NYSE · Financial Services

American International Group, Inc.

AIG · Insurance - Diversified

$77.55

▼ -1.22 (-1.55%)

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Mr. Market is currently offering American International Group, Inc. at $77.55.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability C

Net Income Margin 11.6%

Fin. Health B

Years to Pay Off Debt 3.0 yrs

Valuation C

Margin of Safety 20.1%

Price-to-Book 1.00x

Cash Flow A

Free Cash Flow $3.3B

4/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $41.3B

Enterprise Value $41.4B

P/E (TTM) 13.65

Dividend Yield 2.29%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 11.6%

Company Info

Sector Financial Services

Industry Insurance - Diversified

Employees 22100

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering American International Group, Inc. at $77.55.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $77.55, the stock trades below its Graham Number of $97.12 — suggesting a margin of safety exists.

The margin of safety of 20.1% offers some protection but falls short of Graham's preferred 33% buffer.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About American International Group, Inc.

American International Group, Inc. provides insurance products for commercial, institutional, and individual customers in North America and internationally. It operates through three segments: North America Commercial, International Commercial, and Global Personal. The company offers commercial and industrial property insurance, including business interruption and package insurance that cover exposure to made and natural disasters; general liability, environmental, commercial automobile liability, workers' compensation, excess casualty, and crisis management insurance products; risk-sharing and other customized structured programs for large corporate and multinational customers; professional liability insurance; and marine, energy-related property insurance products, aviation, political risk, trade credit, and trade finance products. It also provides group personal accident and business travel products for employees, associations, and other organizations; voluntary and sponsor-paid personal accident and supplemental health products for individuals; and personal auto and homeowners in selected markets, comprehensive extended warranty, device protection insurance, home warranty and related services, and insurance for high net-worth individuals. In addition, the company offers mortgage and other loans receivable, such as commercial mortgages, life insurance policy loans, commercial loans, and other loans and notes receivable. American International Group, Inc. was founded in 1919 and is headquartered in New York, New York.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	11.6% ▲	-5.1%	13.0%	34.1%	N/A
Diluted EPS	5.43 ▲	-2.17	4.98	12.94	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$161.3B	$161.3B	$539.3B	$522.2B	N/A
Total Debt	$9.2B ↑	$8.9B	$10.6B	$27.2B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	2.97	-6.35	2.91	2.66	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$3.3B ▲	$3.3B	$6.2B	$4.1B	N/A
Owner Earnings	N/A	N/A	N/A	N/A	N/A
CapEx % of Net Income	N/A	N/A	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	17,372	181,804	352	-106,704
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	86,000	602,000	8,000	-456,000
Total Unusual Items Excluding Goodwill	86,000	602,000	8,000	-456,000
Net Income From Continuing Operation Net Minority Interest	3,096,000	2,222,000	2,506,000	1,844,000
Reconciled Depreciation	3,455,000	3,597,000	3,841,000	3,861,000
EBIT	4,275,000	4,332,000	3,383,000	4,375,000
Net Interest Income	-396,000	-462,000	-516,000	-603,000
Interest Expense	396,000	462,000	516,000	603,000
Interest Income	192,000	261,000	321,000	291,000
Normalized Income	3,027,372	1,801,804	2,498,352	2,193,296
Net Income From Continuing And Discontinued Operation	3,096,000	-1,404,000	3,643,000	10,227,000
Total Expenses	22,895,000	23,404,000	25,071,000	26,208,000
Diluted Average Shares	570,350	657,300	725,200	787,942
Basic Average Shares	565,078	606,159	719,500	778,621
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,096,000	-1,426,000	3,614,000	10,198,000
Net Income Common Stockholders	3,096,000	-1,426,000	3,614,000	10,198,000
