# American International Group (AIG.US)

Canonical: https://gigainvestors.com/s/AIG

Analysis as of: 2026-10-16T07:26:19.216Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $79.12 per share; close as of 2026-10-15.

Estimated value: low $2.06 per share, central $2.26 per share, high $2.51 per share. Buy at or below the central value $2.26 per share. Valuation as of 2026-10-16T07:26:19.216Z; scenarios are not confidence intervals.

Expected annual return: 0.3% at the stated quote. About 0.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- positive earnings in fewer than 8 of 10 years

- Financial history: 10 years

- Profitable years in the last ten: 5

- Required profitable years: 8

- Return on common equity variation (informational): 3.12×

Chart: Net income; fiscal year observations.

- FY2016: -$849M

- FY2017: -$6.1B

- FY2018: -$6.0M

- FY2019: $3.3B

- FY2020: -$6.0B

- FY2021: $10B

- FY2022: $10B

- FY2023: $3.6B

- FY2024: -$1.4B

- FY2025: $3.1B

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 0.3%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: -3.4%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: -1.1%

- FY2017: -9.3%

- FY2018: -0.0%

- FY2019: 0.7%

- FY2020: -1.1%

- FY2021: 1.8%

- FY2022: 25.2%

- FY2023: 8.0%

- FY2024: -3.4%

- FY2025: 7.5%

### economics: fail

- Common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 2.3%

- Book return interval: 10 years

- Starting book value per share: $67.19

- Ending book value per share: $72.13

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 6.0%

- FY2017: 1.9%

- FY2018: -9.8%

- FY2019: 790.2%

- FY2020: 14.9%

- FY2021: 3.8%

- FY2022: -92.0%

- FY2023: 24.4%

- FY2024: 5.9%

- FY2025: 14.1%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -8.1%

- Diluted shares, 5-year annual growth: -8.1%

- Share growth excluding flagged crisis recapitalisations: -8.1%

- Five-year share growth excluding flagged crisis recapitalisations: -8.1%

- Flagged crisis recapitalisations: 0

- Book value created per share: $4.94

- Earnings retained per share after dividends and buybacks: -$45.76

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 9.7% a year forever · "AIG Beats Q2 Earnings Estimates on Robust Underwriting Income" (finance.yahoo.com, Aug 2026) · net income USD 3.1B

Story as of 2026-10-16T09:58:15.545Z; price observation 2026-10-15.

The price assumes profits grow 9.7% a year forever

- 2025-05-01: Insurer AIG's profit falls on Los Angeles wildfire losses ([finance.yahoo.com](https://finance.yahoo.com/news/insurer-aigs-profit-falls-los-202918069.html))

- 2025-08-06: Insurer AIG posts higher quarterly profit on underwriting strength ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/insurer-aig-posts-higher-quarterly-202038916.html))

- 2026-02-11: AIG Q4 Earnings Beat Estimates, Up Y/Y on Solid Underwriting ([finance.yahoo.com](https://finance.yahoo.com/news/aig-q4-earnings-beat-estimates-182600792.html))

### Net income · FY2025

net income USD 3.1B; source https://www.sec.gov/Archives/edgar/data/5272/000000527226000023/aig-20251231.htm; observed 2026-02-12.

- FY2016: -$849M 

- FY2017: -$6.1B 

- FY2018: -$6.0M 

- FY2019: $3.3B 

- FY2020: -$6.0B 

- FY2021: $10B 

- FY2022: $10B 

- FY2023: $3.6B 

- FY2024: -$1.4B 

- FY2025: $3.1B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance diversified; annual sales are USD 26.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/5272/000000527226000023/aig-20251231.htm#000000527226000023 (filed 2026-02-12); FY2025: revenue 26775000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AIG.US: American International Group, Inc. provides insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through three segments: North America Commercial, International Commercial, and Global Personal. The company offers commercial and industrial property insurance, including business interruption and package insurance that cover exposure to made and natural disasters; general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products; risk-sharing and other customized structured programs for large corporate and multinational customers; professional liability insurance; and marine, energy-related property insurance products, aviation, political risk, trade credit, and trade finance products. It also provides group personal accident and business travel products for employees, associations, and other organizations; voluntary and sponsor-paid personal accident and supplemental health products for individuals; and personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals. In addition, the company offers mortgage and other loans receivable, such as commercial mortgages, life insurance policy loans, commercial loans, and other loans and notes receivable. American International Group, Inc. was founded in 1919 and is headquartered in New York, New York.

