Business Context and Reporting Period
This Form 8-K was filed by American International Group, Inc. (AIG) on July 15, 2005. The report discloses the entry into a material definitive agreement regarding the payment of interim bonuses to certain senior executives. This action is part of a routine quarterly bonus process and an initiative to align compensation with benefits previously provided by C.V. Starr & Co., Inc. and Starr International Company, Inc.
Key Financial Metrics
The filing does not provide consolidated revenue, profit, cash flow, margins, debt, or liquidity metrics. The only financial data disclosed relates to specific executive compensation.
| Executive Name | Position | Bonuses Paid to Date (2005) | Bonuses Expected to be Paid (2005) |
|---|---|---|---|
| Martin J. Sullivan | President and CEO | $596,250 | $277,500 |
| Donald P. Kanak | Executive Vice Chairman and COO | $535,000 | $247,500 |
| Jay S. Wintrob | Executive VP - Retirement Services | $442,500 | $217,500 |
| Richard W. Scott | Senior VP - Investments | $78,750 | $47,500 |
| Thomas R. Tizzio | Senior Vice Chairman - General Insurance | $630,000 | $217,500 |
| Edmund S.W. Tse | Senior Vice Chairman - Life Insurance | $727,500 | $265,000 |
| Rodney O. Martin, Jr. | Executive VP - Life Insurance | $134,500 | $72,000 |
| Kristian P. Moor | Executive VP - Domestic General Insurance | $503,750 | $247,500 |
| Win J. Neuger | Executive VP and Chief Investment Officer | $466,500 | $241,500 |
Material Changes
The filing does not report material changes in financial performance compared to prior periods. The primary change disclosed is the specific allocation of interim bonuses paid on July 15, 2005, which are included in the "Amount Paid to Date" figures above.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, outlook, or discussion of risks and contingencies beyond the context of the compensation adjustment. Management commentary is limited to stating that the bonuses are routine and intended to reflect compensation previously provided by acquired entities.
Investor Verification Checklist
- Verify the total aggregate cost of interim bonuses for all named executives in the 2005 fiscal year.
- Confirm the specific impact of the C.V. Starr & Co., Inc. and Starr International Company, Inc. compensation alignment on future quarterly bonus structures.
- Review the 2005 Proxy Statement to cross-reference the Summary Compensation Table mentioned in the filing.
- Note that this filing does not contain updated financial statements or liquidity metrics for the company.