Preferred Stock Dividends		22,000	29,000	29,000	29,000
Net Income	3,096,000	-1,404,000	3,643,000	10,227,000
Minority Interests	-1,000	-478,000	-235,000	-1,046,000
Net Income Including Noncontrolling Interests	3,097,000	-926,000	3,878,000	11,273,000
Net Income Discontinuous Operations	0	-3,626,000	1,137,000	8,383,000
Net Income Continuous Operations	3,097,000	2,700,000	2,741,000	2,890,000
Tax Provision	782,000	1,170,000	126,000	882,000
Pretax Income	3,879,000	3,870,000	2,867,000	3,772,000
Other Income Expense	11,000	7,000	6,000	34,000
Special Income Charges	86,000	602,000	8,000	-456,000
Other Special Charges	-86,000	-602,000	-8,000	456,000
Net Non Operating Interest Income Expense	-396,000	-462,000	-516,000	-603,000
Interest Expense Non Operating	396,000	462,000	516,000	603,000
Other Operating Expenses	-1,000	23,000	231,000	-16,000
Selling General And Administration	5,053,000	5,529,000	5,399,000	6,159,000
General And Administrative Expense	5,053,000	5,529,000	5,399,000	6,159,000
Other Gand A	5,053,000	5,529,000	5,399,000	6,159,000
Total Revenue	26,774,000	27,270,000	27,938,000	29,975,000
Operating Revenue	26,774,000	27,270,000	27,938,000	29,975,000
Loss Adjustment Expense	14,162,000	14,567,000	15,393,000	15,461,000
Net Policyholder Benefits And Claims	14,162,000	14,567,000	15,393,000	15,461,000
Policyholder Benefits Gross			24,755,000	22,771,000	23,785,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	1,368,489	1,300,512	1,217,832	1,172,543
Preferred Shares Number		20	20,000	20,000	20,000
Ordinary Shares Number	538,182	606,159	688,840	734,128
Share Issued	1,906,671	1,906,671	1,906,671	1,906,671
Net Debt	7,917,000	7,620,000	9,066,000	25,136,000
Total Debt	9,191,000	8,922,000	10,606,000	27,179,000
Tangible Book Value	37,704,000	39,148,000	41,115,000	40,485,000
Invested Capital	50,330,000	51,443,000	55,472,000	67,664,000
Net Tangible Assets	37,704,000	39,148,000	41,600,000	40,970,000
Common Stock Equity	41,139,000	42,521,000	44,866,000	40,485,000
Preferred Stock Equity			485,000	485,000	485,000
Total Capitalization	50,330,000	51,443,000	55,957,000	66,649,000
Total Equity Gross Minority Interest	41,162,000	42,550,000	51,301,000	43,454,000
Minority Interest	23,000	29,000	5,950,000	2,484,000
Stockholders Equity	41,139,000	42,521,000	45,351,000	40,970,000
Gains Losses Not Affecting Retained Earnings	-4,987,000	-7,099,000	-14,037,000	-22,616,000
Other Equity Adjustments	-4,987,000	-7,099,000	-14,037,000	-22,616,000
Treasury Stock	71,199,000	65,573,000	59,189,000	56,473,000
Retained Earnings	37,186,000	35,079,000	37,516,000	34,893,000
Additional Paid In Capital	75,373,000	75,348,000	75,810,000	79,915,000
Capital Stock	4,766,000	4,766,000	5,251,000	5,251,000
Common Stock	4,766,000	4,766,000	4,766,000	4,766,000
Preferred Stock		0	485,000	485,000	485,000
Total Liabilities Net Minority Interest	120,092,000	118,772,000	488,005,000	478,774,000
Non Current Deferred Liabilities		426,000	347,000
Non Current Deferred Taxes Liabilities		426,000	347,000
Long Term Debt And Capital Lease Obligation	9,191,000	8,922,000	10,606,000	25,679,000
Long Term Debt	9,191,000	8,922,000	10,606,000	25,679,000
Current Debt And Capital Lease Obligation			250,000	1,500,000	0
Current Debt			250,000	1,500,000	0
Line Of Credit			250,000	1,500,000	0
Payables And Accrued Expenses	10,703,000	11,207,000	11,444,000	30,383,000
Payables	10,703,000	11,207,000	11,444,000	30,383,000
Other Payable	3,038,000	3,207,000	3,527,000	30,383,000
Total Tax Payable	2,217,000	1,948,000	1,698,000
Income Tax Payable	2,217,000	1,948,000	1,698,000
Accounts Payable	5,448,000	6,052,000	6,219,000
Total Assets	161,254,000	161,322,000	539,306,000	522,228,000
Investments And Advances	83,361,000	79,862,000	79,435,000	243,592,000
Goodwill And Other Intangible Assets	3,435,000	3,373,000	3,751,000	3,927,000
Goodwill	3,435,000	3,373,000	3,751,000	3,927,000
Receivables	10,441,000	10,463,000	9,967,000	13,243,000
Loans Receivable	388,000	557,000	598,000	4,589,000
Accounts Receivable	10,441,000	10,463,000	9,967,000	13,243,000
Cash Cash Equivalents And Short Term Investments	38,408,000	79,715,000	79,647,000	240,575,000
Other Short Term Investments	37,134,000	78,413,000	78,107,000	238,532,000
Cash And Cash Equivalents	1,274,000	1,302,000	1,540,000	2,043,000

