American International Group Inc

Strong profitability + improving underwriting trend (good, supports outlook): - Q2 2026: Adjusted after-tax income per diluted share $2 (+10% YoY); adjusted after-tax income $1.1B. - Underwriting: Underwriting income $686M (+10% YoY). Accident year combined ratio 88.1% (-30 bps YoY); calendar combined ratio 89.0% (-30 bps YoY). - Expense discipline: Accident year combined improvement attributed largely to a lower expense ratio (30.8% in Q2, improving ~20 bps YoY); trailing 12-month expense ratio 30.7%. Company reiterates it is on track to get GA expense ratio <30% for full-year 2027.

Growth + portfolio actions in a changing pricing cycle (mixed but constructive): - Net premiums written: +9% (or +11% excluding North American Property); Global Commercial +9%, North America Commercial +9%, International Commercial +10%. - Global Personal +8%, led by Accident & Health and high net worth, with multiple new client wins. - Strategic transactions/new business: In Global Commercial, retention 88% and new business $1.9B (+37% YoY) including strategic deals.

North America property pressure continues—AIG is “selectively contracting” (bad/volatile but managed): - Management described the market as moving from broad positive pricing to more selective, line-specific dynamics with capacity increases (E&S/MGAs/ILS/sidecars). - Lexington property actions: Pricing pressure led to portfolio contraction; premium retention down ~9 percentage points in Lexington property in Q2. - North America overall growth impact: Company says deliberate actions plus rate pressure reduced North America growth by 3+ percentage points. - Opportunity angle: AIG claims property expertise/diversified global portfolio lets it retain business with acceptable terms and walk away from inadequate pricing.