(Bloomberg) -- American International Group Inc.’s Peter Hancock will get a compensation package of $11.8 million a year as the insurer’s new chief executive officer.

The short-term incentive will be $3.2 million of cash and the long-term will be $7 million in performance share units for meeting targets, plus he will get an annual salary of $1.6 million, the New York-based company said today in a regulatory filing. That package compares with a total target of $9 million last year when Hancock was CEO of the property/casualty operation, the company’s largest business.

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