Beginning in 1975, in many issues of The Insurance Forum, I provided tabulations of executive compensation data in the insurance industry. The final tabulation was in the July 2013 issue, because the Forum ended with the December 2013 issue. From time to time since then, I have posted some executive compensation data on my blog. Recent tabulations include No. 335 (October 3, 2019), where I showed 2018 data from my three sources of information: the Securities and Exchange Commission (SEC), the New York State Department of Financial Services (DFS), and the Nebraska Department of Insurance (NDI). In No. 381 (July 13, 2020), I showed 2019 data from the SEC. In No. 385 (August 7, 2020), I showed 2019 data from the DFS. Here I show 2019 data from the NDI.
NDI Data for 2019
NDI data are in a "Supplemental Compensation Exhibit" (Exhibit) filed by each insurance company doing business in Nebraska. Each Exhibit normally shows figures for the ten top company officials. The figure I show for each individual is the "total." Components of the "total" are "salary," "bonus," "stock awards," "option awards," "sign-on payments," "severance payments," and "all other compensation." NDI provides all the Exhibits on a CD to any member of the public for $80.
In the tabulation below, I show data for individuals who received at least $5 million in 2019. Where two or more individuals in a company are shown, they are listed in descending order of compensation.
The Allocation Problem and a Modification
Where companies are members of a holding company group, some companies show the total amount received by each individual from all companies in the holding company group. Some companies, however, allocate each individual's compensation to each company in the holding company group.
For companies that allocate, the difficulty in locating all companies doing business in Nebraska that are part of a holding company group has become increasingly prohibitive. For that reason, I have modified the tabulation shown below from past years in that this year I did not attempt to assemble the group data. I have instead shown the figures for the company with the largest dollar amounts for each group.
For some individuals listed below, because of the modification, the compensation figure shown is smaller, and in some instances probably much smaller, than the individual's total compensation from all members of the holding company group. Also, because of the modification, some companies probably are not listed because no individual had at least $5 million of compensation from a single company in their group.
| NDI Data for 2019 | |
| Acuity, A Mutual Ins Co | |
| Benjamin M Salzmann | $16,347,333 |
| Aetna Life Ins Co | |
| Richard M Jelinek | 9,658,380 |
| Karen S Lynch | 8,673,924 |
| AFLAC Inc | |
| Daniel P Amos | 14,744,603 |
| Frederick J Crawford | 5,505,399 |
| Allianz Life Ins North America | |
| Walter R White | 6,746,838 |
| Allstate Ins Co | |
| Thomas J Wilson | 16,261,339 |
| Steven E Shebik | 5,915,393 |
| AMBAC Assurance Corp | |
| Claude LeBlanc | 5,289,234 |
| American Family Ins Co | |
| Jack C Salzwedel | 11,251,032 |
| American General Life Ins Co | |
| Kevin Hogan | 9,411,779 |
| American United Life Ins Co | |
| James S Davison | 6,064,438 |
| Amguard Ins Co | |
| Sy Foguel | 5,299,791 |
| Assured Guaranty Corp | |
| Dominic Frederico | 12,736,290 |
| Assurity Life Ins Co | |
| Thomas E Henning | 7,814,132 |
| Athene Annuity & Life Assur Co | |
| James Belardi | 5,007,098 |
| Atlantic Specialty Ins | |
| Timothy M Miller | 5,036,019 |
| AXA Equitable Life Ins Co | |
| Mark Pearson | 6,295,387 |
| BCS Ins Co | |
| Howard F Beacham III | 21,435,850 |
| Brighthouse Life Ins Co | |
| Eric T Steigerwalt | 8,229,713 |
| Care Improvement Plus of Texas | |
| Janice Clayton Zigler | 5,428,024 |
| Chicago Title Ins Co | |
| Raymond Randall Quirk | 14,579,836 |
| Roger Scott Jewkes | 8,729,398 |
| Michael Joseph Nolan | 7,157,620 |
| Anthny John Park | 5,344,120 |
| Chubb Indemnity Ins Co | |
| John J Lupica | 6,030,000 |
| Paul J Krump | 5,003,500 |
| Continental Casualty Co | |
| Dina Robusto | 9,135,270 |
| Employers Assurance Co | |
| Douglas Dean Dirks | 5,315,872 |
| Essent Guaranty Inc | |
| Mark Casale | 7,636,915 |
| Everest Reinsurance Co | |
