What factors drove the changes in American's revenue and profit?

What is American's latest dividend and current dividend yield?

What is American's gross profit margin?

What is the market's earnings forecast for American next quarter?

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What is the revenue and EPS growth rate for American year over year?

What were the key takeaways from American's earnings call?

- **Record Q3 Performance**: EPS up 77% YoY to $2.20, underwriting income surging 81%. 
- **Strategic Scale-Up**: $3B+ of transformative deals (Convex, Onex, Everest) to drive ROE accretion. 
- **GenAI Leap**: AI tools processing 200K+ submissions Q3, cutting cycle time 50%. 
- **Profitability Resilience**: 16th straight quarter <90% combined ratio, expense ratio down 100bps YoY. 
- **Capital Flexibility**: $5.3B liquidity, $1B+ buybacks Q3, 2026 buyback cap of $1B. 
- **Growth Catalysts**: New business +16%, Everest portfolio 60% renewing in H1 2026. 


**【CEO Summary Section】**
- **Exceptional Q3 Results**: Adjusted EPS of $2.20, up 77% YoY, driven by General Insurance underwriting income of $793M (81% YoY growth). Combined ratio improved to 88.3% (accident year) and 86.8% (calendar year). 
- **Strategic Acquisitions**: 
  - 35% equity stake in Convex Group with 7.5% quota share (rising to 12.5% by 2028), expected to be EPS/ROE accretive in 1st year post-close. 
  - 9.9% equity stake in Onex Corp with $2B 3-year co-investment, targeting higher-yield alternative assets. 
  - $300M purchase of Everest Group's renewal rights for $2B PIF portfolio, 60% renewing in H1 2026. 
- **GenAI Progress**: AIG Assist deployed in 100% of private/not-for-profit submissions, processing 200K+ Lexington middle market submissions YTD. Auto Extract and Schedule P analytics tools enhance underwriting insights. 
- **Expense Management**: General Insurance expense ratio 30.9% (down 100bps YoY), targeting <30% by 2027. 
- **Capital Deployment**: $1.25B share buybacks Q3, $5.3B parent liquidity, $1B Corebridge stake reduction. 2026 buyback guidance: $1B max. 

**【CFO Financial Commentary】**
- **Topline Growth**: General Insurance GWP $8.7B (flat YoY), NWP $6.2B (-1% YoY). North America Commercial new business up 16% (M&A led). 
- **Profitability**: 
  - Accident year loss ratio 57.4% (up 100bps YoY due to UALAE reclass). 
  - Expense ratio 30.9% (down 100bps YoY). 
  - Net investment income $1B (15% YoY), driven by fixed income (4.58% yield) and alternatives ($137M / 13.6% yield). 
- **Rate Environment**: 
  - North America Casualty +14% renewal pricing. 
  - Property rate pressure persists but profitability maintained. 
  - Global Specialty rates down 4% but above technical view. 
- **Balance Sheet**: Book value $75.45/share (+6% YoY). Debt/total capital 18%. 

**【Q&A Highlights】**
- **Everest Portfolio Profitability**: Casualty underwriting by AIG's top team expected to improve combined ratio to AIG's 85-88% range. Property and Financial Lines to match AIG's existing ratios. 
- **Convex Risk**: Diversified portfolio with <20% US property exposure, no AAL impact. 
- **Expense Ratio Ambition**: 30%+ achievable through GenAI-driven efficiency and scale from acquisitions. 
- **Market Dynamics**: Flight to quality in soft market, AIG's new business +16% Q3 vs. industry decline. 
- **AI Impact**: AIG Assist reducing cycle time 50%, enabling 20%+ submission growth without headcount. 


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