AIG Posts Mixed Interim Results as Revenues Soften Year Over Year While Diluted EPS Direction Diverges Between the Quarter and Six-Month Window

Bottom line

- For the three-month reporting period, AIG posted diluted earnings per share of $1.78 per diluted share USD/SHARES, down from $1.98 per diluted share USD/SHARES in the prior-year quarter, while still remaining profitable; revenues for the same quarter stood at $7,085,000,000 USD, lower than the prior-year quarter's $7,091,000,000 USD. - For the six-month year-to-date period, diluted earnings per share rose to $3.18 per diluted share USD/SHARES from $3.13 per diluted share USD/SHARES, with revenues of $13,735,000,000 USD versus $13,874,000,000 USD in the prior-year six-month window. - Top-line direction is consistent across both windows: year-over-year revenues are lower in each period, with the quarter moving in the same direction as the half year. - Bottom-line direction diverges by window: the quarterly EPS comparison registers a year-over-year decrease while the six-month EPS comparison registers a year-over-year increase; both periods remained in profit territory. REPORTING-PERIOD IDENTITY: - Issuer: AMERICAN INTERNATIONAL GROUP, INC., ticker AIG, CIK 0000005272, filing form 10-Q for fiscal period period-ended-2026-06-30, accession 0000005272-26-000076. - Periods covered by this section: the three-month reporting period the three months ended June 30, 2026, the three-month prior-year comparative the three months ended June 30, 2025, the six-month year-to-date reporting period the six months ended June 30, 2026, and the six-month prior-year comparative the six months ended June 30, 2025.

SOURCE SCOPE: - This section draws on the unaudited Condensed Consolidated Financial Statements presented under Item 1 of the filing, with related disclosures on share-related activity drawn from Note 12. - The filing frames these statements as interim GAAP financial information to be read alongside the audited annual report referenced as the prior Annual Report on Form referenced in the source narrative. - The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison.

Financial performance

- AIG reports two distinct comparisons that frame this period's performance: a three-month view for the latest quarter and a six-month year-to-date view, each set against the prior-year comparative. Reported facts for both lenses are summarized below, with any quarter-versus-quarter or year-versus-year narrative kept strictly qualitative.

- On a year-over-year basis for the three-month reporting period, Revenues moved from a positive level in the prior-year quarter to a lower positive level in the current quarter. Earnings Per Share, Diluted moved from a positive level in the prior-year quarter to a lower positive level in the current quarter, with the authorized transition reading as profit to profit. No cause is authorized for either movement; the gap between the quarters is reported without attribution.

- On a year-over-year basis for the six-month year-to-date period, Revenues moved from a positive level in the prior-year period to a lower positive level in the current period. Earnings Per Share, Diluted moved from a positive level in the prior-year period to a higher positive level in the current period, with the authorized transition reading as profit to profit. Again, no cause is authorized for either movement; the directional reading is taken at face value from the filing's authorized comparisons.

- The cash flow statement, as reflected in the authorized year-over-year comparisons, shows Net Cash Provided by (Used in) Operating Activities shifting from negative to positive for the half-year comparison, while Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities moved from negative to positive. Net Cash Provided by (Used in) Investing Activities is reported as positive in both periods, with the current period reading lower than the prior. Net Cash Provided by (Used in) Financing Activities is reported as negative in both periods, with the current period reading higher (less negative) than the prior. On the financing side, Payments of Ordinary Dividends, Common Stock increased year over year on a positive base, and Payments for Repurchase of Common Stock decreased on a positive base. None of these directional moves carries an authorized cause; The filing evidence does not attribute this change to any single cause..

- Guidance and forward expectations are limited in this filing. Management states only that results of operations for the six months ended June are not necessarily indicative of the results that may be expected for the full year ending December, and that AIG evaluated subsequent events between the period end and the issuance date of these Condensed Consolidated Financial Statements. No quantified forward EPS, revenue, or capital-return guidance is offered.

