Strong praise indeed from Jim Cramer, host of “Mad Money” on CNBC in his recent interview with Bob Benmosche, President and CEO of AIG.
AIG is back, and it’s stronger than ever. The company has repaid $137 billion of the US gov’t loan, over one year ahead of schedule. After the final $45 billion is repaid, AIG will return a profit of $5-10 billion to the US taxpayer and the Treasury.
How has this “most improbable comeback”, as Cramer states in his introduction, happened?
Since taking over in 2009, Benmosche has built a leaner, meaner, more focused AIG, with a clean balance sheet centered around its core insurance markets. He has sold $50 billion in assets since the 2008 rescue.
“Not having big peaks or deep valleys gives us lots of earning power. We
know our business; it’s diversified, not over-concentrated. We got out of the
businesses we shouldn’t have been in. We have synergistic businesses with
diversified risks. This reduces the capital you need to support the business
and gives us high ratings from credit agencies.”
Cramer salutes Bob Benmosche and the AIG turnaround as “a testament to good management.”
Isn’t this the kind of company for you and your clients to do business with? American General is proud to be part of the AIG family of companies. We’re back and we’re here to stay. We continue to focus on what matters – helping you grow your business with innovative products and services that provide real solutions to your clients’ needs.
You and your producers can depend on American General and AIG, “the greatest financial success turnaround of our generation.”
Click on the following link for the full interview: http://www.cnbc.com/id/46859383/