American International Group
AIG NYSE Multi-line Insurance Financials FY2016–FY2025
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%.
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.
- Legal name
- AMERICAN INTERNATIONAL GROUP, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Accession · CIK
- 0000005272-26-000023
0000005272
Revenue and margins
American International Group had $26.8B of revenue in fiscal 2025, down 1.8% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
American International Group returned $6.8B to shareholders in fiscal 2025. The diluted share count fell 13.2%.
Value American International Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of $3.3B and divides by 570.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 14.9x · peers 13.7x · sector 13.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably American International Group can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $15.8B | $13.9B | $14.4B | $15.8B | $12.5B |
| Debt incl. finance leases | $30.2B | $28.7B | $10.9B | $8.9B | $9.2B |
| Net debt / EBITDA | 0.8x | 1.8x | −0.5x | −0.9x | −0.4x |
| Debt / equity | 0.5x | 0.7x | 0.2x | 0.2x | 0.2x |
| Interest coverage | 11.2x | 7.3x | 6.6x | 9.4x | 10.8x |
| Total assets | $596.1B | $522.2B | $539.3B | $161.3B | $161.3B |
| Total liabilities | $527.2B | $478.8B | $488.0B | $118.8B | $120.1B |
| Shareholders' equity | $66.0B | $41.0B | $45.4B | $42.5B | $41.1B |
| Net debt (− = net cash) | $14.4B | $14.7B | −$3.6B | −$6.9B | −$3.3B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
2 insiders
Sold, 12 months
$18.1M
1 insider
Of sales under plans
100%
$18.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Peter ZaffinoExecutive Chair, Director | Sold plan | 36,829 | $76.13 | $2.8M | Form 4 |
| Aug 12, 2026 | Peter ZaffinoExecutive Chair, Director | Sold plan | 200,000 | $76.47 | $15.3M | Form 4 |
| Dec 30, 2025 | John C InglisDirector | Bought | 14 | $86.47 | $0.0M | Form 4 |
| Dec 30, 2025 | Keith WalshEVP and CFO | Bought | 5 | $86.54 | $0.0M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | — | — | — |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −0.5% | −1.3% | −0.1% |
| Altman Z'' | — | — | — |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| American International Group AIG | $43.4B | −1.8% | — | — | 9.3% | 14.9x | — | |
| Loews L | $23.0B | 5.4% | — | 14.6% | 9.5% | 13.7x | — | Compare → |
| Assurant AIZ | $14.2B | 7.9% | — | 12.5% | 17.5% | 13.6x | — | Compare → |
| American Financial Group AFG | $12.5B | −1.8% | 13.1% | — | 17.8% | 13.2x | — | Compare → |
| Marsh McLennan MRSH | $94.6B | 10.3% | 23.1% | 18.5% | 15.0% | 23.6x | 5 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $52.4B | $49.5B | $47.4B | $49.7B | $43.7B | $52.2B | $30.0B | $27.9B | $27.3B | $26.8B |
| Interest expense | $1.3B | $1.2B | $1.3B | $1.4B | $1.5B | $1.3B | $603M | $516M | $462M | $396M |
| Pretax income | −$74.0M | $1.5B | $257M | $5.3B | −$7.3B | $13.3B | $3.8B | $2.9B | $3.9B | $3.9B |
| Income tax | $185M | $7.5B | $154M | $1.2B | −$1.5B | $2.4B | $882M | $126M | $1.2B | $782M |
| Net income | −$849M | −$6.1B | −$6.0M | $3.3B | −$5.9B | $10.4B | $10.2B | $3.6B | −$1.4B | $3.1B |
| Diluted EPS | −$0.78 | −$6.54 | −$0.01 | $3.74 | −$6.88 | $11.95 | $12.94 | $4.98 | −$2.17 | $5.43 |
| Diluted shares | 1.09B | 0.93B | 0.91B | 0.89B | 0.87B | 0.86B | 0.79B | 0.73B | 0.66B | 0.57B |
