>> Lehman Brothers may be the poster child for the financial crisis, but it wasn't the only big corporation to go down in flames. But unlike Lehman, American International Group was rescued with a $182 billion taxpayer buyout after having to make good on insurance policies covering esoteric mortgage backed securities at the heart of the crisis.
10 years later and just like its headquarters in New York city, the insurance giant known by the initials AIG is still trying to patch things up. Reuters insurance correspondent Suzanne Barlyn has been talking to CEO Brian Duperreault.>> AIG is looking to expand its global reach once again.
It had sold off major life insurance businesses in Asia in order to repay the government. AIG does not have any significant life insurance businesses outside of the US anymore, and the businesses that it sold are now worth significantly more than AIG itself is worth here in the US.
>> Duperreault returned last year to lead this revival. But reaching his goal of making AIG great again, won't be easy. For one, he shunned the high risk high profit financial products that got AIG in trouble in the first place. Instead, he's pushing a company wide focus on issuing or underwriting as it's called in the insurance business, larger volumes of more vanilla type commercial policies.
>> One of the things that Brian Duperreault is trying to do is to improve the process of underwriting. So that the company is better at selecting risks and that it's making better decisions about which policies that it wants to wind down, policies that it doesn't want to renew and also how to better price those risks as well.
So that years down the line there's not gonna be any big surprises.>> Sources say he's also looking at getting into the employee benefit business. With the 2019 turnaround target date, AIG may finally be able to take down the psychological scaffolding that's been up ever since the financial crisis changed everything.