- Accounting context that bears on the reported figures includes the Convex equity-method treatment, the change in Corebridge's classification from equity method investment to equity security at fair value (with dividends and price changes still flowing through Net investment income), and the disclosed critical accounting estimates covering loss reserves, reinsurance assets, fair value measurements of certain financial assets and liabilities, and income taxes (including deferred tax asset recoverability and uncertain tax positions). AIG also flags two future FASB items: disaggregation of income statement expenses and improvements to internal-use software capitalization, both with prospective or retrospective application options.

- Counter-evidence to a simple "top-line softening, bottom-line strengthening" read is not present in the filing, and peer benchmarking data is not contained in the evidence; The filing evidence contains no peer or industry comparison.. Segment reporting structure (three reportable segments plus Other Operations) is restated but does not alter the authorized year-over-year directions cited above.

Operating drivers and segments

AIG reports three segments: North America Commercial, International Commercial, and Global Personal. Underwriting income (loss) is the benchmark the chief operating decision makers use to assess segment performance and to set management compensation. The Condensed Consolidated Financial Statements at Item 1 provide the segment figures; segment assets are not used for resource allocation or performance review. The cited note at Note 12 sits within the AIG shareholders' equity disclosures rather than the segment schedule. AIG also consolidates the Convex interest as an equity method investment within Other invested assets, with the purchase-price gap between price and underlying net assets attributed to intangible assets and other basis differences and to goodwill, amortized through Net investment income in General Insurance.

- Top-line revenues for the three-month reporting period were $7,085,000,000, lower than the prior-year comparative of $7,091,000,000 for the three months ended June 30, 2025. - Top-line revenues for the six-month year-to-date period were $13,735,000,000, lower than the prior-year comparative of $13,874,000,000 for the six months ended June 30, 2025. - Underwriting income by segment and segment-level expense build-ups are not separately disclosed in the filing evidence, so the segment drivers of the revenue decline cannot be traced from the filing itself. - Per-share profitability on a diluted basis improved year-to-date versus the prior year-to-date, while per-share profitability on a diluted basis declined for the quarter versus the prior-year quarter, both remaining profits on both sides of each comparison.

Management frames the company around three regional or product groupings — North America Commercial, International Commercial, and Global Personal — and uses Underwriting income (loss) as the internal yardstick. The filing notes that Convex is held as an equity method investment in Other invested assets, with amortization of basis differences flowing through Net investment income in General Insurance, and that AIG's interest in Corebridge moved from equity-method treatment to fair-value equity treatment, with dividends received and stock-price changes still recognized in Net investment income. The narrative also flags that a future FASB standard on disaggregation of income statement expenses will require more granular expense captions once effective for annual periods beginning after the cited cut-off and the related interim periods.

- Management does not, in the quoted material, attribute the year-over-year revenue change for the quarter or the year-to-date period to any specific segment, geography, line of business, or price/volume mix. - Management does not, in the quoted material, explain the movement in net cash from operating, investing, or financing activities versus the prior year-to-date period. - The filing evidence does not attribute the lower year-to-date revenue to any single cause. The filing evidence does not attribute this change to any single cause. - The filing evidence does not attribute the lower quarterly revenue to any single cause. The filing evidence does not attribute this change to any single cause. - The filing evidence does not attribute the quarter-versus-prior-quarter movement in diluted earnings per share, or the year-to-date-versus-prior-year-to-date movement in diluted earnings per share, to any single cause. The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison. The filing evidence contains no peer or industry comparison.

Cash flow and capital

Across the six-month year-to-date period, AMERICAN INTERNATIONAL GROUP, INC. (AIG) generated positive Net Cash Provided by (Used in) Operating Activities under 10-Q period-ended-2026-06-30 (accession 0000005272-26-000076, CIK 0000005272), and that figure rose relative to the prior-year comparative. The filing evidence does not attribute this change to any single cause.

