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19 April 2018

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Hancock denied bonus but gets $5mn for AIG transition

Dan Ascher 17 March 2017

AIG will not pay its outgoing CEO Peter Hancock a cash bonus for last year after the insurance giant was forced to swallow a number of significant reserve charges, but he will be paid $5mn for staying on during a transition period.

In a US Securities and Exchange Commission filing, AIG said that Hancock would not receive a 2016 short-term incentive award that could have amounted to $3.2mn, based on the 2015 target amount.

The insurer said the executive could...

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