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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
American International Group (AIG) investor relations material
American International Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Adjusted after-tax income per diluted share rose 77% year-over-year to $2.20, with adjusted after-tax income of $1.2 billion, up 52%, driven by strong general insurance and underwriting performance.
Net income attributable to common shareholders increased 13% to $519 million for Q3 2025, reversing a prior year loss, supported by improved underwriting, investment income, and Corebridge deconsolidation.
Announced strategic investments in Convex Group (35% equity), Onex Corporation (9.9% stake), and acquisition of renewal rights for Everest Group’s global retail commercial insurance portfolios, all expected to be accretive to earnings, EPS, and ROE within a year of closing.
Returned $1.5 billion to shareholders in Q3 through $1.25 billion in share repurchases and $250 million in dividends.
Continued focus on sustainable, profitable growth, operational efficiency, and disciplined capital management.
Financial highlights
Adjusted pre-tax income for Q3 2025 was $1.62 billion, up 51% year-over-year; net premiums written were $6.2 billion, flat or up 1% year-over-year on a comparable basis.
General Insurance underwriting income was $793 million, up 81% year-over-year; net investment income on an adjusted pre-tax basis increased 15% to $1 billion.
Book value per share rose 6% to $75.45; adjusted tangible book value per share up 3% to $70.07.
Combined ratio improved to 86.8% in Q3 2025 from 92.6% in Q3 2024; accident year combined ratio (as adjusted) was 88.3%, flat year-over-year.
Net realized losses for Q3 were $490 million, mainly from real estate fund impairments and higher FX losses.
Outlook and guidance
Core operating ROE reached 13.6% in Q3, up 430 bps year-over-year; YTD core operating ROE is 10.9%, within the 10%-13% Investor Day target range.
Strategic transactions with Convex, Onex, and Everest are expected to be accretive to earnings, EPS, and ROE within a year of closing.
Management expects continued focus on underwriting discipline, capital efficiency, and profitable growth.
Quantify accretion from recent strategic transactions
Explain flat AYCR despite combined ratio improvement
Update on Corebridge divestment strategy and timeline
GenAI's potential to exceed expense ratio target?
Future capital deployment for strategic deals?
Everest renewal book combined ratio expectations?
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Next American International Group earnings date
Q4 202513 Feb, 2026
Next American International Group earnings date
Q4 202513 Feb, 2026
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Frequently asked questions
Insurance for all
AIG, or American International Group, is a multinational insurance company that offers a range of insurance and financial products and services. With a global presence, AIG serves clients in various sectors, including individuals, businesses, and institutional customers. Their offerings encompass property and casualty insurance, life insurance, retirement products, and asset management solutions.
Safe and sound
AIG is primarily known for its range of insurance products and services. They offer property and casualty insurance, providing coverage for risks related to property damage, liability, and other related risks. Additionally, AIG offers life insurance and retirement solutions, helping individuals and families plan for their financial security if something were to happen to one or several family members. Their products include term life insurance, whole life insurance, annuities, as well as retirement planning options. Other companies operating in the insurance sector include names such as Chubb, Allstate, and MetLife.
Catering to both businesses and individuals
AIG serves a diverse client base in the insurance sector, ranging from individuals and families to small businesses and large corporations. They provide insurance solutions tailored to meet the unique needs of their clients across various industries. Aside from various health and life insurances, AIG's clients include homeowners and renters seeking property insurance coverage, drivers looking for auto insurance, businesses in need of liability insurance, and professionals seeking liability coverage. They also cater to specialty markets such as aviation, marine, energy, and more. Due to their scale and experience, AIG is able to provide tailor-made insurance solutions in order to be able to serve as broad of a client base as possible.
Helping clients all over the world manage the risks of life
AIG has a strong global presence with operations spanning across numerous countries. With offices and subsidiaries in various regions, including North America, Europe, Asia-Pacific, and Latin America, AIG has established itself as a significant player in the global insurance industry. AIG is able to tweak their solutions to fit local needs and requirements, while having a strong global network of experience and knowledge.
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