Fourth quarter 2025 underwriting income in American International Group’s (AIG) General Insurance segment increased 48% compared with the prior year, to $670 million.
The unit, which includes North America commercial, International commercial, and global personal—recorded $125 million in catastrophe-related charges in Q4 2025, compared with $325 million for Q4 2024.
Net premiums written were relatively flat, down 1% to about $6.04 billion from about $6.08 billion.
The Q4 combined ratio for General Insurance was 88.8—an improvement of 3.7 points from the same period in 2024. The result was driven by North America commercial, where the combined ratio was 84.7 versus 98.8 for Q4 2024.
Underwriting income in North America commercial was $330 million for Q4, compared with $25 million the prior year. Net premiums written increased 3% to about $2.3 billion.
In a statement, CEO Peter Zaffino highlighted several strategic partnerships announced recently that the company expects to contribute to earnings, earnings per share, and return on equity.
“These 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 our acquisitions of minority ownership stakes in Convex Group and Onex Corporation,” he said. “We have also made excellent progress on our conversion of Everest’s global retail portfolio. These innovative, capital-efficient transactions should enable us to grow, deliver earnings and improve ROE without adding complexity to our organization.”
Related: AIG’s Zaffino to Step Down as CEO as Aon’s Andersen Steps In
Underwriting income in International commercial fell 29% to $248 million in Q4. For the same period, the combined ratio was 88.8 compared with 83.1 the prior year, due to higher catastrophe losses and expense ratio.
The global personal segment recorded underwriting income of $92 million versus $82 million for Q4 2024. Net premiums written were down 12% to about $1.56 billion on a change to reinsurance structures to the business’s U.S. high net worth book. The Q4 combined ratio was 94.3 compared with 95.4 the prior year.
Full-Year Results
General Insurance underwriting profit was up 22% to about $2.2 billion for 2025 and the combined ratio improved 1.7 points to 90.1.
Underwriting income for North America commercial more than doubled to about $1.1 billion. Net premiums written were up 4% to about $8.8 billion, and the combined ratio was 86.8 for the full year. This result was 6.5 points better than 2024.
Global personal underwriting income was down 50% to $70 million.
Topics Profit Loss Commercial Lines Underwriting AIG
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