American International Group, Inc. (AIG): what the price assumes

In the published model solve dated 2026-Q2, anchored at $76.93, American International Group, Inc. (AIG) is priced for 9.3% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/AIG

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 9.4% cost of equity with 4% terminal growth over a 10-year stage, on common book equity (FY2026).

How unusual the bet is: within-range

Valuation X-Ray

Asset, earnings-power and peer-multiple models all land far below the price; ONLY the growth-DCF reaches it. The bet is durable compounding the static frames structurally cannot price (a moat/durability premium).

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Growth

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 3.3%); the inversion above states its own rate.

Per-Model Detail (n=6)

Economic-Unit Decomposition (Sum Of The Parts)

The issuer is a funded financial business. Debt, interest, and cash flows are operating inputs, so industrial EV, net-debt, WACC, and free-cash-flow lenses do not apply; value the common-equity claim with book, earnings, capital, and payout economics.

No unit-level total common-equity value is stated. Each financial unit requires supported standalone common equity, normalized earnings, capital adequacy, and payout capacity. Consolidated debt, interest, and cash are operating balances, not an enterprise-to-equity bridge; company-level book, earnings, capital, and payout lenses remain the coherent cross-checks.

Solvency

Deposit/float-funded balance sheet: debt is funding, not corporate leverage, and GAAP operating cash flow follows loan flows. Net-debt, interest-coverage, and cash-burn lenses do not apply. The solvency frame for a financial is regulatory capital and payout capacity (CET1, stress buffer, dividends plus buybacks against earnings).

Bullet Takeaways

• What is left of AIG is a property-casualty underwriter, and the underwriting is working: the 10-K reports it "Produced strong combined ratio of 90.1" for 2025, which is roughly ten cents of profit on every premium dollar before a cent of investment income arrives.

• The unresolved question is whether that translates into returns on the capital tied up behind it: return on equity was 7.5% last year, and the shares, sitting at about book value, need something closer to 9.8%.

• Share count has fallen about 10% a year over four years, which is where much of the per-share progress has come from; second-quarter results land after the close on August 6, 2026.

Bull Case

Read this company at the stage it is actually in and most of the confusion goes away. It is no longer a financial conglomerate assembling parts, and it is not a growth story. It is a mature property-casualty underwriter, which means the number that matters is the combined ratio, the share of every premium dollar consumed by claims and expenses. Below 100 the underwriting itself makes money and the investment portfolio is pure gravy. Above 100 the investments are subsidizing the underwriting. For 2025 the 10-K reports it "Delivered $2.3 billion of underwriting income, a 22 percent increase from the prior year. Produced strong combined ratio of 90.1."

The improvement is concentrated where it counts most. "North America Commercial produced underwriting income of $1.1 billion from a combined ratio of 86.8, which was a 6.5 point improvement", roughly half the group's underwriting profit for the year out of one segment. More telling than the headline is the accident-year figure, the version that strips out catastrophes and any movement in reserves set aside for older claims: it has sat near 88 for three consecutive years. Selection and pricing discipline never show up in a revenue line. They show up here, years later, in what the claims actually cost.

Then there is what happens to the profit once it exists. In 2025 "AIG Parent repurchased approximately 73 million shares of AIG Common Stock for an aggregate purchase price of $5.8 billion", and the 10-K reports $3.8 billion still available under the board's authorization as of February 6, 2026. Across four years the share count has come down about 10% annually. That is a rate of retirement most large financials never approach, and it is why per-share results have improved faster than the business underneath them. Whatever the underwriting produces, a steadily smaller number of shares divide it.

The first quarter of 2026 extended all of it. The General Insurance combined ratio came in at 87.3%, an 850 basis point improvement on the year, and underwriting income in that segment more than tripled to $774 million, with net premiums written up 24% on a reported basis and 18% in constant currency. The board raised the quarterly dividend 11% to $0.50 a share at the same time. Volume is being added inorganically as well, through the purchase of Everest's "global retail commercial insurance portfolios for an aggregate purchase price of $301 million", which buys premium rather than building it.

