AMERICAN INTERNATIONAL GROUP INC
For the period ended May 15, 2024. Filed Apr 2, 2024.
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May 15, 2024 · Filed Apr 2, 2024
Contents
Performance and Pay Alignment Highlights
2023 Performance and Pay Alignment Highlights
We continued to execute on key strategic initiatives in 2023 while continuing to deliver exceptional operational and financial results.
| Three-year Total Shareholder Return (TSR) of 92.1% ranking in the top quartile relative to peers and outperforming the S&P 500 | |||
|---|---|---|---|
| Execution of Multiple, Highly Complex Strategic InitiativesWe repositioned our portfolio of businesses for sustainable, profitable growth with the divestitures of Validus Re. for total cash consideration of $3.3 billion and CRS for gross proceeds of $234 million as well as the transfer of Private Client Select to an independent Managing General Agent platform.Collectively these transactions streamline our business models, simplify our portfolios and reduce our volatility. | Strong Performance in General Insurance resulting from Significant Improvement in Underwriting IncomeOur continued discipline and commitment to underwriting excellence yielded outstanding results. Our 2023 combined ratio of 90.6 improved as compared to 91.9 in 2022; AYCR, as adjusted* of 87.7 improved 1.0 point compared to 88.7 in 2022; General Insurance achieved $2.3 billion in underwriting income, up 15 percent year over year. | Continued Balanced Capital Management Supporting Financial Strength, Growth and Shareholder ReturnIn 2023, we repurchased $3.0 billion of AIG Parent common stock and paid $1.0 billion in dividends. We also increased our quarterly cash dividend by 12.5 percent to $0.36 per share in the second quarter.We reduced general borrowings by $1.4 billion. | Continued Progress Towards Deconsolidation and Separation of CorebridgeWe completed three secondary offerings of Corebridge common stock in 2023, resulting in gross proceeds of $2.9 billion. Also in 2023, Corebridge made $315 million of common stock share repurchases from AIG. Our ownership of Corebridge was reduced to 52.2 percent as of December 31, 2023. |
Our incentive plans reflect measures of success directly aligned to our strategic priorities and alignment with the experience of our shareholders. These achievements, combined with individual performance, contributed to short-term incentives being earned at an average of 170 percent of target for our current named executives and 2021 PSUs being earned at 200 percent of target.
AIG 2024 PROXY STATEMENT 43
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