AIG 2010 Annual Report Download - page 4

2 AIG 2010 Annual Report
It is hard to believe the changes at
AIG just since I joined the Board in
June 2009, when many thought AIG
was headed for a controlled liquidation.
A few months later, we were joined by
AIG President and Chief Executive
Ofcer Bob Benmosche, who had a very
different vision. By July 2010, I became
Chairman, and we have seen incred-
ible progress. Despite the complexities
involved, AIG is now on the cusp of
completing a truly remarkable recovery
from dependence on government sup-
port to becoming an independent leader
in insurance ser-
vices worldwide.
The year ended
with AIG nearly
completing the
full restructuring
of the government
ownership – it was
nalized on Janu-
ary 14, 2011. We
also raised more
than $37 billion
in cash and securities through the initial
public offering (IPO) of AIA and the
sale of ALICO, as well as other asset
sales, and we started to regain investor
condence, tapping the credit markets
after more than a two-year absence. By
any objective measure, AIG is now a
stronger company.
From my perspective, 2010 was as
transformational a time as any in AIG’s
90-year history. When the year began,
few believed we would be in the posi-
tive position we found ourselves in at
the end of 2010. It is a testament to
Bob’s leadership that we have come
this far in so little time.
Chairman’s
Message
Robert S. Miller
Non-Executive
Chairman of the Board
I have had the privilege of serving on
many boards and have seen my way
through a share of corporate turn-
arounds. My own experience gives me a
unique appreciation of the teams of dedi-
cated AIG people – and advisors – who
executed this restructuring. These teams
are among the best I have ever known.
It’s impossible to recognize everyone at
AIG who contributed to the company’s
success during 2010, but in particular I
feel several people played key roles in
the turnaround over the past 14 months.
Clearly, Bob Benmosche’s leadership
has been pivotal. He and all of us have
also been greatly supported by Peter
Hancock, Executive Vice President,
Finance, Risk and Investments; David
Herzog, Executive Vice President, Chief
Financial Ofcer; Brian Schreiber,
Executive Vice President, Treasury and
Capital Markets; and Tom Russo, Exec-
utive Vice President, Legal, Compliance,
Regulatory Affairs and Government
Affairs, and General Counsel.
Our partners in the U.S. government
– especially the U.S. Department of
the Treasury, the Federal Reserve, the
Federal Reserve Bank of New York
(FRBNY), and the AIG Trustees –
should all be recognized for the leader-
ship and commitment each person
has given to seeing that AIG begins to
emerge as a strong and independent
company. Jim Millstein, Chief Restruc-
turing Ofcer at the U.S. Treasury, and
Sarah Dahlgren, at the FRBNY, have
been strong, reliable stewards of U.S.
taxpayers’ interests.
My fellow AIG Board members must
also be commended. They have put
their personal lives on hold, and dedi-
2010 was a
transformational
time in AIG’s
90-year history…
few believed we
would be in the
positive position
we found our-
selves in at the
end of 2010.
Robert S. Miller
February 24, 2011
cated extensive time, study, and insight
to get us to this point. Yes, we do have
differing opinions and healthy, vigor-
ous debates, but this is to be expected
with a Board as engaged as the current
AIG Board of Directors. We are pas-
sionate about AIG and committed to
ensuring that AIG pays back every
dime that U.S. taxpayers loaned us as
quickly as possible. We will also ensure
that AIG management is accountable
now and in the future, and that there
are processes and oversight in place so
the actions that nearly destroyed this
company are never repeated. During
the year, former Chairman Harvey
Golub resigned, and the Board thanks
Harvey for his contributions to helping
create the momentum that enabled the
recapitalization to happen.
While there is still much work to be
done, we are encouraged by the prog-
ress made and the strength of AIG’s
continuing operations, and we look
beyond 2010 to the day when AIG
returns to being a normally capitalized
company without the need for extraor-
dinary assistance.
On behalf of the entire AIG Board of
Directors, we thank all of our long-
term shareholders, our customers, our
partners, and the people of AIG for
their commitment and dedication to
the success of this great company.