### Why customers stay

It earns 0.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on tangible equity observations [[2016,-0.011127129750982963],[2017,-0.09335440610087309],[2018,-0.00010645659232447969],[2019,0.006798452258553765],[2020,-0.010890453668622438],[2021,0.018282330970671872],[2022,0.2518957638631592],[2023,0.0796895327556173],[2024,-0.033536370264104796],[2025,0.07525705534893896]]; median 0.0033459978331146427. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 5.8 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,1372000000],[2017,1172000000],[2018,1138000000],[2019,1136000000],[2020,1132000000],[2021,1112000000],[2022,1011000000],[2023,1026000000],[2024,1024000000],[2025,976000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/5272/000000527226000023/aig-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 5836000000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AIG.US SharesStats.PercentInsiders = 0.5519999999999999 percentage points; cache date 2026-10-16.

### What could break it

"AIG Parent’s ability to access funds from our subsidiaries is limited" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/5272/000000527226000023/aig-20251231.htm (filed 2026-02-12); AIG Parent’s ability to access funds from our subsidiaries is limited

### What the price says

The price assumes profits grow 9.7% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Price 79.12; FX 1; original perpetual distributable cash 0.2260847886607257; discount 0.1; growth 0.09714250772673502. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $61.70 per share

- 2016-11: $63.33 per share

- 2016-12: $65.31 per share

- 2017-01: $64.26 per share

- 2017-02: $63.92 per share

- 2017-03: $62.43 per share

- 2017-04: $60.91 per share

- 2017-05: $63.63 per share

- 2017-06: $62.52 per share

- 2017-07: $65.45 per share

- 2017-08: $60.48 per share

- 2017-09: $61.39 per share

- 2017-10: $64.61 per share

- 2017-11: $59.96 per share

- 2017-12: $59.58 per share

- 2018-01: $63.92 per share

- 2018-02: $57.34 per share

- 2018-03: $54.42 per share

- 2018-04: $56.00 per share

- 2018-05: $52.79 per share

- 2018-06: $53.02 per share

- 2018-07: $55.21 per share

- 2018-08: $53.17 per share

- 2018-09: $53.24 per share

- 2018-10: $41.29 per share

- 2018-11: $43.25 per share

- 2018-12: $39.41 per share

- 2019-01: $43.23 per share

- 2019-02: $43.20 per share

- 2019-03: $43.06 per share

- 2019-04: $47.57 per share

- 2019-05: $51.07 per share

- 2019-06: $53.28 per share

- 2019-07: $55.99 per share

- 2019-08: $52.04 per share

- 2019-09: $55.70 per share

- 2019-10: $52.96 per share

- 2019-11: $52.66 per share

- 2019-12: $51.33 per share

- 2020-01: $50.26 per share

- 2020-02: $42.16 per share

- 2020-03: $24.25 per share

- 2020-04: $25.43 per share

- 2020-05: $30.06 per share

- 2020-06: $31.18 per share

- 2020-07: $32.14 per share

- 2020-08: $29.14 per share

- 2020-09: $27.53 per share

- 2020-10: $31.49 per share

- 2020-11: $38.44 per share

- 2020-12: $37.86 per share

- 2021-01: $37.44 per share

- 2021-02: $43.95 per share

- 2021-03: $46.21 per share

- 2021-04: $48.45 per share

- 2021-05: $52.84 per share

- 2021-06: $47.60 per share

- 2021-07: $47.35 per share

- 2021-08: $54.56 per share

- 2021-09: $54.89 per share

- 2021-10: $59.09 per share

- 2021-11: $52.60 per share

- 2021-12: $56.86 per share

- 2022-01: $57.75 per share

