First quarter 2026 underwriting income in American International Group’s (AIG) General Insurance segment increased nearly 220% compared with the prior year, to $774 million.
Financial results for the first three months of the year included catastrophe losses of $180 million, compared with $525 million a year ago, plus favorable net prior year development of $132 million versus $64 million in Q1 2025.
The combined ratio for the General Insurance unit—which includes North America commercial, international commercial, and global personal—was 87.3 in Q1 2026 compared with 95.8 for Q1 2025.
“We delivered impressive top-line growth with net premiums written increasing 24% year-over-year on a reported basis or 18% on a constant dollar basis,” said Chairman and CEO Peter Zaffino, taking part in his last quarterly report at the helm of AIG.
Zaffino will become executive chair of the company’s board of directors on June 1 and Aon veteran Eric Anderson will become president and CEO.
Underwriting income in North America commercial was $337 million for Q1, compared with $129 million the prior year. Net premiums written increased 37% to about $1.6 billion.
Global personal reversed a Q1 2025 underwriting loss of $126 million to record underwriting income of $169 million for Q1 2026. Net premiums written were up 17% and the segment’s combined ratio improved from 107.9 to 89.4.
Meanwhile, international commercial recorded underwriting income of $278 million, up 16% over the same quarter last year.
“All three segments performed exceptionally well, supported by our recent strategic transactions, favorable January 1 reinsurance renewal outcomes and profitable organic growth,” added Zaffino in a statement.
Recent transactions include the formation of Syndicate 2479 with Blackstone and Amwins, an investment in CVC‘s new private equity secondaries evergreen platform, and the acquisitions of minority ownership in Convex Group and Onex Corporation. AIG also acquired Everest’s global retail portfolio.
Overall, net income attributable to AIG common shareholders was $763 million for Q1, compared with net income of $698 million for the period a year ago. Underwriting income drove results, as well as net investment income in General Insurance, which was up 17% to $864 million.
Topics
Profit Loss
Underwriting
AIG
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