Factor Model (net -1.6)
Factor Model
net -1.6 4.0 / 10Q4 income jumps 51% on underwriting strength
Watch: Watch for execution on the low-to-mid-teens premium growth target in 2026 and whether underwriting margins hold as competitive dynamics shift. Continued buyback pace will signal whether earnings momentum is sustainable.
American International Group posted Q4 adjusted after-tax income of $1.96 per share, up 51% year-over-year, driven by strong underwriting performance. Full-year 2025 adjusted after-tax income hit $4 billion, with underwriting income climbing 22% to $2.3 billion. The insurer returned $6.8 billion to shareholders last year — $5.8 billion in buybacks and $1 billion in dividends. For 2026, management forecasts net premiums written growth in the low to mid-teens and plans at least $1 billion more in share repurchases.
The 51% income surge and 22% underwriting gain signal improved pricing power and disciplined risk selection in a hardening insurance market. Aggressive capital return — nearly $7 billion in 2025 — shows management confidence in both earnings quality and excess capital generation.
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