- 2022-02: $61.24 per share

- 2022-03: $62.77 per share

- 2022-04: $58.51 per share

- 2022-05: $58.68 per share

- 2022-06: $51.13 per share

- 2022-07: $51.77 per share

- 2022-08: $51.75 per share

- 2022-09: $47.48 per share

- 2022-10: $57.00 per share

- 2022-11: $63.11 per share

- 2022-12: $63.24 per share

- 2023-01: $63.22 per share

- 2023-02: $61.11 per share

- 2023-03: $50.36 per share

- 2023-04: $53.04 per share

- 2023-05: $52.83 per share

- 2023-06: $57.54 per share

- 2023-07: $60.28 per share

- 2023-08: $58.52 per share

- 2023-09: $60.60 per share

- 2023-10: $61.31 per share

- 2023-11: $65.81 per share

- 2023-12: $67.75 per share

- 2024-01: $69.51 per share

- 2024-02: $72.89 per share

- 2024-03: $78.17 per share

- 2024-04: $75.31 per share

- 2024-05: $78.82 per share

- 2024-06: $74.24 per share

- 2024-07: $79.23 per share

- 2024-08: $77.05 per share

- 2024-09: $73.23 per share

- 2024-10: $75.88 per share

- 2024-11: $76.88 per share

- 2024-12: $72.80 per share

- 2025-01: $73.66 per share

- 2025-02: $82.94 per share

- 2025-03: $86.94 per share

- 2025-04: $81.52 per share

- 2025-05: $84.64 per share

- 2025-06: $85.59 per share

- 2025-07: $77.63 per share

- 2025-08: $81.32 per share

- 2025-09: $78.54 per share

- 2025-10: $78.96 per share

- 2025-11: $76.16 per share

- 2025-12: $85.55 per share

- 2026-01: $74.88 per share

- 2026-02: $80.49 per share

- 2026-03: $75.25 per share

- 2026-04: $74.80 per share

- 2026-05: $74.23 per share

- 2026-06: $74.53 per share

- 2026-07: $78.58 per share

- 2026-08: $76.36 per share

- 2026-09: $74.42 per share

- 2026-10: $77.65 per share

## Annual estimated value (USD per share)

- FY2016: low $29.55 per share, central $32.51 per share, high $36.12 per share

- FY2017: low $24.13 per share, central $26.54 per share, high $29.49 per share

- FY2018: low $17.49 per share, central $19.24 per share, high $21.38 per share

- FY2019: low $141.59 per share, central $155.75 per share, high $173.06 per share

- FY2020: low $100.92 per share, central $111.01 per share, high $123.35 per share

- FY2021: low $8.43 per share, central $9.38 per share, high $10.57 per share

- FY2022: low $3.06 per share, central $3.36 per share, high $3.74 per share

- FY2023: low $6.33 per share, central $6.96 per share, high $7.73 per share

- FY2024: low $1.74 per share, central $1.91 per share, high $2.13 per share

- FY2025: low $1.92 per share, central $2.12 per share, high $2.35 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/5272/000000527226000023/aig-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Bill Nygren](https://gigainvestors.com/HA): 20,357,272 AIG shares; USD 1,517,227,000 reported position value; 2.02% of portfolio; reduce; quarter 2026 Q2.
- [Richard Pzena](https://gigainvestors.com/PIM): 456,619 AIG shares; USD 34,032,000 reported position value; 0.1% of portfolio; add; quarter 2026 Q2.

# AIG — American International Group

Held by 2 investors · USD 1,551,259,000 total · 2026 Q2 · reported price USD 74.53 (split-adjusted).
Page: https://gigainvestors.com/s/AIG

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Nygren (https://gigainvestors.com/HA) | USD 1,517,227,000 | 2.0% | reduce -1.16% |
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 317,647,031 | 0.0% | sold |
| Richard Pzena (https://gigainvestors.com/PIM) | USD 34,032,000 | 0.1% | add +1.53% |