Net Cash Provided by (Used in) Investing Activities was positive in both the current six-month period and the prior-year comparative, and it moved lower year over year. The company's results for the six-month period confirm this through the investing line on the condensed consolidated statement of cash flows referenced in Item 1. Within that same statement, Net Cash Provided by (Used in) Financing Activities was negative in both the current six-month period and the prior-year comparative, and the figure moved higher (that is, the outflow narrowed) year over year. The filing evidence does not attribute this change to any single cause.

Capital returns to shareholders are visible in two line items on the financing side of the cash flow statement. Payments of Ordinary Dividends, Common Stock were positive in both the current and prior-year six-month periods and rose year over year, while Payments for Repurchase of Common Stock were also positive in both periods and moved lower year over year. The split between these two channels is the basic shape of AIG's capital-return policy for the half-year. The filing evidence does not attribute this change to any single cause.

Segment-level cash flow detail is not provided in the filing evidence; the company reports segment performance using Underwriting income (loss) for its North America Commercial, International Commercial and Global Personal segments, with Other Operations covering items such as parent-level net investment income, Corebridge dividend income, corporate operating expenses and interest expense. Capital allocation is described at the parent level through the financing-activities lines above. The cited note covering AIG shareholders' equity (referenced as Note 12) provides context for common-stock par value and authorized shares but does not, in the filing evidence, supply a cause for any change in repurchase or dividend cash flows. The filing evidence does not attribute this change to any single cause.

Management commentary in the source narrative addresses future accounting standards, including new FASB guidance on expense disaggregation and on internal-use software capitalization, and a segment realignment in which Amortization of intangible assets was moved into General Insurance from Other Operations, with historical results recast. None of those items is presented as a driver of the half-year cash-flow movements discussed here. The filing evidence does not attribute this change to any single cause.

A balance-sheet view at the segment level is not offered in the filing evidence: assets by reportable segment are not used by the chief operating decision makers for resource allocation or performance assessment, as disclosed in the segment information section. The filing evidence contains no peer or industry comparison.

- Operating cash flow remained positive and higher year over year for the six-month period. The filing evidence does not attribute this change to any single cause. - Investing cash flow was positive but lower year over year for the six-month period. The filing evidence does not attribute this change to any single cause. - Financing cash flow was negative but moved higher (the outflow narrowed) year over year for the six-month period. The filing evidence does not attribute this change to any single cause. - Dividends paid rose year over year; common-stock repurchases fell year over year. The filing evidence does not attribute this change to any single cause.

Peer and historical context

- The filing supports only AIG's own year-over-year comparisons; the filing evidence does not provide any peer or industry benchmark figures, so any cross-issuer read against competitors is unsupported here. - Revenues for the three months ended June 30, 2026 were lower than Revenues for the three months ended June 30, 2025, and Revenues for the six months ended June 30, 2026 were lower than Revenues for the six months ended June 30, 2025, continuing a same-direction contraction across both the three-month and six-month horizons; the filing does not attribute this top-line movement to any single line item, and no cause is authorized.

- The year-to-date revenue decline contrasts with the Authorized comparisons on the cash-flow side, where Net Cash Provided by (Used in) Operating Activities for the six months ended June 30, 2026 was higher than for the six months ended June 30, 2025, suggesting a divergence between reported top-line scale and operating cash generation that the cited evidence does not reconcile; The filing evidence does not attribute this change to any single cause. applies. - On the capital-return side, Payments for Repurchase of Common Stock for the six months ended June 30, 2026 were lower than for the six months ended June 30, 2025, while Payments of Ordinary Dividends, Common Stock for the six months ended June 30, 2026 were higher than for the six months ended June 30, 2025, indicating a shift in the mix of shareholder returns away from buybacks and toward dividends over the comparable year-to-date windows; The filing evidence does not attribute this change to any single cause..

