American International Group Inc. $(AIG)$ reported third quarter 2025 results with after-tax adjusted income (AATI) per diluted common share of $2.20, a 77% increase year-over-year. Underwriting income reached $793 million, up 81% from the prior year quarter, with a calendar year combined ratio of 86.8%, improving by 5.8 percentage points. Net Investment Income on an APTI basis exceeded $1.0 billion, up 15% year-over-year. Third quarter Core Operating ROE was 13.6% and year-to-date Core Operating ROE was 10.9%. During the quarter, AIG returned approximately $1.5 billion to shareholders through $1.25 billion in stock repurchases and $250 million in dividends. Key business developments included the announcement of strategic investments in Convex Group Limited and Onex Corporation, as well as agreements to acquire renewal rights for a majority of Everest Group's global retail commercial insurance portfolios, representing about $2 billion in aggregate premium. General Insurance trailing twelve-month net premiums written totaled $23.7 billion. North America Commercial Lines net premiums written were in line with the prior year quarter, adjusting for a large closeout transaction, with 3% growth primarily driven by Programs, Lexington and Retail Casualty, and Western World, partially offset by a decline in Property.