AIG has made great progress in our goal to be the leading insurance company. Adjusted underwriting combined ratio continues to show great improvement, but we were hampered by higher than expected CAT losses. If we maneuver the numbers correctly we can show a profit and justify spending millions of dollars to buy back stock to make executive compensation rise and stockholders very wealthy. Thank you for working hard and we appreciate your efforts as we move AIG to the next level!
Translated: We are for the most part in the same place we have been for the last 6 years except we outsourced thousands of job to India and sold life and retirement to Blackstone because they can run it better. AIG200 is failing, but it allows us the opportunity to collect seven figure salaries for several years before having to justify any real results by which time most executive management and the board will have the parachute they need to move on.
What does this mean for the average employee? Not much, you get to keep your job at the same pay. We may give you a few percent in cost of living in 2022, but you are essentially expendable. Just be happy you have a job and join us in celebrating our opportunity to collect on our executive stock options. Keep working hard, we can't do this without the little people!!!