Detailed financial statements for American International Group, Inc. (AIG): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
American International Group, Inc. (AIG) is a global insurance provider, delivering a broad spectrum of insurance solutions to commercial, institutional, and individual clients across North America and worldwide. Its General Insurance division encompasses a wide range of coverages, including general liability, environmental protection, commercial auto liability, workers' compensation, casualty, and crisis management.
Analysis Summary
American International Group, Inc. reported revenue of $26.77B in the most recent fiscal year, growing at a 5-year CAGR of -9.4%.
Trailing-twelve-month margins: gross margin 42.5%, operating margin 3.1%, net margin 3.4%. Free cash flow grew at 26.1% CAGR over 5 years.
At $81.71 (closing price, November 4, 2026), AIG trades at a P/E of 13.31 and an ROE of 1.83%. Market capitalisation stands at $43.3B, placing it among large-cap names.
Balance sheet quality for AIG: debt-to-equity ratio of 0.26, current ratio of 9.65 over the last 12 months, net cash position of $29.22B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $3.31B represents 107% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $52.75B | $49.93B | $47.48B | $49.79B | $43.84B | $51.98B | $29.98B | $27.96B | $27.27B | $26.77B |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | $31.88B | $22.71B | $23.59B | $17.99B | $17.53B |
| Gross Profit | $52.75B | $49.93B | $47.48B | $49.79B | $43.84B | $20.11B | $7.26B | $4.37B | $9.28B | $9.24B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $10.99B | $9.11B | $9.30B | $8.54B | $8.40B | $8.73B | $6.16B | $5.40B | $5.53B | $5.05B |
| Operating Expenses | $52.83B | $48.46B | $47.22B | $44.51B | $51.13B | $6.76B | $3.49B | $1.51B | $5.41B | $5.36B |
| Operating Income | -$74.0M | $1.47B | $257.0M | $5.29B | -$7.29B | $13.35B | $3.77B | $2.86B | $3.87B | $3.88B |
| EBITDA | $4.02B | $5.34B | $5.62B | $10.29B | -$3.17B | $19.19B | $8.24B | $7.22B | $7.93B | $7.73B |
| Interest Expense | $1.26B | $1.17B | $1.31B | $1.42B | $1.46B | $1.30B | $603.0M | $516.0M | $462.0M | $396.0M |
| Pre-tax Income | -$74.0M | $1.47B | $257.0M | $5.29B | -$7.29B | $13.35B | $3.77B | $2.87B | $3.87B | $3.88B |
| Income Tax | $185.0M | $7.53B | $154.0M | $1.17B | -$1.46B | $2.44B | $882.0M | $126.0M | $1.17B | $782.0M |
| Net Income | -$849.0M | -$6.08B | -$6.0M | $3.35B | -$5.94B | $10.37B | $10.23B | $3.64B | -$1.40B | $3.10B |
| EPS | -$0.78 | -$6.54 | -$0.01 | $3.79 | -$6.84 | $12.10 | $13.10 | $5.02 | -$2.19 | $5.48 |
| EPS (Diluted) | -$0.78 | -$6.54 | -$0.01 | $3.74 | -$6.84 | $11.95 | $12.94 | $4.98 | -$2.17 | $5.43 |
| Shares Outstanding (Diluted) | 1,091.1 M | 930.6 M | 910.1 M | 889.5 M | 869.3 M | 864.9 M | 787.9 M | 725.2 M | 657.3 M | 570.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $6.56B | $6.65B | $7.08B | $1.10B |
| Gross Profit | $2.22B | $3.17B | $2.60B | $1.10B |
| Operating Income | $661.0M | $987.0M | $1.36B | -$2.35B |
| EBITDA | $1.64B | $1.94B | $2.30B | $1.12B |
| Net Income | $735.0M | $763.0M | $948.0M | -$1.71B |
| EPS | $1.36 | $1.42 | $1.79 | $1.61 |
| EPS (Diluted) | $1.35 | $1.41 | $1.78 | $1.60 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.87B | $2.36B | $2.87B | $2.86B | $2.83B | $2.20B | $2.04B | $1.54B | $1.30B | $1.27B |
