美国国际集团 2025年度报告

DEAR AIGSHAREHOLDERS, Peter ZaffinoChairman & Chief Executive Officer 2025 was a milestone year of progress for AIG, in which we delivered againstour ambitious strategic, operational and financial commitments and positionedthe company for an exceptional future. Our performance was outstanding andwe achieved impressive results in a complex operating environment markedby an evolving risk landscape, geopolitical complexity, continued inflationaryuncertainty, an active catastrophe market and accelerating technologicalchange—unlike anything we have seen in our lifetimes. Breakthroughs in LargeLanguage Models, computing power, and agentic and autonomous AI arefundamentally reshaping how risk is assessed and managed. As we closed out the year, we continued toexecute at pace, accelerating our AI strategyand enhancing our growth potential throughstrategic investments in Convex Group Limited(Convex) and Onex Corporation (Onex), a renewalrights deal with Everest Group, Ltd. (Everest) andthe launch of a novel special purpose vehiclein partnership with Blackstone Inc., AmwinsGroup, Inc. (Amwins) and Palantir TechnologiesInc. (Palantir). These initiatives expand ourcapabilities and position us to capture newopportunities. Importantly, we remain on trackto meet or exceed the financial objectives weoutlined at Investor Day. Against this backdrop, we maintained ourcommitment to underwriting excellence anddisciplined capital management, invested inour future and strengthened our balance sheet,ending the year with tremendous financialflexibility. These results are the direct outcomeof years of disciplined execution and the hardwork of colleagues across AIG. At our InvestorDay in March 2025, we had the opportunityto outline our multi-year transformation andshowcase the company AIG is today. We also setambitious three-year financial objectives anddetailed a clear path to deliver strong financialperformance. The resulting momentum wasrecognized by all four credit rating agencies,which upgraded our financial strength ratingsor outlook in the months following the event. None of this would be possible without thededication of our incredible colleagues aroundthe world. Thanks to their extraordinary effortand commitment, AIG has entered 2026 withsignificant momentum and a solid foundationto accelerate our strategic progress. At the same time, we laid out an exciting visionfor AIG, demonstrating how well prepared weare for what comes next. A key focus is ourwork in AI, where we are deploying and scalingagentic AI solutions to speed processes andimprove decision-making across underwritingand claims. 2025 was an outstanding year inwhich we made significant progresspositioning AIG as a market leaderin the global insurance industry anddelivered excellent performance.““ — Peter ZaffinoAIG Chairman & Chief Executive Officer A YEAR OF STRONGFINANCIAL PERFORMANCE dividends, which included an increase of 12.5%in our quarterly dividend payments startingin the second quarter of 2025. These resultsdemonstrate the exceptional execution of ourstrategy, the durability of our business and thebenefits of our multi-year transformation. The strength of our performanceis clear from our results. In 2025, underwriting income increased 22%year-over-year to $2.3 billion. Our full-yearcalendar year combined ratio was 90.1% andour accident year combined ratio1 was 88.3%.Net premiums written were $23.7 billion in2025, increasing 2% on a comparable basis2from the prior year. Net income was $3.1billion, or $5.43 per diluted share, and adjustedafter-tax income1 was $4.0 billion, or $7.09 perdiluted share, up 43% over the prior year.Core Operating Return on Equity1 (ROE) of11.1% exceeded our 10%+ target for 2025and was our first adjusted ROE metric above10% in over 10 years, reflecting the efforts wehave made to reposition AIG. Our expenseratio continued to improve, driven by ourmodernization initiatives and the successfulexecution of AIGNext, which exceeded itstarget and delivered more than $500 millionin run rate savings in 2025. AIG’s Operating EPS Growth¹,³ RanksAmong S&P 500’s Top Performers We maintained significant financial flexibilitythroughout 2025 and continued to executeagainst our capital management strategy.Since November 2021, we have realizednearly $20 billion from our CorebridgeFinancial, Inc. (Corebridge) holdings whenaccounting for share sales, receipt ofextraordinary and common dividends, andtransition service fees. As of the end of 2025,our ownership in Corebridge was 10.1%.Supported by the continued disposition ofour Corebridge shares, other divestituresand insurance subsidiary dividends, wereturned approximately $6.8billion to AIGshareholders in 2025, including $5.8 billionin share repurchases and $1.0 billion in THE CULMINATION OF OURREMARKABLE TRANSFORMATION From 2008 to 2020, AIG generated approximately$34 billion in underwriting losses1,5.Thecompany faced an outsized debt-to-capitalratio,limitedreinsurance, structural comp