Salary

$1.50M

Board Justification

AIG's compensation philosophy for the CEO in 2023 is based on a set of foundational principles that guide the structure of compensation programs. The philosophy is long-term oriented and risk-balanced, enabling the attraction and retention of the best talent. The compensation programs are designed to reward performance against strategic priorities and align executive pay with performance, while facilitating the retention of highly talented executives critical to long-term success.

Bonus

$9.00M

Board Justification

The bonus for Peter S. Zaffino in 2023 was based on a combination of quantitative business and individual performance metrics. The business performance scorecards included metrics such as Accident Year Combined Ratio, as adjusted, Calendar Year Combined Ratio, and Diluted Normalized Adjusted After-tax Income Attributable to AIG Common Shareholders Per Share. The individual performance scorecards assessed performance in four core areas: Financial, Strategic, Operational, and Organizational. The actual bonus payout was capped at 200% of the target, reflecting consistently strong financial results in General Insurance, Corebridge, and AIG Corporate.

Other

$258.65K

Board Justification

Other compensation for Peter S. Zaffino in 2023 included personal use of company pool cars, personal use of aircraft, financial planning services, residential security, and an annual executive medical assessment. These perquisites are provided to facilitate the performance of management responsibilities and ensure the security and well-being of the CEO.

Restricted Stock

$26.27M(414.61K RSU)

Board Justification

The vested stock for Peter S. Zaffino in 2023 included RSUs and PSUs that were granted in previous years and vested in 2023. These awards were subject to performance and time-based vesting conditions, and the vesting was based on achieving pre-established goals across financial objectives over the performance period.

Performance Metrics

The performance metrics for determining the CEO's compensation in 2023 included Accident Year Combined Ratio, as adjusted, Calendar Year Combined Ratio, Diluted Normalized Adjusted After-tax Income Attributable to AIG Common Shareholders Per Share, Corebridge Normalized Adjusted Return on Average Equity, Corebridge General Operating Expenses, and Corebridge Normalized Reported Adjusted After-tax Operating Income Attributable to Corebridge Common Shareholders Per Share. These metrics were used to assess business performance and individual contributions.

SEC Filing

From April 2, 2024

View SEC Filing