| Short-term Investments | $253.84B | $249.38B | $239.06B | $264.32B | $289.70B | $290.56B | $238.53B | $78.11B | $78.41B | $37.13B |
| Receivables | $10.46B | $10.25B | $11.01B | $10.27B | $11.33B | $88.93B | $85.34B | $49.68B | $49.11B | $49.13B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | 0 | 0 | 0 | 0 | $381.72B | $325.95B | $129.36B | $128.89B | $87.61B |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | $1.53B | $1.59B | $4.08B | $4.04B | $4.07B | $4.06B | $3.93B | $3.75B | $3.37B | $3.44B |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $10.51B | $12.86B | $2.12B | $2.06B | $2.11B |
| Total Assets | $498.26B | $498.30B | $491.98B | $525.06B | $586.48B | $596.11B | $522.23B | $539.31B | $161.32B | $161.25B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $6.22B | $6.05B | $5.45B |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $1.50B | $250.0M | 0 | 0 |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | $98.34B | $99.74B | $102.42B | $101.04B | $102.66B |
| Long-term Debt | $30.91B | $31.64B | $34.54B | $35.35B | $37.53B | $30.16B | $25.68B | $10.61B | $8.92B | $9.19B |
| Total Liabilities | $421.41B | $432.59B | $434.68B | $457.64B | $519.28B | $527.20B | $478.77B | $488.00B | $118.77B | $120.09B |
| Retained Earnings | $28.71B | $21.46B | $20.88B | $23.08B | $15.50B | $23.79B | $34.89B | $37.52B | $35.08B | $37.19B |
| Total Equity | $76.30B | $65.17B | $56.36B | $65.67B | $66.36B | $65.96B | $40.97B | $45.35B | $42.52B | $41.14B |
| Total Debt | $30.91B | $31.64B | $34.54B | $35.35B | $37.53B | $30.16B | $27.18B | $10.86B | $8.92B | $9.19B |
| Net Debt | -$224.79B | -$220.10B | -$207.40B | -$231.82B | -$254.99B | -$262.59B | -$213.40B | -$68.79B | -$70.79B | -$29.22B |
| Working Capital | 0 | 0 | 0 | 0 | 0 | $283.38B | $226.21B | $26.94B | $27.85B | -$15.05B |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $1.27B | $1.45B | $1.49B | $1.72B |
| Total Assets | $161.25B | $161.54B | $163.46B | $161.86B |
| Total Liabilities | $120.09B | $121.11B | $122.84B | $122.95B |
| Total Equity | $41.14B | $40.41B | $40.61B | $38.88B |
| Total Debt | $9.19B | $9.16B | $9.13B | $10.26B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$259.0M | -$6.08B | $103.0M | $4.12B | -$5.83B | $10.91B | $11.27B | $3.88B | $2.70B | $3.10B |
| Depreciation & Amortization | $4.09B | $3.87B | $5.36B | $5.01B | $4.12B | $4.54B | $3.86B | $3.84B | $3.60B | $3.46B |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Working Capital | -$1.46B | -$6.26B | -$6.53B | -$9.43B | -$4.22B | -$2.22B | -$12.37B | -$3.55B | -$2.36B | -$3.76B |
| Operating Cash Flow | $3.50B | -$7.82B | -$394.0M | -$1.81B | $1.04B | $6.22B | $4.13B | $6.24B | $3.27B | $3.31B |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | $2.81B | $792.0M | -$5.71B | $2.0M | $2.17B | $4.68B | 0 | $3.31B | 0 | 0 |
| Stock Repurchased | -$11.46B | -$6.28B | -$1.74B | 0 | -$500.0M | -$2.59B | -$5.20B | -$2.96B | -$7.14B | -$5.84B |
| Dividends Paid | -$1.37B | -$1.17B | -$1.14B | -$1.14B | -$1.13B | -$1.11B | -$1.01B | -$1.03B | -$1.02B | -$976.0M |
| Free Cash Flow | $3.50B | -$7.82B | -$394.0M | -$1.81B | $1.04B | $6.22B | $4.13B | $6.24B | $3.27B | $3.31B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $636.0M | $155.0M | $1.72B | $2.69B |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $636.0M | $155.0M | $1.72B | $2.69B |
| Dividends Paid | -$242.0M | -$241.0M | -$263.0M | -$260.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -5.4% | -4.9% | +4.9% | -12.0% | +18.6% | -42.3% | -6.7% | -2.5% | -1.8% | |
