AIG Reports 48% Surge in Q4 Underwriting Income Driven by North America Commercial Sector
In the fourth quarter of 2025, American International Group (AIG) reported a remarkable 48% increase in underwriting income within its General Insurance segment, reaching $670 million compared to the previous year. This significant growth highlights the company’s robust performance in a competitive market.
The General Insurance unit encompasses North America commercial, International commercial, and global personal lines. Notably, AIG recorded $125 million in catastrophe-related charges during Q4 2025, a substantial decrease from $325 million in Q4 2024. This reduction in catastrophe losses reflects improved risk management and underwriting practices.
Despite a slight decline in net premiums written, which fell by 1% to approximately $6.04 billion from $6.08 billion, the overall performance remained strong. The combined ratio for General Insurance improved to 88.8, marking a 3.7-point enhancement from the same period in 2024. This positive trend was primarily driven by the North America commercial segment, which achieved a combined ratio of 84.7, a significant improvement from 98.8 in Q4 2024.
In North America commercial, underwriting income surged to $330 million for Q4 2025, a stark contrast to the $25 million reported in the prior year. Additionally, net premiums written in this segment increased by 3% to around $2.3 billion, indicating a healthy demand for AIG’s offerings.
CEO Peter Zaffino emphasized the importance of strategic partnerships in AIG’s growth trajectory. He noted several recent collaborations that are expected to enhance earnings, earnings per share, and return on equity. These partnerships include the formation of Syndicate 2479 with Blackstone and Amwins, an investment in CVC’s new private equity secondaries evergreen platform, and the completion of acquisitions of minority stakes in Convex Group and Onex Corporation.
Zaffino also highlighted progress on the conversion of Everest’s global retail portfolio, stating that these innovative, capital-efficient transactions are designed to foster growth, enhance earnings, and improve return on equity without complicating the organization.
Related: AIG’s Zaffino to Step Down as CEO as Aon’s Andersen Steps In
The global personal segment also showed positive results, with underwriting income rising to $92 million compared to $82 million in Q4 2024. However, net premiums written decreased by 12% to approximately $1.56 billion, attributed to changes in reinsurance structures affecting the U.S. high net worth book. The combined ratio for this segment improved to 94.3 from 95.4 the previous year.
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In the fourth quarter of 2025, American International Group (AIG) reported a remarkable 48% increase in underwriting income within its General Insurance segment, reaching $670 million compared to the previous year. This significant growth highlights the company’s robust performance in a competitive market.
The General Insurance unit encompasses North America commercial, International commercial, and global personal lines. Notably, AIG recorded $125 million in catastrophe-related charges during Q4 2025, a substantial decrease from $325 million in Q4 2024. This reduction in catastrophe losses reflects improved risk management and underwriting practices.
Despite a slight decline in net premiums written, which fell by 1% to approximately $6.04 billion from $6.08 billion, the overall performance remained strong. The combined ratio for General Insurance improved to 88.8, marking a 3.7-point enhancement from the same period in 2024. This positive trend was primarily driven by the North America commercial segment, which achieved a combined ratio of 84.7, a significant improvement from 98.8 in Q4 2024.
In North America commercial, underwriting income surged to $330 million for Q4 2025, a stark contrast to the $25 million reported in the prior year. Additionally, net premiums written in this segment increased by 3% to around $2.3 billion, indicating a healthy demand for AIG’s offerings.
CEO Peter Zaffino emphasized the importance of strategic partnerships in AIG’s growth trajectory. He noted several recent collaborations that are expected to enhance earnings, earnings per share, and return on equity. These partnerships include the formation of Syndicate 2479 with Blackstone and Amwins, an investment in CVC’s new private equity secondaries evergreen platform, and the completion of acquisitions of minority stakes in Convex Group and Onex Corporation.
Zaffino also highlighted progress on the conversion of Everest’s global retail portfolio, stating that these innovative, capital-efficient transactions are designed to foster growth, enhance earnings, and improve return on equity without complicating the organization.
Related: AIG’s Zaffino to Step Down as CEO as Aon’s Andersen Steps In
The global personal segment also showed positive results, with underwriting income rising to $92 million compared to $82 million in Q4 2024. However, net premiums written decreased by 12% to approximately $1.56 billion, attributed to changes in reinsurance structures affecting the U.S. high net worth book. The combined ratio for this segment improved to 94.3 from 95.4 the previous year.
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