AIG’s general insurance underwriting income rose 48% to $US670 million ($1.03 billion) in the fourth quarter as natural hazard claims fell.

Catastrophe-related charges totalled $US125 million ($191 million) in October-December, compared with $US325 million ($497 million) a year earlier when claims from hurricanes Milton and Helene emerged.

General insurance gross written premium edged up 1% to $US8.1 billion ($12.39 billion) and the combined operating ratio was 88.8%, an improvement on 92.5% a year earlier.  

CEO Peter Zaffino says an “exceptional” 2025 was driven by AIG’s “continued strong underwriting results and operational excellence, effective expense discipline and strategic capital deployment. We have entered 2026 with strong momentum, and our January 1 reinsurance renewal activity resulted in enhanced terms and favourable pricing.”

For the full year, underwriting income rose 22% to $US2.3 billion ($3.52 billion), GWP was $US35.8 billion ($54.77 billion), and the combined operating ratio was 90.1%, compared with 91.8% in 2024.

Mr Zaffino says AIG is on track to “achieve or even exceed” financial objectives this year.

The insurer expects low to mid-teen growth in net premium written this year after a decline of 1% to $US23.7 billion ($36.26 billion) in 2025.