| Net Income Growth (YoY) | -616.6% | +99.9% | +55,900.0% | -277.5% | +274.4% | -1.4% | -64.4% | -138.5% | +320.5% | |
| EPS Growth (YoY) | -738.5% | +99.9% | +56,667.2% | -280.5% | +276.9% | +8.3% | -61.7% | -143.6% | +350.2% | |
| Shares Change (YoY) | -14.7% | -2.2% | -2.3% | -2.3% | -0.5% | -8.9% | -8.0% | -9.4% | -13.2% | |
| FCF Growth (YoY) | -323.2% | +95.0% | -358.6% | +157.4% | +499.5% | -33.6% | +51.0% | -47.6% | +1.3% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 38.7% | 24.2% | 15.6% | 34.0% | 34.5% |
| Operating Margin | -0.1% | 2.9% | 0.5% | 10.6% | -16.6% | 25.7% | 12.6% | 10.2% | 14.2% | 14.5% |
| EBITDA Margin | 7.6% | 10.7% | 11.8% | 20.7% | -7.2% | 36.9% | 27.5% | 25.8% | 29.1% | 28.9% |
| Net Margin | -1.6% | -12.2% | -0.0% | 6.7% | -13.6% | 19.9% | 34.1% | 13.0% | -5.1% | 11.6% |
| FCF Margin | 6.6% | -15.7% | -0.8% | -3.6% | 2.4% | 12.0% | 13.8% | 22.3% | 12.0% | 12.4% |
| Effective Tax Rate | -250.0% | 513.4% | 59.9% | 22.1% | 20.0% | 18.3% | 23.4% | 4.4% | 30.2% | 20.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.21 | -$8.40 | -$0.43 | -$2.03 | $1.19 | $7.20 | $5.25 | $8.61 | $4.98 | $5.81 |
| Dividends Per Share | $1.26 | $1.26 | $1.25 | $1.28 | $1.30 | $1.29 | $1.28 | $1.41 | $1.56 | $1.71 |
| Shares Outstanding (Basic) | 1,091.1 M | 930.6 M | 898.4 M | 876.8 M | 869.3 M | 854.3 M | 778.6 M | 719.5 M | 651.4 M | 565.1 M |
What to look at in Insurance
Insurers earn in 2 ways: underwriting well (combined ratio) and investing the float. Buffett built Berkshire that way.
- Op Margin 5y (Combined Ratio proxy) — Combined ratio proxy when our data does not include it. ≥10% 5y average = underwriting discipline (CR <100%)
- Book Value / Share growth — How Buffett measures Berkshire. The real value shareholders accumulate
- Debt / Equity — Leveraged insurers fail fast under catastrophes
- P/B (Price / Book) — Insurers are valued by book multiple. Here it is crossed with ROE (quality × valuation)
- Dividend growth streak — Consecutive years raising dividend per share — solid insurers stack decades
Profitability
| Return on Equity | 1.83% |
| Return on Assets | 0.45% |
| Gross Margin | 42.54% |
| Operating Margin | 3.09% |
| Net Margin | 3.44% |
Financial Health
| Debt / Equity | 0.26 |
| Piotroski F-Score | 6 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -83.73 | -9.11 | -5,882.09 | 13.54 | -5.54 | 4.70 | 4.83 | 13.50 | -33.24 | 15.61 |
| P/B | 0.93 | 0.85 | 0.63 | 0.69 | 0.50 | 0.74 | 1.20 | 1.07 | 1.12 | 1.18 |
| P/S | 1.35 | 1.11 | 0.75 | 0.90 | 0.75 | 0.93 | 1.64 | 1.74 | 1.74 | 1.81 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 38.7% | 24.2% | 15.6% | 34.0% | 34.5% |
| Operating Margin | -0.1% | 2.9% | 0.5% | 10.6% | -16.6% | 25.7% | 12.6% | 10.2% | 14.2% | 14.5% |
| Net Margin | -1.6% | -12.2% | -0.0% | 6.7% | -13.6% | 19.9% | 34.1% | 13.0% | -5.1% | 11.6% |
Related companies: ORI · ACGL · CB · TRV · HIG · WRB · MKL · CNA
Explore sector: Financial Services · Insurance - Diversified
More sections of AIG: Overview · Valuation · Estimates · Technical · Ownership
Discover more: Weekly Radar: the S&P 500 through the Buffett and Lynch methods · Companies that pass the Buffett method · Companies that pass the Lynch method · Stocks that pass Graham's defensive investor test today · Investment Academy — learn to analyze stocks