The Insurance Forum, my monthly newsletter, began with the January 1974 issue and ended with the December 2013 issue. In 1975 I began publishing data on executive compensation in the insurance industry. Chapter 24 of my 2015 book, The Insurance Forum: A Memoir, describes the history of my executive compensation tabulations and the efforts of the insurance industry and insurance regulators to block my access to the data.
Most of the efforts to block access involved two organizations. One was the New York Department of Insurance, which is now the New York State Department of Financial Services (NYDFS). The other was the National Association of Insurance Commissioners. Some of those efforts were successful and some were not. However, I never encountered problems with access to data filed by shareholder-owned insurance companies with the Securities and Exchange Commission (SEC).
Since ending publication of the Forum, I have from time to time published executive compensation data through blog posts. In No. 335 (October 3, 2019), I published data for 2018 from my three major sources—SEC, NYDFS, and the Nebraska Department of Insurance (NDOI). No. 381 (July 13, 2020) showed data from the SEC for 2019. Here I show 2019 data from NYFDS. I plan to show 2019 data from NDOI later.
NYDFS Data
During the final seven years of the Forum, I showed data for individuals who received at least $1 million in the year covered. In the tabulation of SEC data in No. 381, I showed data for individuals who received at least $5 million in 2019. In the tabulation of NYDFS data for 2019, which is at the end of this post, I show data for individuals who received at least $5 million in 2019.
NYDFS data are filed by life insurance companies doing business in New York State, and by health insurance companies doing business there. The data are from the 2019 "Schedule G," which is in the New York Supplement to the statutory annual statement. I obtained the Schedule Gs through a request pursuant to the New York State Freedom of Information Law. The Life Bureau of NYDFS sent Schedule Gs for life insurance companies, and the Health Bureau of NYDFS sent Schedule Gs for health insurance companies. Both bureaus provided the Schedule Gs by email without charge. The Schedule Gs for life insurance companies differ significantly from the Schedule Gs for health insurance companies.
The Schedules Gs for life insurance companies show one figure for each individual. It is "the aggregate amount (any and all remuneration, including all wages, salaries, commissions, stock grants, gains from the exercise of stock options and other emoluments) received by the payee attributable to services performed for, or on behalf of, the reporting insurer, regardless of whether the payee is employed and paid by the insurer or a related or affiliated company."
Pursuant to changes made several years ago in the New York State executive compensation disclosure statute to curtail the amount of compensation data available to the public, the names of individuals are sometimes redacted, so that the Schedule Gs sometimes show only the amounts of compensation and the titles of certain individuals. In those instances, I show the individual's title and the amount of compensation.
The Schedule Gs for health insurance companies show four figures for each individual: (1) "salary paid by company and all other companies in holding company system," (2) "bonus & all other compensation deferred or paid by company and all other companies in holding company system," (3) "total amount paid by company and all other companies in holding company system," and (4) "amount paid by or amount allocated to company." I show the third of those four figures, which is the sum of the first two figures.
Available Material
The Insurance Forum: A Memoir and back issues of the Forum containing executive compensation tabulations are available for purchase from us. The final tabulation in the Forum was in the July 2013 issue. Ordering instructions are on our website at theinsuranceforum.com.
