AIG President and CEO Peter Hancock is interviewed on the floor of the New York Stock Exchange, Tuesday, Jan. 26, 2016. (AP Photo/Richard Drew)

(Bloomberg) — American International Group Inc., the insurer being pressured by activist investors to split up, cut short-term incentive pay for Chief Executive Officer Peter Hancock by 29% last year as he missed profit targets.

The CEO received $2.5 million from the non-equity incentive plan as he failed to meet goals tied to return-on-equity and expense reductions, AIG said Tuesday in a regulatory filing. That compares with $3.5 million in 2014.

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