AIG Has Shown Improvement
The years since the financial crisis have shown that American International Group would have destroyed substantial value even if it had never written a single credit default swap. The business had noncore businesses it needed to shed and had material issues in its core operations that it needed to fix. We think some poor management decisions in the years following the crisis extended the company's issues, but results have changed for the better in recent years as the company found competent management. We are encouraged by the progress the company has made in improving underwriting margins, and management's efforts to reduce costs have been another material step. With AIG's stake in its former life insurance operations now eliminated, we think the progress the company has made on the P&C side is clearer.
United States