| Cash flow | ||||||||||
| Cash from operations | $3.5B | −$7.8B | −$394M | −$1.8B | $1.0B | $6.2B | $4.1B | $6.2B | $3.3B | $3.3B |
| Capital expenditure | $1.1B | $483M | $368M | $304M | $353M | $343M | $210M | $240M | — | — |
| Free cash flow | $2.4B | −$8.3B | −$762M | −$2.1B | $685M | $5.9B | $3.9B | $6.0B | — | — |
| Depreciation and amortization | $4.1B | $3.9B | $5.4B | $5.0B | $4.1B | $4.5B | $3.9B | $3.8B | $3.6B | $3.5B |
| Stock-based compensation | $237M | $353M | $337M | $314M | $274M | $278M | $288M | $199M | $211M | $207M |
| Acquisitions | $0.0M | $0.0M | $5.7B | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $11.5B | $6.3B | $1.7B | $0.0M | $500M | $2.6B | $5.2B | $3.0B | $6.7B | $5.8B |
| Dividends paid | $1.4B | $1.2B | $1.1B | $1.1B | $1.1B | $1.1B | $982M | $997M | $1.0B | $976M |
| Dividends and buybacks | $12.8B | $7.4B | $2.9B | $1.1B | $1.6B | $3.7B | $6.2B | $4.0B | $7.7B | $6.8B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $14.4B | $13.1B | $13.0B | $16.5B | $21.4B | $15.8B | $13.9B | $14.4B | $15.8B | $12.5B |
| Total debt | $30.9B | $31.6B | $34.5B | $35.4B | $37.5B | $30.2B | $28.7B | $10.9B | $8.9B | $9.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $2.7B | $2.5B | $2.2B | $2.0B | $1.8B | $1.8B | $1.2B | $1.1B | $1.1B | $1.4B |
| Total assets | $498.3B | $498.3B | $492.0B | $525.1B | $586.5B | $596.1B | $522.2B | $539.3B | $161.3B | $161.3B |
| Total liabilities | $421.4B | $432.6B | $434.7B | $457.6B | $519.3B | $527.2B | $478.8B | $488.0B | $118.8B | $120.1B |
| Shareholders' equity | $76.3B | $65.2B | $56.4B | $65.7B | $66.4B | $66.0B | $41.0B | $45.4B | $42.5B | $41.1B |
| Margins | ||||||||||
| EBITDA margin | 10.1% | 13.1% | 14.6% | 23.5% | −3.9% | 36.8% | 27.5% | 25.9% | 29.1% | 28.9% |
| Net margin | −1.6% | −12.3% | −0.0% | 6.7% | −13.6% | 19.9% | 34.1% | 13.0% | −5.2% | 11.6% |
| FCF margin | 4.6% | −16.8% | −1.6% | −4.2% | 1.6% | 11.3% | 13.1% | 21.5% | — | — |
| Returns | ||||||||||
| Return on capital | 0.9% | 1.5% | 1.0% | 6.3% | −5.4% | 14.4% | 4.7% | — | 7.3% | 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% |
| Growth | ||||||||||
| Revenue growth | −10.2% | −5.4% | −4.3% | 5.0% | −12.1% | 19.3% | −42.5% | −6.9% | −2.5% | −1.8% |
| Net income growth | −138.7% | — | — | — | −277.5% | — | −1.4% | −64.4% | −138.5% | — |
| EPS growth | −147.3% | — | — | — | −284.0% | — | 8.3% | −61.5% | −143.6% | — |
| FCF growth | 106.3% | −448.3% | — | — | — | 758.4% | −33.3% | 53.0% | — | — |
| Share count change | −18.2% | −14.7% | −2.2% | −2.3% | −2.3% | −0.5% | −8.9% | −8.0% | −9.4% | −13.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 3.1x | 2.9x | 3.1x | 1.6x | — | 0.8x | 1.8x | −0.5x | −0.9x | −0.4x |
| Debt / equity | 0.4x | 0.5x | 0.6x | 0.5x | 0.6x | 0.5x | 0.7x | 0.2x | 0.2x | 0.2x |
| Interest coverage | 0.9x | 2.3x | 1.2x | 4.7x | −4.0x | 11.2x | 7.3x | 6.6x | 9.4x | 10.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.1% | 1.0% | 0.8% | 0.6% | 0.8% | 0.7% | 0.7% | 0.9% | — | — |
| Stock comp / revenue | 0.5% | 0.7% | 0.7% | 0.6% | 0.6% | 0.5% | 1.0% | 0.7% | 0.8% | 0.8% |
| Payouts / FCF | 538.5% | — | — | — | 234.0% | 62.5% | 157.5% | 65.9% | — | — |
| Quality scores | ||||||||||
| Accruals ratio | −0.9% | 0.4% | 0.1% | 1.0% | −1.3% | 0.7% | 1.1% | −0.5% | −1.3% | −0.1% |
Source: SEC EDGAR XBRL filings (CIK 0000005272). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.