American International Group, Inc. (AIG) · Nov 3, 2026 · Earnings

AIG earnings beat on adjusted EPS, but underwriting profit fell 29%

Beat — Adjusted EPS $2.06 vs ~$1.86 published consensus

AIG’s third-quarter earnings beat on adjusted EPS, while premium growth stayed strong. But weaker underwriting profit and higher catastrophe losses cloud the quarter.

AIG is in the execution phase of a multi-year insurance turnaround: it is simplifying around General Insurance, pursuing profitable premium growth, and targeting 10%–13% core operating ROE while improving underwriting and returning capital. Its 2025 Investor Day targets include 20%+ operating EPS CAGR, core operating ROE of 10%–13%, and a General Insurance expense ratio below 30%.

The quarter beat the published earnings bar, but the quality of the beat was mixed. Adjusted after-tax income per diluted share was $2.06, above the roughly $1.86 published consensus, helped by a sharply lower share count; however, adjusted after-tax income itself fell 11% and General Insurance adjusted pre-tax income fell 9%. The headline GAAP EPS increase was driven partly by investment-fair-value movements rather than a clean acceleration in core operations.

Metric	Q3 2026	Q3 2025	Consensus / comparison
Adjusted EPS (Financial Highlights)	$2.06 (-6.4%)	$2.20	~$1.86
Net premiums written (Financial Highlights)	$6.65B (+7%)	$6.23B
Underwriting income (Financial Highlights)	$564M (-29%)	$793M
General Insurance combined ratio (Segment results — General Insurance)	91.3% (+4.5 pts)	86.8%
Accident-year combined ratio, ex-CAT (Segment results — General Insurance)	88.4% (+0.1 pts)	88.3%
Core operating ROE (Return on Equity)	11.1%	13.6%
Adjusted book value per share (Book Value per Share)	$81.25 (+5.5%)	$77.04

The underlying insurance engine was steady before catastrophes, not stronger. General Insurance premiums grew 7% reported and 8% on a constant-dollar basis, with particularly strong growth in Global Commercial and Global Personal. But underwriting income dropped to $564 million as catastrophe charges rose to $283 million from $100 million and favorable prior-year reserve development fell to $91 million from $180 million. Excluding those items, accident-year underwriting income rose to $756 million from $713 million, but the adjusted accident-year combined ratio was essentially flat at 88.4%.

Commercial performance weakened while personal lines improved. North America Commercial’s combined ratio deteriorated to 92.9% from 82.6%, and its adjusted accident-year combined ratio rose to 87.2% from 85.4%. International Commercial also posted a worse reported combined ratio, though its adjusted accident-year ratio improved slightly. Global Personal was the clearest bright spot: premiums rose 6% reported, underwriting income increased 44%, and its adjusted accident-year combined ratio improved to 93.6% from 95.5%.

Capital return and book-value growth support the longer-term restructuring story. AIG returned $787 million in the quarter through buybacks and dividends, repurchased approximately 7 million shares, and declared a quarterly dividend of $0.50 per share. Adjusted book value per share rose 5.5% year over year and core operating book value per share rose 14.1%, although core operating ROE slipped to 11.1% from 13.6%.

Bottom line: AIG beat the earnings benchmark and continued to grow premiums and book value, but the core underwriting picture was only stable after a heavier catastrophe load. This advances the turnaround modestly, not decisively: the company is still on track, but this quarter does not show a fresh improvement in operating profitability.

What to watch next

Q3 earnings call, November 4, 2026

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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AIG earnings beat on adjusted EPS, but underwriting profit fell 29%

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