Scaleis part of American InternationalGroup Inc.'s identity and is not a barrier to success, RobertSchimek, president and CEO of AIG Americas Region, said April 12 at the annualRIMS conference.
AIGcame under shareholder pressure in 2015, as investor Carl Icahn questioned thecompany's ability to perform as a systemically important financial institutionand the heightened federal oversight that designation entails. He called forthe company to breakup. The company has undertaken a major to simplify its business andimprove earnings.
Duringa forum for senior insurance executives at RIMS, Schimek fielded a questionabout whether AIG should break up and whether the company can manage structuralchanges with a significant portion of its leadership consisting of people fromoutside the insurance industry.
IsAIG too big to succeed, Schimek asked. "Absolutely not."
Thecompany needs to make sure it operates in a simple and understandable mannerwith appropriate risk. He said AIG had de-risked from $1 trillion in 2008 toabout $500 billion now.
Asfor the resulting size, "we are who we are," Schimek said. "Weare the big beast in this jungle, and we're proud to be it."
Theinsurance world is changing, and AIG's leadership is well-suited to guide thecompany into the future, the executive said. Taking the company into the futurerequires leaders with insurance experience, those who are innovators and peoplewith financial acumen who understand risk management in its totality, Schimeksaid.