| NYDFS Data for 2019 | |
| Life Insurance Companies | |
| 4 Ever Life Ins Co | |
| Howard F Beacham III |
$21,435,850
|
| Aetna Life Ins Co | |
| (Acquired by CVS Health) | |
| Shawn Guertin |
13,932,726
|
| Karen S Lynch |
10,378,329
|
| Francis S Soistman |
9,715,997
|
| Rick M Jelinek |
8,901,756
|
| Gary Loveman |
8,241,026
|
| Harold L Paz |
7,721,889
|
| EVP, Ops & Technology |
7,654,564
|
| EVP Transformtn Prod&Svcs |
5,226,206
|
| American Progressive L&H NY | |
| Kenneth Alan Burdick |
30,591,021
|
| Andrew Lynn Asher |
7,569,905
|
| Michael Polen |
5,688,238
|
| Kelly Munson |
5,681,238
|
| AXA Equitable Life Ins Co | |
| Mark Pearson |
6,295,388
|
| First Health Life & Health Ins Co | |
| Richard M Jelinek |
9,658,380
|
| Karen S Lynch |
8,673,924
|
| Globe Life Ins Co of New York | |
| Frank Martin Svoboda |
9,359,904
|
| William Michael Pressley |
6,474,615
|
| Bill E Leavell |
5,400,498
|
| Guardian Life Ins Co of America | |
| Deanna Mulligan |
8,606,700
|
| Tracy L Rich |
6,418,359
|
| Lincoln Life Assur Co of Boston | |
| Dennis R Glass |
28,328,586
|
| Randal J Freitag |
7,747,825
|
| Wilford H Fuller |
7,332,269
|
| Ellen G Cooper |
6,073,150
|
| Lincoln Life & Annuity Co of NY | |
| Dennis R Glass |
28,328,586
|
| Randal J Freitag |
7,747,825
|
| Ellen G Cooper |
6,073,150
|
| Lisa M Buckingham |
5,169,731
|
| Massachusetts Mutual Life Ins Co | |
| Roger Crandall |
14,962,537
|
| Michel Fanning |
6,353,541
|
| Metropolitan Life Ins Co | |
| Michel Abbas Khalaf |
6,505,805
|
| President & CEO |
6,505,805
|
| EVP & Chief Inv Officer |
6,338,392
|
| National Life Ins Co | |
| Mehran Assadi |
7,788,000
|
| New York Life Insurance Co | |
| Theodore A Mathas |
24,007,290
|
| John T Fleurant |
7,399,533
|
| Craig L Desanto |
5,452,283
|
| Anthony R Malloy |
5,246,200
|
| Northwestern Mutual Life Ins Co | |
| John E Schlifske |
13,692,772
|
| Penn Mutual Life Insurance Co | |
| Eileen McDonnell |
5,596,160
|
| Principal Life Insurance Co | |
| Karl W Nolin |
7,113,249
|
| Daniel Joseph Houston |
7,000,237
|
| Mustafa Sagun |
5,232,118
|
| Prudential Ins Co of America | |
| Charles Lowrey |
5,165,400
|
| Teachers Ins & Annuity Assn | |
| Roger Ferguson |
6,252,325
|
| Unimerica Life Ins Co of NY | |
| Treasurer |
5,200,218
|
| Voya Retirement Ins & Annuity Co | |
| Charles Patrick Nelson |
5,427,369
|
| Health Insurance Companies | |
| Anthem Ins Cos Inc | |
| Gail A Koziara Boudreaux |
$15,140,012
|
| Felicia Farr Norwood |
7,477,529
|
| Joseph R Swedish |
5,741,268
|
| Gloria M McCarthy |
5,176,605
|
| John E Gallina |
5,145,205
|
| Hallmark Life Insurance Co | |
| Michael Frederic Neidorff |
39,986,323
|
| Jeffrey Alan Schwaneke |
9,176,387
|
| Jesse Nathan Hunter |
8,151,558
|
| Keith Harvey Williamson |
5,372,460
|
| Mutual of Omaha Ins Co | |
| James T Blackledge |
7,846,887
|
| MVP Health Insurance Co | |
| Denise Gomick |
5,683,195
|
| UnitedHealthcare Ins Co of NY | |
| Peter Marshall Gill |
5,200,218
|
| WellCare Health Ins of NY Inc | |
| Kenneth A Burdick |
30,591,020
|
| Andrew Lynn Asher |
7,569,904
|
| Mike Polen |
5,688,239
|
| KellyAnn Munson |
5,681,239
|
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Email: jmbelth@gmail.com
Blog: www.josephmbelth.com