The obvious objection is scale. Chubb reports that in 2025 "consolidated net premiums earned (NPE) was $53.0 billion", several times AIG's book, and scale in commercial insurance buys data, distribution and reinsurance terms. That is fair, and the bull case does not dispute it. The argument is narrower and more mechanical than out-competing anyone: an underwriter running in the high eighties, retiring a tenth of its own equity every year, valued at roughly the book value of that equity, only has to keep doing what its accident-year results say it has already been doing across three consecutive years.

Bear Case

An insurer's balance sheet is mostly an opinion. The largest liability on it is a reserve for claims that have happened but have not yet been reported, settled or paid, and that number is an actuarial estimate about events nobody has seen the bill for. When insurers get into trouble, this is almost always where it starts, and the 10-K shows the estimate moving in both directions at once. Net of external reinsurance, 2025 brought "favorable prior year loss reserve development of $216 million, net of external reinsurance but before ADC cessions", helped by workers' compensation. Against that, "Unfavorable development on Businesses in run-off of $196 million is primarily attributed to Asbestos development of $85 million, which is entirely ceded under the LPT". Net favorable, yes, but thin, and propped up by reinsurance arrangements that transfer the tail rather than eliminate it.

That matters because of what the shares already assume. At roughly book value, the price requires the company to sustain a return on equity around 9.8%. It earned 7.5% last year. The gap is not enormous, but the direction of the arithmetic is unforgiving: if the return settles nearer where it has actually been than where the price needs it, the multiple that return supports drops below book value, and the shares reprice down to it. There is no growth premium in this security to cushion that. The valuation is the return, and nothing else.

The bigger structural problem is that the tool doing most of the work cannot close the gap. Retiring a tenth of the share count each year raises earnings per share and book value per share proportionally, but buying stock at roughly book value neither creates nor destroys book value per share. It concentrates the same return over fewer shares without improving the return itself. Only underwriting profit and investment income can move that number. A buyback is arithmetic, not alchemy, and at this multiple it is close to neutral arithmetic.

Meanwhile the underwriting result being extrapolated is a cycle number. The 10-K states the position without decoration: "the property and casualty insurance markets are historically cyclical and experience periods of relatively strong premium rates followed by periods of increased competition that drive premium rates down". Commercial rates have been firm; combined ratios in the high eighties are what a firm market produces. When capacity returns and pricing softens, the loss ratio moves before anyone announces that the cycle has turned, and the first evidence usually arrives as accident-year deterioration a year or two after the pricing decision that caused it.

Sitting on top of both is exposure that is not diversifiable. The filing notes the business "is exposed to various catastrophic events, including natural disasters, man-made catastrophes, or pandemic disease, in which multiple losses can occur", and the same document warns that a downgrade of the insurance financial strength ratings "could result in a downgrade of AIG Parent's credit ratings". Ratings are the license to write large commercial risks; the risk here is not a bad quarter but a bad quarter that costs the company access to the business it wants to write.

Valuation

Insurers are not valued on a multiple of earnings so much as on what they earn against the capital sitting behind the policies. On that basis the shares trade at about 1.04 times book value, and a price at book is a specific statement: it says the market expects the company to earn roughly its cost of capital, no more. Run the arithmetic backwards and the return on equity the current level requires is about 9.8%. The 10-K reports the company "Achieved Return on equity of 7.5 percent" for 2025. The whole security sits in that gap.

There is a serious argument that the gap is smaller than it looks. The company also publishes a core operating version of that measure, stripping out investment marks, deferred tax assets and its remaining holding in Corebridge, on the theory that those items obscure how the insurance business itself is performing. On that basis 2025 came in at 11.1 percent, and the first quarter of 2026 annualized higher still. Whether the reported figure or the adjusted one is the better guide to the next five years is not a technicality. It is the entire disagreement, and a buyer at this level is implicitly siding with the adjusted number.

The methods used to triangulate the business split along exactly that line. Book value plus profitability lands moderately below the current level, because it applies the trailing return, which sits under the cost of equity, to the equity base. Capitalizing current earnings at a required return lands close to the price. The forward-growth lens lands below it, which is unsurprising for a business whose premium base is not compounding. What is absent is any lens that reaches well above the price on the strength of expected growth. This is a value-supported name rather than a growth bet, and the disagreement among methods is about the durability of a return, not the size of a runway.

