Bob Devlin, the chairman and chief executive of Prudential bid target American General, is now entitled to an astonishing pay-off, currently worth more than $280m (€317m).

The US life insurer's most recent filings with the US Securities & Exchange Commission disclose that Devlin's package is worth far more than the initial $150m estimate by Financial News, based on previous filings. But the Prudential confirms the American General boss and his team have agreed to defer part of their entitlements for a three-year period. Devlin might still be able to cash in immediately if his firm is taken over by rival bidder American International Group. AIG boss Hank Greenberg has tabled a bid worth $46 a share, but Devlin has yet to recommend it to his shareholders, although it tops the Pru's paper offer, which is worth $44 per American General share.