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Peter Zaffino

Chairman and Chief Executive Officer at AMERICAN INTERNATIONAL GROUP
Since 2021
Age
58 years
Tenure
Joined AIG in 2017 as an executive officer and advanced through roles including Executive Vice President & Global Chief Operating Officer (2017–2021), Chief Executive Officer (since 2021), President (since 2020), and Chairman (since 2022).

Also at AMERICAN INTERNATIONAL GROUP

CF
Charlie Fry
Executive Vice President, Reinsurance and Risk Capital Optimization
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Christopher Flatt
Executive Vice President and Global Chief Underwriting Officer
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Don Bailey
Executive Vice President and Chief Executive Officer, North America Insurance

About

Peter Zaffino is currently 58 years old and has established a strong reputation in the insurance and financial services industry through his diverse leadership roles at AIG.

He began his career at AIG in 2017 as an executive officer and quickly advanced through critical functions, including serving as Executive Vice President & Global Chief Operating Officer and later as Chief Executive Officer, before also assuming the role of Chairman in 2022.

Prior to his tenure at AIG, he held prominent positions at Marsh & McLennan Companies and GE Capital, gaining extensive experience in risk management, operations, and strategic leadership. This background has contributed to his objective and transformative approach in leading AIG and engaging in various community and professional initiatives.

Past Roles

OrganizationRoleDate RangeDetails
AIG Executive Vice President & Global Chief Operating Officer 2017 - 2021 Held prior to promotion to Chairman & CEO
AIG President Since January 2020 - (ended upon promotion) Held before current role as Chairman & CEO
AIG Chief Executive Officer, General Insurance November 2017 - 2019 Role concluded upon restructuring
Marsh & McLennan Companies, Inc. Chairman for the Risk and Insurance Services segment 2015 - 2017 N/A
Marsh & McLennan Companies, Inc. Chief Executive Officer of Marsh, LLC 2011 - 2017 N/A
Marsh & McLennan Companies, Inc. President & Chief Executive Officer of Guy Carpenter 2008 - 2011 N/A
Marsh & McLennan Companies, Inc. Various senior positions at Guy Carpenter 2001 - 2008 N/A
GE Capital Executive role at a GE Capital portfolio company 1995 - 2001 Held several senior positions

External Roles

OrganizationRoleDate RangeDetails
Corebridge Financial, Inc. Chairman 2021 - Present N/A
The Michael J. Fox Foundation for Parkinson’s Research Director 2016 - Present N/A
New York Police and Fire Widows’ and Children’s Benefit Fund Director 2013 - Present N/A

Fixed Compensation

Data from  FY 2024
Component NameAmount ($)Payment ScheduleAdditional Details
Salary1,500,0002024 AnnualFixed cash compensation, unchanged from 2023
All Other Compensation298,4422024 AnnualIncludes benefits and perquisites; specific breakdown not provided

Performance Compensation

Data from  FY 2024

Performance Share Units (PSUs)

MetricDetails
Grant DateFebruary 20, 2024
Grant Date Fair Value$10,339,947
Weight75% of LTI award
Performance MetricsAYCR (adjusted), AIG Parent Exit Run-Rate General Operating Expenses, Diluted Normalized AATI, TSR
Evaluation Period3 years
Vesting ScheduleCliff vest on January 1, 2027

Stock Options

MetricDetails
Grant DateFebruary 20, 2024
Grant Date Fair Value$3,499,984
Exercise Price$68.13 per share
Number of Options199,543
Vesting ScheduleRatably in thirds on the first, second, and third anniversaries

Non-Equity Incentive Plan Compensation (STI)

MetricDetails
Target Amount$4,500,000
Maximum Amount$9,000,000
Actual Award Amount$9,000,000 (200% of target)
Company Performance Score143%
Individual Performance Score150%
Vesting SchedulePayout determined in Q1 2025 based on 2024 performance
ConditionsContingent on active employment and adherence to STIP terms