AIG’s Hidden Earnings Lever — Underwriting Income Just Rose 10%!

American International Group reported solid second quarter results in 2026, reflecting progress in executing its strategic priorities and delivering on financial targets outlined at its 2025 Investor Day. The company posted an adjusted after-tax income of $1.1 billion, up 10% year-over-year, with adjusted after-tax income per diluted share of $2. Core operating return on equity reached 11.1% for the quarter and 11.6% year-to-date. Underwriting income improved 10%, supported by favorable accident year combined ratios, which showed a 30 basis point improvement to 88.1%, and a calendar year combined ratio of 89%. Net premiums written rose 9% overall, or 11% excluding North American Property, driven by organic growth in Global Commercial and Global Personal Insurance segments, as well as contributions from recent strategic transactions such as the announcement to acquire Everest Insurance operations in Colombia.