Benmosche $6M Bonus is 50% Above Target

March 13, 2014 by Zachary Tracer

Robert Benmosche, the chief executive officer of American International Group Inc., received a $6 million cash bonus for 2013, 50 percent more than his target amount.

Benmosche, 69, also received a $2.3 million salary and $6.5 million in stock, bring his total compensation to $14.8 million, New York-based AIG said today in a regulatory filing. That’s 40 percent more than he earned a year earlier.

AIG revamped pay plans for executives last year to link compensation to performance after ending restrictions imposed by the U.S. Treasury Department as part of the insurer’s bailout. The company repaid the rescue in 2012, and advanced 45 percent last year, beating the 30 percent gain of the Standard & Poor’s 500 Index.

The pay plan “aligns the economic interests of our executives with the long-term interests of AIG and our shareholders,” the insurer said in the filing.

All five of AIG’s named executive officers in the filing received cash bonuses that exceeded their targets. Peter Hancock, who oversees property-casualty business, got $3.5 million, compared with a target of $2.7 million. Life unit CEO Jay Wintrob received $3.8 million, which is 58 percent more than the goal. The managers also receive long-term incentives, with payouts based on the performance of AIG’s shares and the growth of its tangible book value.