Against the group, the shares sit in the lower half of the peer set on price to book. Chubb, at "consolidated net premiums earned (NPE) was $53.0 billion" in 2025, operates on a different scale and is valued accordingly. The discount is not mysterious: cohort members earning more on their capital command more of it.

For a financial, the balance-sheet question is not leverage but how much capital the company can hand back and still write the business it wants. In 2025 "AIG Parent repurchased approximately 73 million shares of AIG Common Stock for an aggregate purchase price of $5.8 billion", with $3.8 billion still authorized as of February 6, 2026, and the quarterly dividend was raised 11% to $0.50 a share in the spring. Four years of that has taken the share count down roughly a tenth a year. It is a genuinely large capital return, and it is also the reason the reported return on equity has not fallen further: a shrinking equity base flatters the denominator even when the numerator is only holding steady.

Catalysts

The April 30 first-quarter report was the strongest single quarter of the current cycle and it moved on the one line that matters. General Insurance produced a combined ratio of 87.3%, an 850 basis point improvement year over year, and underwriting income in the segment more than tripled to $774 million, up 219%. Stripping out catastrophes and reserve movements, the accident-year figure improved 120 basis points to 86.6%. Most of the headline improvement came from a light catastrophe quarter set against a heavy one a year earlier, which is worth holding in mind; the accident-year move is the part that reflects underwriting rather than weather.

Volume moved too. Net premiums written rose 24% on a reported basis and 18% in constant currency, which for a mature commercial underwriter is a large step and reflects both the Everest portfolio purchase and organic growth. Reported results per diluted share came in at $1.41 on a GAAP basis and $2.11 on the company's adjusted after-tax measure, the latter up 80% on the year. Book value per common share stood at $75.82 at the end of March. Capital returned in the quarter totaled $760 million, split $519 million of repurchases and $241 million of dividends, and the board lifted the quarterly dividend 11% to $0.50 a share.

Second-quarter results are due after the close on Thursday, August 6, 2026, with the call the following morning. Two things are worth watching in it rather than the headline. The first is whether the accident-year combined ratio holds in the mid-eighties without help from a quiet catastrophe season, since that is the measure that tells you about pricing rather than luck. The second is the pace of buybacks against the remaining authorization, because at a valuation near book value the repurchase is a capital-allocation choice with a real alternative, and how management weighs it says more than the quarter itself.

Peer Cohorts (Per Segment, With Filing Citations)

North America Commercial (reported)