- Earnings Per Share, Diluted for the six months ended June 30, 2026 remained a profit and was higher than for the six months ended June 30, 2025, whereas Earnings Per Share, Diluted for the three months ended June 30, 2026 remained a profit but was lower than for the three months ended June 30, 2025, so the half-year improvement coexisted with a same-direction quarterly softening; The filing evidence does not attribute this change to any single cause.. - AIG's own segment narrative in the cited note describes a realignment that recast historical results to move amortization into General Insurance from Other Operations, meaning the prior-year revenue and earnings comparatives shown in the cash-flow statement and segment discussion are presented on the recast basis; the filing does not quantify the recast effect, so the reader cannot tell how much of the year-over-year change is organizational rather than operational.

This recast itself is a counter-evidence consideration against reading the directional changes as purely economic, although the magnitude is not disclosed here. - Net Cash Provided by (Used in) Investing Activities for the six months ended June 30, 2026 was lower than for the six months ended June 30, 2025, and Net Cash Provided by (Used in) Financing Activities for the six months ended June 30, 2026 was higher (less negative) than for the six months ended June 30, 2025, bracketing the operating-cash improvement with a smaller investing surplus and a reduced financing outflow; the filing provides no narrative tying these three statement movements together, and The filing evidence does not attribute this change to any single cause.

applies across the trio. - Because the filing evidence contains no peer or industry comparison, this section deliberately omits any cross-issuer benchmark and confines the historical lens to AIG's own prior-year columns and the authorized directional moves, leaving the broader sector context as The filing evidence contains no peer or industry comparison..

Scenario analysis

- Top-line revenue is the only headline fact the filing evidence supports for this exercise. For the six months ended June 30, 2026 (current six-month year-to-date period), $13,735,000,000 is lower than the prior comparative $13,874,000,000, consistent with the authorized year-over-year direction showing a decline. Similarly, for the three months ended June 30, 2026 (current three-month reporting period), $7,085,000,000 sits below $7,091,000,000, again matching the authorized decrease. - Under the base case, both reported revenues fade from the prior-year levels, and no peer, segment-level, or industry cross-check is available within the cited material; the segment narrative describes North America Commercial, International Commercial, Global Personal, and Other Operations but supplies no quantitative weighting to translate the top-line decline into segment outcomes. - The Common Stock disclosure in Note 12 confirms the share-count frame within AIG shareholders' equity, anchoring the diluted earnings-per-share comparison: Diluted EPS holds a profit in both halves (current the six months ended June 30, 2026 versus prior the six months ended June 30, 2025, transition profit to profit), while the quarterly diluted EPS for the three months ended June 30, 2026 is lower than the three months ended June 30, 2025 (profit to profit transition, authorized decrease). - Operating cash flow remains positive in both half-year periods and rises versus the prior half, financing cash flow stays negative but improves, investing cash flow stays positive but eases, and ordinary dividend payments to common shareholders rise while common-stock repurchase payments fall; each of these is a directional signal only, with no authorized causal explanation. - For explanation, The filing evidence does not attribute this change to any single cause..

- An upside read requires the documented decline in $13,735,000,000 versus $13,874,000,000 and the decline in $7,085,000,000 versus $7,091,000,000 to stabilise or reverse in subsequent periods; the filing evidence offers no forward trajectory, only the current-period print. - A favourable interpretation can still lean on the positive directional moves already authorised: operating cash flow rising for the six months ended June 30, 2026 versus the six months ended June 30, 2025, ordinary dividend payments rising, financing outflows narrowing, and the half-year diluted EPS holding a profit. Those are present-period observations, not forecasts. - Underwriting income, segment premiums, and investment-income splits are referenced in the segment commentary but are not quantified for a margin or mix story, so any upside attribution to underwriting or investment mix would be unsupported. - For explanation, The filing evidence does not attribute this change to any single cause..

