AIG is a global property and casualty insurer, selling policies that protect large commercial businesses, multinational corporations, and high-net-worth individuals against a wide range of risks — commercial liability, property damage, D&O, cyber, marine, aviation, and personal lines. AIG distributes its commercial products primarily through independent brokers and agents, and brokers are central to the business: they bring submissions and AIG decides which risks to underwrite. AIG operates through three segments: North America Commercial, International Commercial, and Global Personal. The North America segment includes Lexington Insurance, a leading excess and surplus lines insurer. The International segment covers Europe, Asia Pacific, Latin America, and the Middle East, and includes Lloyd's syndicate Talbot. Global Personal is anchored by Private Client Select, which serves high-net-worth individuals in the U.S. AIG earns money two ways: underwriting profit and investment income. On underwriting, AIG collects premiums and pays claims; its combined ratio was 90.1% in FY25. Investment income is generated from a large float invested primarily in investment-grade fixed income. AIG uses reinsurance extensively to manage catastrophe volatility. On growth, AIG recently acquired renewal rights to ~$1.8B of Everest's retail commercial P&C book, took a 35% equity stake in London-based specialty insurer Convex, and holds a 26% stake in Tata AIG, a fast-growing Indian joint venture. AIG is also deploying generative AI tools across underwriting and claims to improve throughput and efficiency.