AIG Makes Strong Effort;AIA Spinoff Prospers

We are now putting in a concerted effort to reestablish AIG throughout the world,said CEO Robert Benmosche.We have AIU and American Home in Japan,as well as Lexington on the commercial side.
The US government was an excellent partner.It was only difficult when we dealt with compensation.We always are looking at market data.You want to be competitive.We've had a very good relationship with the Treasury and the Federal Reserve.
We are attracting and keeping talent.In property casualty 2012,we didn't achieve our profit goals.We made great progress,but were down moderately from target.Sales of fixed annuities came down.They came in at the mid-eighties,rather than one.
I think I make a lot of money-about 10.5 million.It pays the bills.It's good.Pay didn't cause the crisis.When you lose 100 billion,you're entitled to take those losses and offset future taxes.That's the law-nothing special for AIG.
We are hiring and we are going to continue to hire.We want to be able to take a lap internally.We have centers set up around the country and world in low cost locations.We see our headcount going up,and our expenses going down.
All along ,we've been thinking about business continuity,hardening our technology and where we put our people.New York is a huge center of capabilities around data mining to help us underwrite our insurance better.
I'm feeling very good,although my diagnosis was pretty rough and the initial chemo didn't work.They found a targeted pill.I'm still negative.They're surprised and pleased,but I still run 3-4 days a week 3 miles at a time.
We'll go through 2014 and they'll take a look at it.I'll be 70,and if I still have the energy to stay on and they want me to,I'd be happy to do it,Mr.Benmosche indicated.
There was a better than expected 89% increase in 2012 net profit at AIA Group Ltd,which was spun off from AIG in October 2010,on market value gains and product improvements.New business was up 27% to a record 1.19 billion dollars.AIA is the third largest Asia-based insurer by market value.
American International Group(AIG),AIA Group Ltd(AAIGF:US)

AIG:Rescuing a Business

We've resolved the debt to the Federal Reserve.The real challenge is making sure we have good performance,said Robert Benmosche(pronounced "Benmoshay"),CEO of American International Group.Treasury's goal is to get as much as it can from the next initial public offering of AIG stock.My focus now is tomorrow.You can't make yesterday better.
How do you make the most money from selling the smallest amount of profits?Among AIG's businesses are SunAmerica Financial Group,U.S. Life,aircraft leasing and Mortgage Guaranty.We're gonna continue to look overseas.
AIG has the most entrepreneurial culture.That capability is not easy for people to underprice.Our turnover is below normal levels;our retention of clients is above normal levels.We have a core of people in leadership positions-they're excited.
We have a succession plan in place.I would love to see this all the way through,to see the last share be sold.The government will probably sell over a year and a half.
Europe is gonna be a tough haul.My sense is,they're gonna work through these problems.I don't see this as a disaster.It's just gonna slow things down a little bit,observed Robert Benmosche,the veteran business leader with a shock of gray hair to prove it.
AIG has repaid four billion dollars to the Federal Reserve Bank of New York,a milestone on its way back to independence from the government following the bailout that rescued it from the financial crisis.Plans for the sale of Treasury's stake in the company are well underway,which will mark AIG's return to normal corporate life.
AIG is a leading property-casualty insurer and financial services provider in more than 130 countries and jurisdictions.Its stock is listed on exchanges in the U.S.,Ireland and Japan.AIG employees are still aggressive achievers and pleased to be part of the recovery plan.
American International Group(AIG)