AMERICAN INTERNATIONAL GROUP, INC.AIG
AMERICAN INTERNATIONAL GROUP, INC. Segments Disclosure
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) measure to benchmark and assess AIG's performance by segment and in establishing management’s compensation. Our General Insurance business (General Insurance) consists of our three segments and the Net investment income related to our insurance operations.
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 Middle East and Africa (EMEA region), the United Kingdom, Japan, Europe, 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 Financial, Inc. (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 continuing operations by segment:
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 Income (Loss) from Continuing Operations Before Income Tax Expense | ||||||||||||||||||||
| 2025 | |||||||||||||||||||||||||||||
| North America Commercial | $ | 8,759 | $ | 8,626 | $ | 5,466 | $ | 862 | $ | 216 | $ | 938 | $ | 1,144 | |||||||||||||||
| International Commercial | 8,663 | 8,580 | 4,781 | 1,088 | 364 | 1,229 | 1,118 | ||||||||||||||||||||||
| Global Personal | 6,253 | 6,472 | 3,721 | 1,407 | 358 | 916 | 70 | ||||||||||||||||||||||
| Total General Insurance | $ | 23,675 | $ | 23,678 | $ | 13,968 | $ | 3,357 | $ | 938 | $ | 3,083 | $ | 2,332 | $ | 3,433 | $ | 5,765 | |||||||||||
| Interest expense | — | (392) | |||||||||||||||||||||||||||
| Other Operations | 346 | (29) | |||||||||||||||||||||||||||
| Elimination and consolidations | (1) | — | |||||||||||||||||||||||||||
| Total | 3,778 | 5,344 | |||||||||||||||||||||||||||
| Reconciling items: | |||||||||||||||||||||||||||||
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 255 | 255 | |||||||||||||||||||||||||||
| Other income (expense) - net | 6 | — | |||||||||||||||||||||||||||
| Gain (loss) on extinguishment of debt | — | 5 | |||||||||||||||||||||||||||
| Net investment income on Fortitude Re funds withheld assets | 149 | 149 | |||||||||||||||||||||||||||
| Net realized losses on Fortitude Re funds withheld assets | — | (70) | |||||||||||||||||||||||||||
| Net realized losses on Fortitude Re funds withheld embedded derivative | — | (166) | |||||||||||||||||||||||||||
Net realized gains (losses)(c) | (4) | (973) | |||||||||||||||||||||||||||
| Net gain (loss) on divestitures and other | — | 81 | |||||||||||||||||||||||||||
| Non-operating litigation reserves and settlements | — | 9 | |||||||||||||||||||||||||||
| (Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — | (105) | |||||||||||||||||||||||||||
| Net loss reserve discount charge | — | (48) | |||||||||||||||||||||||||||
Net results of businesses in run-off(d) | 31 | 4 | |||||||||||||||||||||||||||
| Non-operating pension expenses | — | (15) | |||||||||||||||||||||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (136) | |||||||||||||||||||||||||||
| — | (439) | ||||||||||||||||||||||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (16) | |||||||||||||||||||||||||||
| Total AIG Consolidated | $ | 4,215 | $ | 3,879 | |||||||||||||||||||||||||
| (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 Income (Loss) from Continuing Operations Before Income Tax Expense | ||||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||
| North America Commercial | $ | 8,452 | $ | 8,172 | $ | 5,713 | $ | 824 | $ | 222 | $ | 865 | $ | 548 | |||||||||||||||
| International Commercial | 8,364 | 8,145 | 4,463 | 1,018 | 342 | 1,095 | 1,227 | ||||||||||||||||||||||
| Global Personal | 7,086 | 7,140 | 3,862 | 1,571 | 573 | 992 | 142 | ||||||||||||||||||||||
| Total General Insurance | $ | 23,902 | $ | 23,457 | $ | 14,038 | $ | 3,413 | $ | 1,137 | $ | 2,952 | $ | 1,917 | $ | 3,060 | $ | 4,977 | |||||||||||
| Interest expense | — | (445) | |||||||||||||||||||||||||||
| Other Operations | 424 | (207) | |||||||||||||||||||||||||||
| Elimination and consolidations | — | (1) | |||||||||||||||||||||||||||
| Total | 3,484 | 4,324 | |||||||||||||||||||||||||||
| Reconciling items: | |||||||||||||||||||||||||||||
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 586 | 586 | |||||||||||||||||||||||||||
| Other income (expense) - net | 16 | — | |||||||||||||||||||||||||||
| Gain (loss) on extinguishment of debt | — | (14) | |||||||||||||||||||||||||||
| Net investment income on Fortitude Re funds withheld assets | 144 | 144 | |||||||||||||||||||||||||||
| Net realized losses on Fortitude Re funds withheld assets | — | (39) | |||||||||||||||||||||||||||
| Net realized losses on Fortitude Re funds withheld embedded derivative | — | (75) | |||||||||||||||||||||||||||
Net realized gains (losses)(c) | 8 | (428) | |||||||||||||||||||||||||||
| Net gain (loss) on divestitures and other | — | 616 | |||||||||||||||||||||||||||
| (Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — | (105) | |||||||||||||||||||||||||||
| Net loss reserve discount charge | — | (226) | |||||||||||||||||||||||||||
Net results of businesses in run-off(d) | 17 | (111) | |||||||||||||||||||||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (39) | |||||||||||||||||||||||||||
| — | (745) | ||||||||||||||||||||||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (18) | |||||||||||||||||||||||||||
| Total AIG Consolidated | $ | 4,255 | $ | 3,870 | |||||||||||||||||||||||||
