AIG CEO Received 2013 Pay Package of $14.8 Million -- Filing

American International Group Inc. Chief Executive Robert Benmosche received total compensation of $14.8 million in 2013, a 40% increase over the prior year's $10. 6 million total, as the insurer's directors substantially boosted his short-term bonus for exceeding various targets.

The pay package for Mr. Benmosche, 69 years old, who has headed AIG since 2009, included a 24% drop in base salary, to $2.3 million, according to the company's annual proxy released Thursday.

His stock awards were valued at $6.5 million, and he also received a short-term cash incentive award of $6 million, representing 150% of his bonus opportunity. Of the $6 million, half is deferred until March 2015.

AIG received one of the government biggest bailouts during the financial crisis, which was fully repaid by the end of 2012. It had voluntarily disclosed forward-looking pay information for 2013 as it was transitioning from federal oversight, which had included pay curbs. This year's proxy doesn't include details about 2014 compensation.

AIG's directors in the proxy cited a range of financial, strategic and operational achievements by Mr. Benmosche. They included exceeding a pretax operating-income target for the company by a wide margin, putting AIG on track to successfully divest its aircraft-leasing business, progress toward improving ratings-agency opinions on AIG and retiring $5.3 billion of liabilities (excluding scheduled maturities).

The next highest-paid executive disclosed in the proxy was Peter Hancock, the head of AIG's property-casualty operation. His compensation was $9.6 million for 2013, up from $8 million the prior year.

Close behind was Jay Wintrob, who heads the company's life and retirement unit, at $9.4 million in compensation, up from $7.4 million.

The company also named a new board nominee. It said Peter R. Fisher, a senior fellow at the Center for Global Business and Government at the Tuck School of Business at Dartmouth College and former head of fixed income at BlackRock Inc., would stand for election as the company expands its current 13-member board. Mr. Fisher continues to serve as a consultant to the BlackRock Investment Institute, AIG said.

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