- The downside lens is anchored on the same reported facts: the year-to-date revenue of $13,735,000,000 sits below $13,874,000,000, and the quarterly revenue of $7,085,000,000 is below $7,091,000,000. The quarterly diluted EPS for the three months ended June 30, 2026 versus the three months ended June 30, 2025 is authorised as a decrease (profit-to-profit), reinforcing the quarter-specific softness. - Pressuring the downside further are authorised directional signals without causes: investing cash flow falls for the six months ended June 30, 2026 versus the prior year, and common-stock repurchase payments decline. Read together with the revenue decreases, the picture shows revenue softness alongside lower investing inflows and lower buyback intensity. - The segment narrative names divestiture-related fair-value items in Other Operations and a Validus Re earn-out change in the six-month period, but the filing evidence offers no magnitude to weight the downside impact. The filing evidence contains no peer or industry comparison. prevents any peer-benchmark check. - For explanation, The filing evidence does not attribute this change to any single cause..

Note: scenario weightings here are directional only and are not investment guidance.

Risks and what to watch

- Top-line softness at the segment level. Revenues for the three-month reporting period were lower than the prior-year comparative, and revenues for the six-month year-to-date period were lower than the prior-year comparative as well. The filing does not single out a single segment or product line as the driver of the decline, so the line of business responsible for the slippage is itself a metric to watch in the next print.

$7,085,000,000 $7,091,000,000 $13,735,000,000 $13,874,000,000 The filing evidence does not attribute this change to any single cause. - Other Operations remains the catch-all that absorbs the most moving parts. Management describes it as predominantly Net investment income from the AIG Parent liquidity portfolio, Corebridge dividend income, corporate General operating expenses, and Interest expense, and the segment result depends on items that are inherently volatile — Net gain (loss) on divestitures and other, including earn-out remeasurement tied to the prior dispositions of Validus Reinsurance, Ltd.

cited in the cited note. A change in estimate on those earn-out considerations is already embedded in the six-month result, so any further remeasurement risk is open. The filing evidence does not attribute this change to any single cause.

- Operating-cash reconciliation versus reported earnings. The cash-flow reconciliation from Net Income (Loss) to Cash Provided by (Used in) Operating Activities moved into positive territory versus the prior-year six-month comparative, which had been negative. Earnings Per Share, Diluted for the six-month period moved higher year over year, and for the three-month period moved lower year over year, leaving a mixed profit trend between the two windows.

The filing does not attribute the cash reconciliation swing to any single cause. The filing evidence does not attribute this change to any single cause. - Investing and financing cash-flow posture.

Net Cash Provided by (Used in) Investing Activities was lower in the six-month period than in the prior-year comparative, and Net Cash Provided by (Used in) Financing Activities moved to a larger cash use than in the prior-year comparative. Both shifts are reported without a stated cause, so the mix between investment-portfolio activity, debt service, and capital returns is a fair area to monitor. The filing evidence does not attribute this change to any single cause.

- Capital-return policy and dilution. Payments of Ordinary Dividends, Common Stock were higher than the prior-year comparative, and Payments for Repurchase of Common Stock were lower than the prior-year comparative. The cited note covers AIG shareholders' equity, including common stock at the stated par value, so the next-period cadence of buybacks and dividends is a concrete metric to watch, alongside any change in shares outstanding.

Note 12 - Earnings-per-share directionality inside the year. The three-month result fell versus the prior-year quarter even though the six-month result improved versus the prior-year half-year, so the second-half trajectory of Diluted EPS — rather than just the cumulative print — is what to track. The filing evidence does not attribute this change to any single cause.

- Counter-evidence and unknowns. There is no peer or industry comparison in the filing evidence, so any cross-issuer framing has to be deferred. The filing evidence contains no peer or industry comparison.

No explicit risk factor disclosures, segment-level premium or loss-ratio tables, or fair-value-tier commentary are visible in this section's source material, so leverage to claims, reserve adequacy, and investment-portfolio credit migration remain unaddressed here and should be sourced from elsewhere in the filing.