American International earnings: September 2026 quarter

American International, one of the world's big insurers, grew its premiums 7% in the September 2026 quarter and kept its core insurance about as profitable as a year earlier, but heavier storm losses pulled its adjusted profit down. Headline net income jumped to $844 million from $519 million, mostly because of paper changes in the value of investments. The company's own adjusted earnings per share, which strip those out, fell 6.4% to $2.06. That was still clearly above what analysts expected. ¹

Against what analysts expected

Adjusted earnings per share of $2.06 came in about 11% above the $1.85 analysts expected on average, according to Nasdaq's earnings calendar. ¹²

The strong points

• The core insurance business grew: premiums written rose 7%, and underwriting profit before storms and old-claim adjustments rose 6%. ¹
• Investment income in the main insurance business rose 9% to $1,032 million, helped by higher returns on bonds. ¹
• It returned $787 million to shareholders through buybacks and dividends, leaving about 5.6% fewer shares than a year ago. ¹

The weak points

• Underwriting profit in its main insurance arm fell 29% to $564 million, as storm and disaster costs nearly tripled from a year earlier, which the company called extraordinarily low. ¹
• Adjusted profit after tax, the company's measure that strips out investment value swings, fell about 11% to $1,086 million. ¹
• Investment income at the parent company fell to $45 million from $72 million, partly because dividends from Corebridge stopped once it sold its last stake in May. ¹

What the company expects

• The company gave no figures for the coming quarter or the year, as it did not three months ago either. ¹
• Management called the insurance market more challenging, while saying its underwriting stayed strong, and pointed to an 11.1% core return on equity as progress toward the goals set at its 2025 investor day. ¹

Our verdict on the quarter

A strong report. With no forecast to change, the quarter rests on adjusted profit per share well above what analysts expected and premiums growing, even though storm losses pulled underlying profit below last year's.

The results as published

• The results release itself
• The filing it came with (SEC)
• The previous results, for what it forecast then

Notes

1. American International's results release, 3 November 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 3 November 2026. ↩