| Dominic J Addesso | 10,759,779 |
| Juan C Andrade | 10,481,729 |
| Farmers Ins Exchange | |
| Jeffrey J Dailey | 7,853,208 |
| First American Title Ins Co | |
| Dennis Gilmore | 8,588,389 |
| GEICO Casualty Co | |
| Olza Minor Nicely | 15,452,510 |
| William Evan Roberts | 7,789,401 |
| Genworth Life Ins Co | |
| Thomas McInerney | 9,115,260 |
| Globe Life & Accident Ins Co | |
| Frank M Svoboda | 9,359,904 |
| William M Pressley | 6,474,615 |
| Bill E Leavell | 5,400,498 |
| Great American Ins Co | |
| Carl H Lindner III | 10,284,610 |
| Great-West Life Assur Co (US) | |
| Robert Shaw | 7,638,745 |
| Andra S Bolotin | 5,902,744 |
| Edmund F Murphy | 5,215,422 |
| Guardian Life Ins Co of America | |
| Deanna Mulligan | 8,606,700 |
| Tracy L Rich | 6,418,359 |
| Hartford Fire Ins Co | |
| Christopher Swift | 6,175,641 |
| Health Care Service Corp | |
| Paula Steiner | 31,013,500 |
| Eric Feldstein | 7,471,886 |
| David Lesar | 6,038,111 |
| Horace Mann Ins Co | |
| Marita Zuraitis | 7,429,404 |
| Humana Ins Co | |
| Bruce D Broussard | 24,635,360 |
| Illinois Ins Co | |
| Steven Menzies | 10,657,018 |
| Insurance Co of the West | |
| Kevin Prior | 13,694,265 |
| Ernest Rady | 5,861,143 |
| Jackson National Life Ins Co | |
| Paul C Myers | 7,008,073 |
| John Hancock Life Ins Co USA | |
| Daniel Janis III | 6,692,374 |
| Emory Sanders Jr | 5,765,776 |
| Christopher Conkey | 5,264,701 |
| Liberty Mutual Ins Co | |
| David H Long | 12,701,326 |
| Timothy Sweeney | 5,341,983 |
| Lincoln National Life Ins Co | |
| Dennis R Glass | 28,328,586 |
| Randal J Freitag | 7,747,826 |
| Wilford H Fuller | 7,332,269 |
| Ellen G Cooper | 6,073,150 |
| Lisa M Buckingham | 5,169,731 |
| Massachusetts Mutual Life Ins Co | |
| Roger Crandall | 17,808,738 |
| Elizabeth Chicares | 6,933,041 |
| Michael Fanning | 6,420,327 |
| Melvin T Corbett | 6,337,670 |
| Metropolitan Life Ins Co | |
| Michel Khalaf | 6,505,805 |
| Steven J Goulart | 6,338,392 |
| Mortgage Guaranty Ins Corp | |
| Patrick Sinks | 7,389,088 |
| National Western Life Ins Co | |
| Ross R Moody | 6,831,982 |
| National Life Ins Co | |
| Mehran Assadi | 7,788,000 |
| New York Life Ins Co | |
| Theodore A Mathas | 24,007,290 |
| Craig L DeSanto | 5,452,283 |
| Anthony R Malloy | 5,246,200 |
| Northwestern Mutual Life Ins Co | |
| John E Schlifske | 13,692,772 |
| Ohio National Life Ins Co | |
| Gary Thomas Huffman | 8,955,246 |
| Pacific Life Ins Co | |
| James T Morris | 8,290,370 |
| Penn Mutual Life Ins Co | |
| Eileen McDonnell | 5,596,160 |
| Philadelphia Indemnity Ins Co | |
| Robert D O'Leary | 5,146,147 |
| Principal Life Ins Co | |
| Karl W Nolin | 7,113,249 |
| Daniel J Houston | 7,000,237 |
| Mustafa Sagun | 5,232,118 |
| Protective Life Ins Co | |
| John Johns | 11,046,696 |
| Richard Bielen | 6,749,265 |
| Prudential Ins Co of America | |
| Mark Brown Grier | 7,633,867 |
| Charles F Lowrey | 6,854,886 |
| Robert Michael Falzon | 5,296,179 |
| Stephen Pelletier | 5,220,842 |
| QCC Ins Co | |
| Daniel J Hilferty | 5,718,026 |
| Radian Guaranty Inc | |
| Richard Thornberry | 9,040,149 |
| Sagicor Life Ins Co | |
| Dodridge Miller | 12,468,464 |
| Scor Reinsurance Co | |
| Mark Kociancic | 6,918,899 |
| Selective Ins Co of America | |
| Gregory Murphy | 5,330,094 |
| Standard Ins Co | |
| John Gregory Ness | 9,161,498 |
| Starr Indemnity & Liability Co | |
| Maurice R Greenberg | 10,802,945 |
| State Farm Mutual | |
| Michael Leon Tipsord | 10,271,892 |
| Teachers Ins & Annuity Assn | |
| Ronald Pressman | 8,546,026 |
| Roger Ferguson | 6,252,325 |
| Thrivent Financial for Lutherans | |
| Bradford L Hewitt | 7,013,638 |
| Transatlantic Reinsurance Co | |
| Michael C Sapnar | 6,884,413 |
| Kenneth Apfel | 5,607,047 |
| Travelers Casualty Co | |
| Alan D Schnitzer | 15,303,458 |
| Willaim H Heyman | 6,389,000 |
| Avrohom J Kess | 6,067,301 |
| Jay S Benet | 5,023,442 |
| United of Omaha Life Ins Co | |
| James T Blackledge | 5,093,821 |
| United States Liability Ins Co | |
| Thomas P Nemey | 21,417,692 |
| Voya Retirement Ins & Annuity | |
| Charles Patrick Nelson | 5,427,368 |
| Western & Southern Life Ins Co | |
| John Barrett | 9,499,300 |
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Email: jmbelth@gmail.com
Blog: www.josephmbelth.com