CEO Edward Libby, formerly the head of Allstate Corp., said, "my game plan is not to liquidate," explaining that several of the collapsed company's operations were in great shape.

Federal regulators seized AIG Wednesday. The plan included a two-year loan of $85 billion, which will require AIG, the nation's largest insurance company, to sell many of its assets, The Wall Street Journal reported Friday.

But, Libby said a strong company could emerge from the rubble. "I'll be smaller. It'll be a lot nimbler," he said.

Libby said he would keep as many of the company's business operations as he could. AIG's property insurance, business insurance and life insurance businesses were all strong, he said.

The terms of the government bailout included inserting Libby into the CEO position. Libby took over Wednesday, replacing former CEO Robert Willumstad.