AIG reported a major improvement in its Global Personal insurance business during the second quarter of 2026, with underwriting income surging 356% as growth in Accident & Health and High Net Worth insurance combined with sharply better underwriting margins.
Global Personal underwriting income reached $114 million, compared with $25 million in the prior-year quarter. Net premiums written increased 7% to $1.80 billion, or 8% on a constant-currency basis.
AIG attributed the premium growth primarily to strong momentum in Accident & Health and continued organic expansion of its High Net Worth business. The High Net Worth operation also contributed to substantially improved profitability as revised commission terms earned into results.
The segment’s combined ratio improved by 560 basis points to 92.9% from 98.5% a year earlier. Its adjusted accident-year combined ratio improved 490 basis points to 91.2% from 96.1%. In property and casualty insurance, a combined ratio below 100% indicates underwriting profitability.
The improvement reflected lower underlying losses, improved High Net Worth commission economics, a lower general operating expense ratio and fewer catastrophe-related charges.
Global Personal was a particularly strong contributor within an otherwise solid quarter for AIG’s General Insurance operations. General Insurance net premiums written increased 9% to $7.52 billion, while underwriting income rose 10% to $686 million. The overall combined ratio improved 30 basis points to 89%.
General Insurance results included $210 million of catastrophe-related charges, up from $170 million a year earlier. The quarter included $75 million of net losses associated with the Middle East conflict. Favorable prior-year development was $145 million, compared with $112 million a year earlier.
Performance varied significantly across AIG’s commercial operations. North America Commercial underwriting income increased 24% to $372 million, and its combined ratio improved 190 basis points to 84%. International Commercial underwriting income, however, declined 33% to $200 million as its combined ratio deteriorated to 91.3%, partly reflecting Middle East-related catastrophe losses and pricing pressure.
At the company level, AIG reported adjusted after-tax income per diluted share of $2, up 10%, and Core Operating ROE of 11.1%. Net income attributable to common shareholders was $948 million, or $1.78 per diluted share.
AIG returned $904 million to shareholders during Q2, consisting of $641 million of share repurchases and $263 million of dividends. It also completed its exit from Corebridge Financial by selling its remaining interest for approximately $710 million.
KEY QUOTES:
“AIG delivered another strong quarter, marking an exceptional first half of the year and underscoring the benefits of our diversified global portfolio.”
“Our strong quarterly results demonstrate our ability to perform well in the current market, which has transitioned… into a more selective environment.”
Eric Andersen, President and CEO of AIG
