−0.0x	—	Compare
American Financial Group	FY25	−1.8%	13.1%	—	17.8%	0.1x	—	Compare
Marsh McLennan	FY25	10.3%	23.1%	18.5%	15.0%	2.6x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	52.4	49.5	47.4	49.7	43.7	52.2	30.0	27.9	27.3	26.8
Revenue growth	−10.2%	−5.4%	−4.3%	5.0%	−12.1%	19.2%	−42.5%	−6.9%	−2.5%	−1.8%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	−0.8	−6.1	−0.0	3.3	−5.9	10.4	10.2	3.6	−1.4	3.1
Diluted EPS (US$)	−0.78	−6.54	−0.01	3.74	−6.88	11.95	12.94	4.98	−2.17	5.43
Diluted shares (millions)	1,091	931	910	890	869	865	788	725	657	570
Cash flow
Cash from operations	3.5	−7.8	−0.4	−1.8	1.0	6.2	4.1	6.2	3.3	3.3
Capital expenditure	1.1	0.5	0.4	0.3	0.4	0.3	0.2	0.2	—	—
Free cash flow	2.4	−8.3	−0.8	−2.1	0.7	5.9	3.9	6.0	—	—
Dividends paid	1.4	1.2	1.1	1.1	1.1	1.1	1.0	1.0	1.0	1.0
Share buybacks	11.5	6.3	1.7	0.0	0.5	2.6	5.2	3.0	6.7	5.8
Acquisitions	0.0	0.0	5.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Stock-based compensation	0.2	0.4	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2
Balance sheet at fiscal year end
Cash and short-term investments	14.4	13.1	13.0	16.5	21.4	15.8	13.9	14.4	15.8	12.5
Debt incl. finance leases	30.9	31.6	34.5	35.4	37.5	30.2	28.7	10.9	8.9	9.2
Total assets	498.3	498.3	492.0	525.1	586.5	596.1	522.2	539.3	161.3	161.3
Total liabilities	421.4	432.6	434.7	457.6	519.3	527.2	478.8	488.0	118.8	120.1
Shareholders' equity	76.3	65.2	56.4	65.7	66.4	66.0	41.0	45.4	42.5	41.1
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	−1.6%	−12.3%	−0.0%	6.7%	−13.6%	19.9%	34.1%	13.0%	−5.2%	11.6%
Free cash flow margin	4.5%	−16.8%	−1.6%	−4.2%	1.6%	11.3%	13.1%	21.5%	—	—
Return on capital	0.9%	1.5%	1.0%	6.3%	−5.4%	14.4%	4.7%	—	7.2%	9.3%
Return on equity	−1.0%	−8.6%	−0.0%	5.5%	−9.0%	15.7%	19.1%	8.4%	−3.2%	7.4%
Return on assets	−0.2%	−1.2%	−0.0%	0.7%	−1.1%	1.8%	1.8%	0.7%	−0.4%	1.9%
Net debt to EBITDA	3.1x	2.9x	3.1x	1.6x	—	0.8x	1.8x	−0.5x	−0.9x	−0.4x

US$ billions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: American International Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with American International Group.