Bob Benmosche is in a very good mood.
One could hardly blame him. The CEO of the once-beleaguered American International Group (AIG) has much to smile about these days: Under his leadership, AIG repaid its debt to the U.S. government in full last November, with $22.7 billion in interest. Then, right after he achieved that milestone—one that many industry observers thought next to impossible—the International Insurance Society announced on Jan. 2 that it will induct Benmosche into the 2013 Insurance Hall of Fame.
With its bailout chapter now behind it—and a "Thank You, America" TV ad campaign blanketing the airwaves—Benmosche says AIG can move forward with renewed focus on its core business as a global insurer—and embrace its future, rather than dwelling on its past.
"When the U.S. taxpayer provided $182.3 billion during the financial crisis, a great trust was placed in us," he tells PC360-NU. "It was a highlight of my career when on Nov. 11 I announced to our employees that the Treasury was readying the sale of its remaining holdings in AIG. I was able to say to them, 'We did it—AIG is back.'
"Together, we did something that too many people feel is not done much anymore in the corporate or political realms—we made good on our promise."
Still, he stresses, while AIG is happy to have turned the corner, it has in no way crossed a finish line.
"Now our clients, our investors, our regulators and other stakeholders know what we are capable of as a company," he says. "We have now started a new chapter in AIG's story— one where we focus on quality, integrity and the power of our performance as an independent company.
"The great news is that all the talent and energy devoted to bringing AIG back is now available to exceed expectations," he adds. "We incorporated that spirit into our new brand promise: 'Bring on Tomorrow.' We mean it. We took head-on the enormous odds of the last few years and succeeded. We're eager for new challenges and opportunities."
As AIG moves forward, "we will make decisions that only support our core goals as an insurer. You will see transactions like our joint venture with People's Insurance Co. of China, China's largest P&C insurer. Our aspirations will center around P&C and Life and Retirement, boosting our return on equity, reducing costs and efficiently managing our capital."
One of the only questions left surrounding AIG's immediate future is Benmosche's continued involvement; he's currently being treated for cancer.
"I have made it clear to our board I will stay on for two more years," he says. "My treatments are going well. I feel great, and I am excited as ever to be working at AIG."
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