• CB (Chubb Limited)
• FY2025 10-K: …Overseas General Insurance, Global Reinsurance, and Life Insurance. In 2025, consolidated net premiums earned (NPE) was $53.0 billion. Refer to Note 19 to the Consolidated Financial Statements for additional information about our segments. North America Commercial P&C Insurance (38 percent of 2025 Consolidated NPE)…
• FY2025 10-K: …generally low in frequency and high in severity. Products are offered primarily through the Bermuda offices of major, internationally recognized insurance brokers. 4 Table of Contents Competitive Environment The Commercial Insurance operations compete against numerous insurance companies ranging from large national…
• TRV (Travelers Companies, Inc.)
• FY2025 10-K: …risk management, loss control and risk management information services through Constitution State Services LLC, a wholly-owned subsidiary of the Company. • National Property and Other provides traditional and customized commercial property insurance programs to large and mid-sized customers through National Property…
• FY2025 10-K: …Corporation, The Progressive Corporation, The Allstate Corporation, Loews Corporation (CNA), W.R. Berkley Corporation, Arch Capital Group Limited, The Hartford Financial Services Group, Inc., Erie Indemnity Company, Assurant, Inc. and American International Group, Inc. Returns of each of the companies included in…
• CNA (CNA FINANCIAL CORP)
• FY2025 10-K: …2025-01-01 2025-12-31 0000021175 us-gaap:OperatingSegmentsMember cna:SmallBusinessMember cna:CommercialSegmentMember 2024-01-01 2024-12-31 0000021175 us-gaap:OperatingSegmentsMember cna:SmallBusinessMember cna:CommercialSegmentMember 2023-01-01 2023-12-31 0000021175 us-gaap:OperatingSegmentsMember…
• FY2025 10-K: 23 Gross IBNR reserves 5,618 5,403 Total gross carried claim and claim adjustment expense reserves $ 7,784 $ 7,426 Net case reserves $ 1,801 $ 1,697 Net IBNR reserves 4,387 4,282 Total net carried claim and claim adjustment expense reserves $ 6,188 $ 5,979 36 Table of Contents Commercial Commercial works with a…
• WRB (W. R. BERKLEY CORP)
• FY2025 10-K: …2025-01-01 2025-12-31 0000011544 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember wrb:ReinsuranceandMonolineExcessSegmentMember 2024-01-01 2024-12-31 0000011544 us-gaap:OperatingSegmentsMember us-gaap:NonUsMember wrb:ReinsuranceandMonolineExcessSegmentMember 2023-01-01 2023-12-31 0000011544…
• FY2025 10-K: …major currencies in 2025. Other costs and expenses represent general and administrative expenses of the parent company and other expenses not allocated to business segments, including the cost of certain long-term incentive plans and new business ventures. Other costs 57 and expenses increased to $298 million in 2025…
• HIG (The Hartford Insurance Group, Inc.)
• FY2025 10-K: …for uncollectible reinsurance from the "all other" category of P&C Other Operations reserves. [3] In addition to the $1,436 billion of ceded unpaid reinsurance loss and LAE recoverables related to the A&E ADC, the Company has also recorded $64 of paid reinsurance loss and LAE recoverables related to the A&E ADC on…
• FY2025 10-K: …us-gaap:MortgagesMember 2025-12-31 0000874766 us-gaap:CommercialLoanMember us-gaap:MortgagesMember 2024-12-31 0000874766 srt:IndustrialPropertyMember us-gaap:CommercialLoanMember 2025-12-31 0000874766 srt:IndustrialPropertyMember us-gaap:CommercialLoanMember 2024-12-31 0000874766 srt:MultifamilyMember…
• ACGL (Arch Capital Group Ltd.)
• FY2025 10-K: …srt:NorthAmericaMember acgl:InsuranceSegmentMember 2023-01-01 2023-12-31 0000947484 us-gaap:OperatingSegmentsMember acgl:OtherLiabilityClaimsMadeMember srt:NorthAmericaMember acgl:InsuranceSegmentMember 2025-01-01 2025-12-31 0000947484 us-gaap:OperatingSegmentsMember acgl:OtherLiabilityClaimsMadeMember…
• FY2025 10-K: …srt:NorthAmericaMember acgl:InsuranceSegmentMember 2024-01-01 2024-12-31 0000947484 us-gaap:OperatingSegmentsMember us-gaap:WorkersCompensationInsuranceMember srt:NorthAmericaMember acgl:InsuranceSegmentMember 2023-01-01 2023-12-31 0000947484 us-gaap:OperatingSegmentsMember acgl:OtherProductsMember…
• MKL (MARKEL GROUP INC.)
• FY2025 10-K: ProductMember us-gaap:RevenueFromContractWithCustomerMember 2023-01-01 2023-12-31 0001096343 mkl:ServicesMember us-gaap:RevenueFromContractWithCustomerMember mkl:MarkelInsuranceMember 2023-01-01 2023-12-31 0001096343 mkl:ServicesMember us-gaap:RevenueFromContractWithCustomerMember mkl:IndustrialMember 2023-01-01…
• FY2025 10-K: …mkl:FinancialMember 2024-01-01 2024-12-31 0001096343 mkl:ManagementFeesMember us-gaap:RevenueFromContractWithCustomerMember mkl:ConsumerAndOtherMember 2024-01-01 2024-12-31 0001096343 mkl:ManagementFeesMember us-gaap:RevenueFromContractWithCustomerMember mkl:CorporateOperationsMember 2024-01-01 2024-12-31 0001096343…

International Commercial (reported)

