v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information
3. Segment Information
AIG has three reportable segments: North America Commercial, International Commercial and Global Personal. Our Chief Executive Officer and Chief Financial Officer are our chief operating decision makers (CODMs) and use Underwriting income (loss) to benchmark and assess AIG's performance by segment and establish management’s compensation. Our general insurance business (General Insurance) consists of our three segments and the Net investment income and Amortization of intangible assets including renewal rights related to our insurance operations.
In the first quarter of 2026, AIG realigned and began reporting Amortization of intangible assets in General Insurance from Other Operations; historical results have been recast to reflect these changes.
NORTH AMERICA COMMERCIAL
The North America Commercial segment consists of insurance businesses and operations in the United States, Canada and Bermuda.
INTERNATIONAL COMMERCIAL
The International Commercial segment consists of insurance businesses and operations in Europe, Middle East and Africa (EMEA region), the United Kingdom, Japan, Asia Pacific, Latin America and Caribbean, and China. The International Commercial segment also includes the results of Talbot Holdings Ltd. (Talbot) as well as AIG’s Global Specialty business.
GLOBAL PERSONAL
The Global Personal segment consists primarily of Global Accident & Health and Personal Lines insurance businesses in the United States, Japan, the United Kingdom, EMEA region, Asia Pacific, Latin America and Caribbean, and China.
PRODUCTS
The segments consist of the following products:
–North America and International Commercial consists of Property & Short Tail, Casualty, Financial Lines and Global Specialty.
–Global Personal consists of Global Accident & Health and Personal Lines.
OTHER OPERATIONS
Other Operations predominantly consists of Net investment income from our AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense.
SEGMENT RESULTS
Management uses Underwriting income (loss) as the basis for the segment performance reviews. AIG calculates Underwriting income (loss) by subtracting Losses and loss adjustment expense incurred, Amortization of deferred policy acquisition costs (DAC), Other acquisition cost, and General operating expense from Net premiums earned. Assets by reportable segment are not used by the CODMs for purposes of making decisions about allocating resources to the segment and assessing its performance.
The following table presents AIG’s operations by segment:
Three Months Ended September 30, 2026
(in millions)Net
Premiums
Written		Net
Premiums
Earned
Losses
and Loss
Adjustment
Expenses
Incurred(a)
Amortization
of DAC(a)
Other
Acquisition
Expenses(a)
General
Operating
Expenses(a)(b)
Underwriting
Income
(Loss)		Net
Investment
Income		Reconciliation
to Pre-tax
Income (Loss)
North America Commercial$2,481 $2,362 $1,641 $242 $54 $258 $167 
International Commercial2,387 2,407 1,388 324 92 320 283 
Global Personal1,783 1,666 874 362 96 220 114 
Total General Insurance(c)
$6,651 $6,435 $3,903 $928 $242 $798 $564 $1,032 $1,586 
Interest expense— (101)
Other Operations45 (40)
Elimination and consolidations(2)— 
Total1,075 1,445 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge(3)(3)
Other income (expense) - net2 — 
Net investment income on Fortitude Re funds withheld assets16 16 
Net realized losses on Fortitude Re funds withheld assets— (28)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 85 
Net realized losses(d)
— (170)
Net loss reserve discount benefit (charge)— (91)
Net results of businesses in run-off(f)
10 (12)
Integration and transaction costs associated with acquiring or divesting businesses— (20)
Restructuring and other costs— (100)
Non-recurring costs related to regulatory or accounting changes— (3)
Total AIG Consolidated$1,100 $1,119 
Three Months Ended September 30, 2025
(in millions)Net
Premiums
Written		Net
Premiums
Earned
Losses
and Loss
Adjustment
Expenses
Incurred(a)
Amortization
of DAC(a)
Other
Acquisition
Expenses(a)
General
Operating
Expenses(a)(b)
Underwriting
Income
(Loss)		Net
Investment
Income		Reconciliation
to Pre-tax
Income (Loss)
North America Commercial$2,435 $2,198 $1,303 $221 $44 $246 $384 
International Commercial2,115 2,188 1,167 285 96 310 330 
Global Personal1,680 1,654 909 345 97 224 79 
Total General Insurance(c)
$6,230 $6,040 $3,379 $851 $237 $780 $793 $945 $1,734 
Interest expense— (100)
Other Operations77 (14)
Elimination and consolidations2 2 
Total1,024 1,622 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge(288)(288)
Net investment income on Fortitude Re funds withheld assets29 29 
Net realized losses on Fortitude Re funds withheld assets— (5)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (54)
Net realized losses(d)
(2)(433)
Favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— 9 
Net loss reserve discount benefit (charge)— 2 
Net results of businesses in run-off(f)
9 1 
Non-operating pension expenses— (6)
Integration and transaction costs associated with acquiring or divesting businesses— (7)
Restructuring and other costs— (153)
Non-recurring costs related to regulatory or accounting changes— (3)
Total AIG Consolidated$772 $714 
Nine Months Ended September 30, 2026
(in millions)Net
Premiums
Written		Net
Premiums
Earned
Losses
and Loss
Adjustment
Expenses
Incurred(a)
Amortization
of DAC(a)
Other
Acquisition
Expenses(a)
General
Operating
Expenses(a)(b)
Underwriting
Income
(Loss)		Net
Investment
Income		Reconciliation
to Pre-tax
Income (Loss)
North America Commercial$7,211 $6,939 $4,472 $703 $160 $738 $866 
International Commercial7,425 6,866 3,978 906 279 942 761 
Global Personal5,130 4,878 2,567 1,031 256 627 397 
Total General Insurance(c)
$19,766 $18,683 $11,017 $2,640 $695 $2,307 $2,024 $2,767 $4,760 
Interest expense— (300)
Other Operations133 (108)
Elimination and consolidations(2)— 
Total2,898 4,352 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge(67)(67)
Other income (expense) - net5 — 
Net investment income on Fortitude Re funds withheld assets75 75 
Net realized losses on Fortitude Re funds withheld assets— (47)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— 44 
Net realized losses(d)
— (514)
Net gain (loss) on divestitures and other(e)
— (133)
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— 75 
Net loss reserve discount charge— (71)
Net results of businesses in run-off(f)
28 (18)
Non-operating pension expenses— 2 
Integration and transaction costs associated with acquiring or divesting businesses— (68)
Restructuring and other costs— (247)
Non-recurring costs related to regulatory or accounting changes— (13)
Total AIG Consolidated$2,939 $3,370 
Nine Months Ended September 30, 2025
(in millions)Net
Premiums
Written		Net
Premiums
Earned
Losses
and Loss
Adjustment
Expenses
Incurred(a)
Amortization
of DAC(a)
Other
Acquisition
Expenses(a)
General
Operating
Expenses(a)(b)
Underwriting
Income
(Loss)		Net
Investment
Income		Reconciliation
to Pre-tax
Income (Loss)
North America Commercial$6,472 $6,455 $4,169 $654 $137 $681 $814 
International Commercial6,467 6,363 3,515 799 274 905 870 
Global Personal4,697 4,869 2,889 1,069 259 674 (22)
Total General Insurance(c)
$17,636 $17,687 $10,573 $2,522 $670 $2,260 $1,662 $2,552 $4,201 
Interest expense— (292)
Other Operations273 13 
Elimination and consolidations(1)— 
Total2,824 3,922 
Reconciling items:
Changes in the fair values of equity securities and AIG's investment in Corebridge393 393 
Gain on extinguishment of debt— 5 
Net investment income on Fortitude Re funds withheld assets108 108 
Net realized losses on Fortitude Re funds withheld assets— (59)
Net realized gains (losses) on Fortitude Re funds withheld embedded derivative— (109)
Net realized losses(d)
(4)(690)
Net gain (loss) on divestitures and other
— 53 
Non-operating litigation reserves and settlements— 13 
(Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements— (53)
Net loss reserve discount charge— (27)
Net results of businesses in run-off(f)
22 8 
Non-operating pension expenses— (16)
Integration and transaction costs associated with acquiring or divesting businesses— (13)
Restructuring and other costs— (307)
Non-recurring costs related to regulatory or accounting changes— (10)
Total AIG Consolidated$3,343 $3,218 
(a)These represent our significant expense categories of which amounts align with the segment-level information that is regularly provided to the CODMs.
(b)General operating expenses are primarily comprised of employee compensation and benefits, as well as professional fees.
(c)Amortization of intangible assets including renewal rights was $10 million and $4 million for the three months ended September 30, 2026 and 2025, respectively, and $31 million and $13 million for the nine months ended September 30, 2026 and 2025, respectively.
(d)Includes all Net realized gains and losses except earned income (periodic settlements and changes in settlement accruals) on derivative instruments used for non-qualifying (economic) hedging or for asset replication and net realized gains and losses on Fortitude Re funds withheld assets held by AIG in support of Fortitude Re’s reinsurance obligations to AIG (Fortitude Re funds withheld assets).
(e)In the nine months ended September 30, 2026, Net gain (loss) on divestitures and other primarily relates to a change in estimate for earn-out considerations associated with the dispositions of Validus Reinsurance, Ltd. and the global personal travel and assistance business.
(f)In the third quarter of 2025, AIG began excluding the net results of run-off businesses previously reported in General Insurance from Adjusted pre-tax income.