(Bloomberg) — American International Group Inc. Chief Executive Officer Robert Benmosche and four other senior managers received cash bonuses that exceeded their targets last year as the insurer's results improved.
Benmosche, 69, earned a $6 million cash incentive, 50 percent more than his target, the New York-based insurer said yesterday in a regulatory filing. Peter Hancock, who oversees AIG's property-casualty business, received $3.5 million, exceeding a target of $2.7 million, while life unit CEO Jay Wintrob got $3.8 million, 58 percent more than his goal.
AIG revamped pay plans for executives last year to link compensation to performance after the end of restrictions tied to a U.S. government bailout. AIG repaid the rescue in 2012 and advanced 45 percent last year, beating the 30 percent gain of the Standard & Poor's 500 Index.
The plan "aligns the economic interests of our executives with the long-term interests of AIG and our shareholders," the insurer said in the filing.
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