| (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 Income (Loss) from Continuing Operations Before Income Tax Expense | ||||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||
| North America Commercial | $ | 11,432 | $ | 10,233 | $ | 6,323 | $ | 1,371 | $ | 231 | $ | 953 | $ | 1,355 | |||||||||||||||
| International Commercial | 8,168 | 7,964 | 4,641 | 943 | 350 | 1,028 | 1,002 | ||||||||||||||||||||||
| Global Personal | 7,119 | 6,894 | 3,811 | 1,309 | 698 | 1,084 | (8) | ||||||||||||||||||||||
| Total General Insurance | $ | 26,719 | $ | 25,091 | $ | 14,775 | $ | 3,623 | $ | 1,279 | $ | 3,065 | $ | 2,349 | $ | 3,022 | $ | 5,371 | |||||||||||
| Interest expense | — | (498) | |||||||||||||||||||||||||||
| Other Operations | 186 | (535) | |||||||||||||||||||||||||||
| Elimination and consolidations | (13) | (17) | |||||||||||||||||||||||||||
| Total | 3,195 | 4,321 | |||||||||||||||||||||||||||
| Reconciling items: | |||||||||||||||||||||||||||||
| Changes in the fair values of equity securities, AIG's investment in Corebridge and gain/loss on sale of shares | 53 | 53 | |||||||||||||||||||||||||||
| Other income (expense) - net | 8 | — | |||||||||||||||||||||||||||
| Gain (loss) on extinguishment of debt | — | 37 | |||||||||||||||||||||||||||
| Net investment income on Fortitude Re funds withheld assets | 180 | 180 | |||||||||||||||||||||||||||
| Net realized losses on Fortitude Re funds withheld assets | — | (71) | |||||||||||||||||||||||||||
| Net realized losses on Fortitude Re funds withheld embedded derivative | — | (273) | |||||||||||||||||||||||||||
Net realized gains (losses)(c) | (12) | (743) | |||||||||||||||||||||||||||
| Net gain (loss) on divestitures and other | — | (29) | |||||||||||||||||||||||||||
| Non-operating litigation reserves and settlements | — | (1) | |||||||||||||||||||||||||||
| (Unfavorable) favorable prior year development and related amortization changes ceded under retroactive reinsurance agreements | — | 62 | |||||||||||||||||||||||||||
| Net loss reserve discount charge | — | (195) | |||||||||||||||||||||||||||
Net results of businesses in run-off(d) | 21 | (31) | |||||||||||||||||||||||||||
| Non-operating pension expenses | — | (71) | |||||||||||||||||||||||||||
| Integration and transaction costs associated with acquiring or divesting businesses | — | (6) | |||||||||||||||||||||||||||
| — | (356) | ||||||||||||||||||||||||||||
| Non-recurring costs related to regulatory or accounting changes | — | (22) | |||||||||||||||||||||||||||
Net impact from elimination of international reporting lag | 1 | 12 | |||||||||||||||||||||||||||
| Total AIG Consolidated | $ | 3,446 | $ | 2,867 | |||||||||||||||||||||||||
(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)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).
(d)In the fourth quarter of 2024, AIG realigned and began excluding the net results of run-off businesses previously reported in Other Operations from Adjusted pre-tax income. Historical results have been recast to reflect these changes. 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.
(e)In the years ended December 31, 2025 and 2024, Restructuring and other costs was primarily related to employee-related costs, including severance, and, in the year ended December 31, 2024, real estate impairment charges.
For the year ended December 31, 2024, we recorded severance charges of $353 million and asset impairment charges of $53 million as a result of restructuring activities.
The following table presents AIG’s consolidated total revenues and real estate and other fixed assets, net of accumulated depreciation, by major geographic area:
| Total Revenues* | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| North America Commercial | $ | 8,626 | $ | 8,172 | $ | 10,233 | ||||||||||||||
| International Commercial | 8,580 | 8,145 | 7,964 | |||||||||||||||||
| Global Personal | 6,472 | 7,140 | 6,894 | |||||||||||||||||
| Net investment income | 4,215 | 4,255 | 3,446 | |||||||||||||||||
| Net realized losses | (1,202) | (548) | (1,078) | |||||||||||||||||
| Other income | 11 | 7 | 6 | |||||||||||||||||
| Net results of businesses in run-off | 76 | 83 | 475 | |||||||||||||||||
| Net impact from elimination of international reporting lag | — | — | 3 | |||||||||||||||||
| Total Revenues* | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Elimination and consolidations | (3) | (3) | (5) | |||||||||||||||||
| Total Revenue | $ | 26,775 | $ | 27,251 | $ | 27,938 | ||||||||||||||
| North America | $ | 12,699 | $ | 13,031 | $ | 14,701 | ||||||||||||||
| International | 14,076 | 14,220 | 13,237 | |||||||||||||||||
| Consolidated | $ | 26,775 | $ | 27,251 | $ | 27,938 | ||||||||||||||
| Real Estate and Other Fixed Assets, Net of Accumulated Depreciation | ||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| North America | $ | 1,034 | $ | 804 | $ | 760 | ||||||||||||||
| International | 335 | 312 | 372 | |||||||||||||||||
| Consolidated | $ | 1,369 | $ | 1,116 | $ | 1,132 | ||||||||||||||
*Revenues are generally reported according to the geographic location of the segment. International revenues consists of revenues from our General Insurance International operations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 19, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.