• CB (Chubb Limited)
• FY2025 10-K: …digital-commerce platforms. The principal competitive factors that affect the international operations are underwriting expertise and pricing, relative operating efficiency, product differentiation, producer relations, and the quality of policyholder services. A competitive strength of our international operations is…
• FY2025 10-K: …services including personal use, boarding, and training. Coverages include farm and ranch structures, automobile and other vehicle coverages, and machinery and other equipment coverages. Competitive Environment Rain and Hail primarily operates in a federally regulated program where all approved providers offer the…
• ACGL (Arch Capital Group Ltd.)
• FY2025 10-K: …ComFrame prescribes a risk-based, global insurance capital standard ("ICS") for IAIGs for the purpose of creating a common framework for comparing and assessing IAIGs' group-wide capital adequacy. While IAIS standards currently have no legal effect, IAIS members, including the BMA and the NAIC, are required to…
• FY2025 10-K: …to (i) ensure that insurance group supervision is mandatorily triggered in certain circumstances and (ii) apply a direct approach to the supervision of insurance groups by introducing provisions to allow for the designation and registration of a designated "insurance holding company" (being an entity that is a body…
• AXS (AXIS CAPITAL HOLDINGS LIMITED)
• FY2025 10-K: ITEM 9B. OTHER INFORMATION Disclosure of Certain Activities Under Section 13(r) of the Securities Exchange Act of 1934 Section 13(r) of the Securities Exchange Act of 1934, as amended, requires issuers to disclose in their annual and quarterly reports whether they or any of their affiliates knowingly engaged in…
• FY2025 10-K: IS Insurance Company, AXIS Surplus Insurance Company and AXIS Reinsurance Company and Citibank Europe plc (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on December 22, 2015). 10.43 Amendment to Master Reimbursement Agreement dated March 27, 2017 by and among AXIS…
• RNR (RENAISSANCERE HOLDINGS LTD)
• FY2025 10-K: -gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:ShortMember 2025-12-31 0000913144 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:LongMember 2024-12-31 0000913144 us-gaap:InterestRateSwapMember us-gaap:NondesignatedMember us-gaap:ShortMember 2024-12-31 0000913144…
• FY2025 10-K: …57.2 % 100.4 % 83.9 % F-74 Year ended December 31, 2023 Property Casualty and Specialty Other Total Gross premiums written $ 3,562,414 $ 5,299,952 $ - $ 8,862,366 Net premiums written $ 2,967,309 $ 4,500,504 $ - $ 7,467,813 Net premiums earned $ 3,090,792 $ 4,380,341 $ - $ 7,471,133 Net claims and claim expenses…
• MKL (MARKEL GROUP INC.)
• FY2025 10-K: …Insurance Company Limited (MIICL). Markel Capital is the corporate capital provider for Markel Syndicate 3000 (Syndicate 3000), which is our platform to write business globally through Lloyds of London. International non-London Outside of London, we have been growing in the E.U., the U.K., Canada, and Asia Pacific.…
• FY2025 10-K: …the period from January 1, 2020 through December 31, 2025, has commenced. The National Association of Insurance Commissioners (NAIC), comprised of the insurance commissioners of each U.S. jurisdiction, develops or amends model laws and regulations. States are required to adopt certain NAIC model laws and regulations,…
• WRB (W. R. BERKLEY CORP)
• FY2025 10-K: …marketplace. With offices in Brisbane, Sydney, Beijing and Singapore, each branch focuses on excess of loss reinsurance, targeting both property and casualty treaty and facultative contracts, through multiple distribution channels. Berkley Re UK writes international property casualty treaty and property facultative…
• FY2025 10-K: …requirement for IAIGs and integrated into the rest of ComFrame. IAIS member states will now update their domestic insurance capital requirements where necessary to fully reflect the ICS. The IAIS has also separately concluded that an aggregation method approach to a group capital standard, which forms part of the…
• RLI (RLI Corp)
• FY2025 10-K: …provide a more detailed look at individual segment performance over the last two years. ​ 38 Table of Contents GROSS PREMIUMS WRITTEN AND NET PREMIUMS EARNED ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Premiums Written ​ ​ Net Premiums Earned ​ (in thousands) 2025 2024 % Change 2025 2024 % Change ​ CASUALTY ​ ​…
• FY2025 10-K: ​ 29.7 % ​ ​ 7.4 % ​ ​ 4.5 % ​ ​ 2.4 % ​ ​ 1.4 % ​ ​ 0.4 % ​ ​ 0.2 % ​ ​ 0.0 % ​ ​ 0.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Surety ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands, except number of claims) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​…

Global Personal (reported)

