Quarterly ResultMay 1, 2026, 01:25 PM
AIG Q1 Net Income $763M; Acquires Convex, Onex Stakes; Sells Corebridge Shares
AI Summary
American International Group (AIG) reported a net income of $763 million for the first quarter of 2026, an increase from $698 million in the prior year, with diluted EPS rising to $1.41. The company completed significant strategic transactions during the quarter, including the acquisition of a 35% equity interest in Convex Group Limited for $2.1 billion and a 9.9% stake in Onex Corporation for $642 million. Concurrently, AIG divested 24.7 million shares of Corebridge Financial, Inc. for $750 million, reducing its ownership to 5.6% and losing significant influence. Total revenues for the quarter slightly decreased to $6,650 million.
Key Highlights
- AIG acquired a 35% equity interest in Convex Group Limited for $2.1 billion on February 6, 2026.
- AIG acquired a 9.9% ownership stake in Onex Corporation for $642 million on February 6, 2026.
- AIG sold 24.7 million Corebridge shares for $750 million, reducing its ownership to 5.6%.
- Net income attributable to AIG common shareholders rose to $763 million in Q1 2026 from $698 million in Q1 2025.
- Diluted earnings per common share increased to $1.41 in Q1 2026 from $1.16 in Q1 2025.
- Total revenues for Q1 2026 were $6,650 million, a decrease from $6,783 million in Q1 2025.
- North America Commercial segment reported underwriting income of $327 million in Q1 2026.
- International Commercial segment reported underwriting income of $278 million in Q1 2026.