Of all the insurance companies that Jim Cramer follows, he said AIG has got to be the cheapest.
"The stock is still selling for less than 75% of its book value; that's insanely cheap for a financial," he explained.
Cramer's comments came amid a conversation with AIG CEO Bob Benmosche, in which the "Mad Money" host touched on several current issues including the recent lawsuit AIG filed against a financial watchdog in New York.
"Effectively, AIG is suing the commissioner who is trying to regulate foreign insurance," Cramer explained.
According to published reports, "The dispute involves whether AIG unlawfully sold insurance in the state to multinational companies without proper licensing through two insurers that in 2010 it sold to MetLife."
In a statement AIG said, "Although AIG does not believe that the conduct in question violated the law…. The Department of Financial Services' recent conclusion that there was a violation compels us to file this complaint seeking a declaration that the Department's position is unconstitutional."