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AIG 10-K Analysis: Two Depleting Pillars Behind the 14.1% Yield

AIG returned $6.8 billion to shareholders in 2025 — a 14.1% yield — while posting its first $2.3 billion underwriting profit since 2008 and earning a triple credit upgrade to AA-/A1. But the 10-K reveals that the accident year combined ratio is flat at 88.3-88.9, meaning all headline improvement comes from non-recurring reserve releases and catastrophe luck. Meanwhile, the Corebridge monetization funding those record buybacks has depleted from $3.8 billion to roughly $2.1 billion, giving the current pace 12-18 months of runway. Both pillars converge in mid-to-late 2026.

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15 min

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