AIG American International Group Inc

By Patrick Thomas 

American International Group Inc. Chief Executive Brian Duperreault's pay was cut in half from a year earlier when his compensation package included a $12 million sign-on bonus.

In his first full year as CEO, Mr. Duperreault earned $20.9 million, compared with $43.1 million in 2017, according to the company's newest proxy filing.

Mr. Duperreault was paid a salary of $1.6 million, up from the $1 million he was paid for his 7 1/2 months of service in 2017. He had long-term-incentive stock awards valued at $11.8 million, up from $11.2 million a year ago. He earned about $3 million of the $3.2 million available to him in a short-term incentive award, due to the company's stock falling roughly 34% in 2018.

Mr. Duperreault 's 2017 pay included two awards totaling about $28.2 million, including the $12 million sign-on bonus, to lure him from Hamilton Insurance Group Ltd., a Bermuda-based property-casualty insurer and reinsurer that he founded in 2013.

Mr. Duperreault took over AIG -- the same firm where he started his career -- in May 2017. Former CEO Peter Hancock stepped down in March of that year under pressure from activist investors as his turnaround plan suffered setbacks.

AIG's compensation for its top executives fell across the board. The insurer's chief investment officer's pay fell roughly 32% to $9.7 million and its operating chief's pay declined about 29% to $12.6 million.

The median compensation for 132 chief executives of S&P 500 companies reached $12.4 million in 2018, according to a Wall Street Journal analysis.

Write to Patrick Thomas at Patrick.Thomas@wsj.com

(END) Dow Jones Newswires

April 02, 2019 17:07 ET (21:07 GMT)

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