• PGR (PROGRESSIVE CORP/OH/)
• FY2025 10-K: …in the current and prior periods, are generally earned as revenue over the life of the policy using a daily earnings convention. Policies in force, our preferred measure of growth since it removes the variability due to rate changes or mix shifts, represents all policies for which coverage was in effect as of the end…
• FY2025 10-K: …during the second half of 2024, focused primarily on home and condo coverages and impacted growth in bundled personal auto and homeowners policies. Our personal agency auto rates experienced a slight decrease during 2025. The decrease in written premium per policy for new and renewal personal auto agency business…
• ALL (ALLSTATE CORP)
• FY2025 10-K: 2025-12-31 0000899051 us-gaap:OperatingSegmentsMember all:AutoMember all:AllStateProtectionMember all:PropertyLiabilityMember 2024-01-01 2024-12-31 0000899051 us-gaap:OperatingSegmentsMember all:AutoMember all:AllStateProtectionMember all:PropertyLiabilityMember 2023-01-01 2023-12-31 0000899051…
• FY2025 10-K: …all:NationalGeneralHoldingsCorpMember us-gaap:NotesReceivableMember 2024-05-14 0000899051 srt:ParentCompanyMember srt:SubsidiariesMember all:NationalGeneralHoldingsCorpMember us-gaap:NotesReceivableMember 2025-05-14 2025-05-14 0000899051 srt:ParentCompanyMember srt:SubsidiariesMember all:KennettCapitalIncMember…
• TRV (Travelers Companies, Inc.)
• FY2025 10-K: …business by product line for the periods indicated. For a description of the product lines referred to in the following table, see "-Product Lines." In addition, see "-Principal Markets and Methods of Distribution" for a discussion of distribution channels for Personal Insurance's product lines. (for the year ended…
• FY2025 10-K: …2023-01-01 2023-12-31 0000086312 us-gaap:OperatingSegmentsMember trv:HomeownersAndOtherMember country:US trv:PersonalInsuranceMember 2025-01-01 2025-12-31 0000086312 us-gaap:OperatingSegmentsMember trv:HomeownersAndOtherMember country:US trv:PersonalInsuranceMember 2024-01-01 2024-12-31 0000086312…
• CB (Chubb Limited)
• FY2025 10-K: …industry-related, marine, construction, and other technical coverages. Principal casualty products are commercial primary and excess casualty, environmental, and general liability. A&H and other consumer lines products are distributed through brokers, agents, direct marketing programs, including thousands of…
• FY2025 10-K: :UniversalLifeMember cb:PolicyholderAccountBalanceGuaranteedMinimumCreditRatingRangeFrom0201To0400Member srt:MaximumMember 2025-12-31 0000896159 us-gaap:UniversalLifeMember us-gaap:PolicyholderAccountBalanceAtGuaranteedMinimumCreditingRateMember…
• KMPR (Kemper Corporation)
• FY2025 10-K: …srt:MaximumMember 2024-12-31 0000860748 us-gaap:PrivatePlacementMember us-gaap:ExternalCreditRatingInvestmentGradeMember us-gaap:MeasurementInputDiscountRateMember us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember srt:WeightedAverageMember 2024-12-31 0000860748…
• FY2025 10-K: …2025-01-01 2025-12-31 0000860748 us-gaap:OperatingSegmentsMember kmpr:CatastropheLossesMember kmpr:SpecialtyPropertyCasualtyInsuranceSegmentMember 2024-01-01 2024-12-31 0000860748 us-gaap:OperatingSegmentsMember kmpr:CatastropheLossesMember kmpr:SpecialtyPropertyCasualtyInsuranceSegmentMember 2023-01-01 2023-12-31…
• MCY (MERCURY GENERAL CORP)
• FY2025 10-K: …the Company, he served as Vice President and Chief Operating Officer for Aon's Personal Lines Division from 2002 to 2009. Mr. Ribisi has over 35 years' experience in the property and casualty insurance industry and is a Certified Insurance Counselor. Mr. Schroeder, Vice President and Chief Product Officer, has been…
• FY2025 10-K: …us-gaap:PropertyAndCasualtyPersonalInsuranceProductLineMember us-gaap:AllOtherSegmentsMember 2023-01-01 2023-12-31 0000064996 us-gaap:OperatingSegmentsMember us-gaap:PropertyAndCasualtyPersonalInsuranceProductLineMember 2023-01-01 2023-12-31 0000064996 us-gaap:OperatingSegmentsMember…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.