Cash Flow

	2025	2024	2023	2022
Free Cash Flow	3,314,000	3,273,000	6,243,000	4,134,000
Repurchase Of Capital Stock	-5,836,000	-7,137,000	-2,961,000	-5,200,000
Repayment Of Debt	-1,101,000	-2,048,000	-2,349,000	-9,760,000
Issuance Of Debt	1,241,000	661,000	742,000	97,000
Interest Paid Supplemental Data	389,000	858,000	1,059,000	1,127,000
Income Tax Paid Supplemental Data	330,000	708,000	984,000	746,000
End Cash Position	1,345,000	1,372,000	1,573,000	1,571,000
Other Cash Adjustment Outside Changein Cash	0	0	11,000	-95,000
Beginning Cash Position	1,372,000	1,573,000	1,571,000	1,877,000
Effect Of Exchange Rate Changes	12,000	-83,000	-13,000	-117,000
Changes In Cash	-39,000	-118,000	4,000	-94,000
Financing Cash Flow	-6,543,000	-5,063,000	782,000	-602,000
Cash From Discontinued Financing Activities	0	3,880,000	3,530,000	13,903,000
Cash Flow From Continuing Financing Activities	-6,543,000	-8,943,000	-2,748,000	-14,505,000
Net Other Financing Charges	129,000	605,000	2,846,000	1,369,000
Cash Dividends Paid	-976,000	-1,024,000	-1,026,000	-1,011,000
Preferred Stock Dividend Paid	0	-22,000	-29,000	-29,000
Common Stock Dividend Paid	-976,000	-1,002,000	-997,000	-982,000
Net Preferred Stock Issuance	0	-485,000	0	0
Preferred Stock Payments	0	-485,000	0	0
Net Common Stock Issuance	-5,836,000	-6,652,000	-2,961,000	-5,200,000
Common Stock Payments	-5,836,000	-6,652,000	-2,961,000	-5,200,000
Net Issuance Payments Of Debt	140,000	-1,387,000	-1,607,000	-9,663,000
Net Long Term Debt Issuance	140,000	-1,387,000	-1,607,000	-9,663,000
Long Term Debt Payments	-1,101,000	-2,048,000	-2,349,000	-9,760,000
Long Term Debt Issuance	1,241,000	661,000	742,000	97,000
Investing Cash Flow	3,190,000	1,672,000	-7,021,000	-3,626,000
Cash From Discontinued Investing Activities	0	-4,171,000	-4,534,000	-6,539,000
Cash Flow From Continuing Investing Activities	3,190,000	5,843,000	-2,487,000	2,913,000
Net Other Investing Changes	-821,000	-66,000	-1,754,000	-1,097,000
Net Investment Purchase And Sale	2,968,000	4,785,000	-3,545,000	2,736,000
Sale Of Investment	29,433,000	30,137,000	25,645,000	23,620,000
Purchase Of Investment	-26,465,000	-25,352,000	-29,190,000	-20,884,000
Net Business Purchase And Sale	0	587,000	2,568,000	0
Sale Of Business	0	587,000	2,568,000	0
Operating Cash Flow	3,314,000	3,273,000	6,243,000	4,134,000
Cash From Discontinued Operating Activities	0	-104,000	-710,000	-488,000
Cash Flow From Continuing Operating Activities	3,314,000	3,377,000	6,953,000	4,622,000
Change In Working Capital	-3,757,000	-2,357,000	-1,364,000	-5,280,000
Change In Other Working Capital	-913,000	94,000	2,174,000	144,000
Other Non Cash Items	-5,000	14,000	-37,000	303,000
Unrealized Gain Loss On Investment Securities	-423,000	-571,000	1,075,000	2,123,000
Asset Impairment Charge	322,000	27,000	21,000	2,000
Depreciation And Amortization	3,455,000	3,597,000	3,841,000	3,861,000
Operating Gains Losses	625,000	-33,000	676,000	723,000
Earnings Losses From Equity Investments	0	-54,000	-15,000	-67,000
Gain Loss On Investment Securities	706,000	637,000	662,000	637,000
Gain Loss On Sale Of Business	-81,000	-616,000	29,000	153,000
Net Income From Continuing Operations	3,097,000	2,700,000	2,741,000	2,890,000