## Total held by quarter

- 2007 Q2: USD 86,886,221 · 1 holder · USD 1400.60
- 2007 Q3: USD 104,235,017 · 2 holders · USD 1353.05
- 2007 Q4: USD 29,150,000 · 1 holder · USD 1166.00
- 2008 Q1: USD 43,250,000 · 1 holder · USD 865.00
- 2008 Q2: USD 66,150,000 · 1 holder · USD 529.20
- 2008 Q3: USD 118,509,905 · 2 holders · USD 66.60
- 2008 Q4: USD 0 · 0 holders
- 2009 Q1: USD 0 · 0 holders
- 2009 Q2: USD 0 · 0 holders
- 2009 Q3: USD 0 · 0 holders
- 2009 Q4: USD 0 · 0 holders
- 2010 Q1: USD 0 · 0 holders
- 2010 Q2: USD 1,008,648,420 · 1 holder · USD 35.38
- 2010 Q3: USD 996,944,832 · 1 holder · USD 33.93
- 2010 Q4: USD 1,550,142,914 · 1 holder · USD 41.29
- 2011 Q1: USD 1,498,444,719 · 1 holder · USD 37.06
- 2011 Q2: USD 2,702,738,762 · 1 holder · USD 28.50
- 2011 Q3: USD 2,374,782,209 · 1 holder · USD 25.33
- 2011 Q4: USD 1,967,676,937 · 1 holder · USD 23.31
- 2012 Q1: USD 2,458,285,175 · 1 holder · USD 29.22
- 2012 Q2: USD 2,373,134,262 · 1 holder · USD 29.18
- 2012 Q3: USD 2,786,650,074 · 2 holders · USD 34.33
- 2012 Q4: USD 2,703,740,482 · 2 holders · USD 35.30
- 2013 Q1: USD 3,097,471,976 · 2 holders · USD 38.82
- 2013 Q2: USD 4,275,842,288 · 4 holders · USD 44.70
- 2013 Q3: USD 4,452,064,033 · 4 holders · USD 48.63
- 2013 Q4: USD 4,365,287,691 · 4 holders · USD 51.05
- 2014 Q1: USD 4,280,461,096 · 4 holders · USD 50.01
- 2014 Q2: USD 4,326,301,460 · 4 holders · USD 54.58
- 2014 Q3: USD 3,788,354,240 · 3 holders · USD 54.02
- 2014 Q4: USD 3,172,029,355 · 4 holders · USD 56.01
- 2015 Q1: USD 1,904,698,930 · 3 holders · USD 54.79
- 2015 Q2: USD 1,379,148,928 · 3 holders · USD 61.82
- 2015 Q3: USD 177,537,613 · 3 holders · USD 56.82
- 2015 Q4: USD 2,685,694,963 · 3 holders · USD 61.97
- 2016 Q1: USD 2,401,019,153 · 1 holder · USD 54.05
- 2016 Q2: USD 2,414,163,098 · 1 holder · USD 52.89
- 2016 Q3: USD 2,708,573,232 · 1 holder · USD 59.34
- 2016 Q4: USD 2,981,073,774 · 1 holder · USD 65.31
- 2017 Q1: USD 2,849,616,226 · 1 holder · USD 62.43
- 2017 Q2: USD 2,688,360,000 · 1 holder · USD 62.52
- 2017 Q3: USD 2,638,457,420 · 1 holder · USD 61.39
- 2017 Q4: USD 2,560,666,120 · 1 holder · USD 59.58
- 2018 Q1: USD 61,529,973 · 1 holder · USD 54.42
- 2018 Q2: USD 59,947,063 · 1 holder · USD 53.02
- 2018 Q3: USD 72,896,208 · 1 holder · USD 53.24
- 2018 Q4: USD 37,993,211 · 1 holder · USD 39.41
- 2019 Q1: USD 64,008,690 · 1 holder · USD 43.06
- 2019 Q2: USD 102,550,893 · 2 holders · USD 53.28
- 2019 Q3: USD 56,713,740 · 1 holder · USD 55.70
- 2019 Q4: USD 191,583,271 · 2 holders · USD 51.33
- 2020 Q1: USD 0 · 0 holders
- 2020 Q2: USD 0 · 0 holders
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 0 · 0 holders
- 2021 Q4: USD 165,081,354 · 1 holder · USD 56.86
- 2022 Q1: USD 0 · 0 holders
- 2022 Q2: USD 516,858,598 · 1 holder · USD 51.13
- 2022 Q3: USD 0 · 0 holders
- 2022 Q4: USD 486,317,244 · 2 holders · USD 63.24
- 2023 Q1: USD 148,562,000 · 1 holder · USD 50.36
- 2023 Q2: USD 169,743,000 · 1 holder · USD 57.54
- 2023 Q3: USD 178,770,000 · 1 holder · USD 60.60
- 2023 Q4: USD 233,737,500 · 1 holder · USD 67.75
- 2024 Q1: USD 2,098,097,887 · 3 holders · USD 78.17
- 2024 Q2: USD 1,864,425,868 · 3 holders · USD 74.24
- 2024 Q3: USD 1,629,847,742 · 2 holders · USD 73.23
- 2024 Q4: USD 1,725,054,458 · 2 holders · USD 72.80
- 2025 Q1: USD 1,983,441,907 · 3 holders · USD 86.94
- 2025 Q2: USD 1,670,450,312 · 4 holders · USD 85.59
- 2025 Q3: USD 1,432,079,118 · 2 holders · USD 78.54
- 2025 Q4: USD 1,932,126,304 · 2 holders · USD 85.55
- 2026 Q1: USD 1,901,413,238 · 3 holders · USD 75.25
- 2026 Q2: USD 1,551,259,000 · 2 holders · USD 74.53