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Research · S&P 500 · Financials
AIG · American International Group
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · run 2026-10-18
13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence
39/55
moderate value score11 of 12 checks scored11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (ROIC) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
1/5Diluted EPS: $12.94 (2022), $4.98 (2023), -$2.17 (2024), $5.43 (2025). The latest figure is half the 2022 figure or less; the framework scores that as 1.
ROE Trend
2/5ROE (net income / common equity): 25.2% (2022), 8.1% (2023), -3.4% (2024), 7.5% (2025). Median 7.8%, lowest -3.4%; the framework scores a median 5-10% as 2.
ROIC
Not scoredROIC not available: the 10-K financial data filed with the SEC has no standard operating income figure (or pre-tax income and interest expense), total assets and current liabilities for the same fiscal year.
Profit Margins
4/5Net margin of 11.1%; the framework scores 10-20% as 4; gross margin 35.1%, operating margin 19.4%.
Balance sheet & cash
Debt-to-Equity
5/5Net cash: total debt $9.13B, total cash $10.49B. The framework scores a net cash position as 5.
Free Cash Flow
2/5Free cash flow (operating cash flow minus capital expenditure): $4.13B (2022), $6.24B (2023), $3.27B (2024), $3.31B (2025). It ended at or below 2022; the framework scores that as 2.
Retained Earnings
4/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $34.89B (2022), $37.52B (2023), $35.08B (2024), $37.19B (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
Valuation models
Graham IV
4/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $5.46 x (8.5 + 2 x 4.4) x (4.4 / 4.5) = $92.36. Current price $80.74; price is 12.6% below the model value.
DCF Value
5/5FCF/share = $14.085, stage 1 growth = 0.0% (revenue CAGR -2.1% floored at 0%; the company is valued as if it does not grow rather than extrapolating the decline) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $53.39, PV of terminal value = $128.69, DCF value = $182.08. Current price $80.74; price is 55.7% below the model value.
Margin of Safety
4/5Graham value $92.36 (price is 12.6% below the model value); DCF value $182.08 (price is 55.7% below the model value).
Price-to-Book
4/5P/B of 1.04; the framework scores 1.0-1.5 as 4.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 12, 2026
General Insurance operates in a highly competitive industry against global, national and local insurers and reinsurers and underwriting syndicates in specific market areas and product types. Insurance companies compete through a combination of risk acceptance criteria, product pricing, service levels and terms and conditions. General Insurance seeks to differentiate itself in the markets where we participate by providing leading expertise and insight to clients, distribution partners and other stakeholders, delivering underwriting excellence and value-driven insurance solutions and providing high quality, tailored end-to-end support to stakeholders. In doing so, we leverage our world-class global franchise, multinational capabilities, balance sheet strength and financial flexibility. For additional information on our segments, see Note 3 to the Consolidated Financial Statements.
The opening of the company’s “COMPETITION” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
4/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $25.17B paid out against $16.96B of free cash flow (fail: paid out more than free cash flow); total debt $27.18B to $9.19B, down 66.2% (pass: not up more than 10%); shares outstanding 0.73B to 0.54B, down 26.7% (pass). 3 of 4 tests passed; the framework scores that as 4.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $5.46, g = 4.4%, Y = 4.5
IV = $92.36
Current price $80.74 vs Graham value $92.36 — price is 12.6% below the model value.
DCF:
FCF/share = $14.085
Stage 1 growth = 0.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
Stage 1 g floored at 0.0% (3-year revenue CAGR was -2.1%; the company is valued as if it does not grow rather than extrapolating the decline)
Y1: $14.085 → PV $12.805
Y2: $14.085 → PV $11.641
Y3: $14.085 → PV $10.582
Y4: $14.085 → PV $9.620
Y5: $14.085 → PV $8.746
Stage 1 PV sum = $53.39
Terminal value at end of Y5 = $207.25
PV of terminal value = $128.69
DCF value = $182.08
Current price $80.74 vs DCF value $182.08 — price is 55.7% below the model value.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $80.74. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
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