Soon-to-be
AIG Chief Executive Officer Peter Hancock made news that he would be receiving a raise - $10.2 million US. But who else is bringing in the big bucks in insurance?
While that figure is nearly inconceivable to some, many top dogs in the industry actually bring in more. Insurance CEOs are particularly well-compensated, according to information obtained by
Insurance Business through
Salary Wizard and Forbes.
According to researchers, most CEOs see compensation rise on a year-by-year basis, with stock awards and performance pay increase. Some CEOs, including Aetna’s Mark Bertolini, saw a full-year increase of 25.8 per cent in the most recent year-previous period.
As of 2013, in US dollars, the top five highest-paid insurance executives were:
1. Jay Fishman, Chairman and CEO of Travelers
Base Salary: $1 million
Non-Equity Incentive Pay: $6.5 million
Other Compensation: $105,605
Value Realized on Exercising Options and Stocks Vested: $22.3 million
Total Compensation: $ 18,087,994
2. Evan Greenberg, Chairman, president and CEO of Ace Ltd
Base Salary: $1,200,000
Bonus: $6,250,000
Restricted Stock Awards: $6,825,052
All Other Compensation: $900,776
Option Awards: $2,609,519
Total Compensation: $17,785,347 (continued)
#pb#
3. Liam McGee, Chairman and CEO of Hartford Financial Services Group Inc.
Base Salary: $1,100,000
Restricted Stock Awards: $8,750,000
All Other Compensation: $330,315
Option Awards: $3,750,000
Non-Equity Incentive Plan Compensation: $3,740,000
Total Compensation: $17,670,315
4. John D. Finnegan, CEO of Chubb
Base Salary: $1,330,000
Bonus: $3,100,000
All Other Compensation: $10,970,000
Stock Gains: $1,440,000
Total Compensation: $16,840,000
5. Robert Benmosche, President and CEO of AIG
Base Salary: $2,269,231
Restricted Stock Awards: $6,452,514
All Other Compensation: $52,694
Non-Equity Incentive Plan Compensation: $6,000,000
Change in Pension Value and Nonqualified Deferred Compensation Earnings: $60,123
Total Compensation: $14,834,562
Interestingly,
Forbes notes that insurance executives are “at the low end of the pay scale” in comparison to other CEOs, making an average of $7.9 million annually. That’s in comparison to drug and biotech executives who earn an average $18.3 million, media executives ($17.3 million), household and personal products executives ($15.7 million), restaurants and leisure executives ($14.4 million) and consumer durables executives ($13.8 million).