These metrics estimate what American International Group, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$97.12

Margin of Safety

20.1%

Market Cap ÷ Company Value

1.22

P/B Ratio

1.00

Warren's Owner Earnings

N/A

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$26.8B

vs > $1.5B revenue

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.29%

vs Uninterrupted dividends

❌ Earnings Growth

-58.0% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

13.7x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.00x P/B (P/E×P/B: 13.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	N/A	N/A	N/A	N/A	N/A
Repurchase of Capital Stock	-$5.8B	-$7.1B	-$3.0B	-$5.2B	N/A
Free Cash Flow	$3.3B ▲	$3.3B ▼	$6.2B ▲	$4.1B •	N/A •
Warren's Owner Earnings	N/A	N/A	N/A	N/A	N/A

Peers & Industry

No auto-detected peers for Insurance - Diversified. You can manually compare AIG against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.55%

Low — management has little skin in the game

Return on Equity (ROE)

7.5%

Weak — poor returns on equity

Return on Assets (ROA)

1.9%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$5.8B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+3.0% YoY

Debt is roughly stable

Leadership Team

Peter Salvatore Zaffino

CEO & Chairman

Age 58

Pay: $14,000,200

0.452% of net income

Keith Francis Walsh

Executive VP & CFO

Age 50

Pay: $4,944,566

0.160% of net income

Jon Hancock

EVP & Chief Executive Officer of General Insurance

Age 59

Pay: $4,971,714

0.161% of net income

Eric Andersen

President

Age 60

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.63%	67,783,183
Blackrock Inc.	9.07%	48,707,016
Capital Research Global Investors	4.88%	26,208,447
Wellington Management Group, LLP	4.83%	25,915,253
State Street Corporation	4.68%	25,126,998
Harris Associates L.P.	4.12%	22,144,430
Price (T.Rowe) Associates Inc	3.05%	16,371,853
Invesco Ltd.	3.00%	16,098,863

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.54

Low volatility — more stable than the market

Short Interest

1.6% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.23x

Conservative balance sheet — low financial risk

Current Ratio

0.61x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $71.25 Current: $77.55 High: $87.46

Currently at 39% of 52-week range

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