In No. 428 (July 7, 2021), I reminded readers that I started publishing insurance industry executive compensation data in 1975 in The Insurance Forum, my monthly newsletter. I continued doing so on my blog after ending the Forum in December 2013.
My three sources of data have been the Securities and Exchange Commission (SEC), the Nebraska Department of Insurance (NDI), and the New York State Department of Financial Services (NYDFS). In No. 428, I showed data for 2020 from 2021 filings with the SEC. In No. 431 (August 4, 2021), I showed data for 2020 from 2021 filings with the NDI. Here I show data for 2020 from 2021 filings with the NYDFS.
NYDFS Data
In the tabulation below, I show the NYDFS data for individuals who received at least $5 million in 2020. Where two or more individuals in a company are shown, they are listed in descending order of compensation.
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 2020 "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 the NYDFS sent the Schedule Gs for life insurance companies, and the Health Bureau of the NYDFS sent the Schedule Gs for health insurance companies. Both bureaus provided the schedules without charge.
The Schedule G for life insurance companies differs significantly from the Schedule G for health insurance companies. The Schedule G for life insurance companies shows 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."
The Schedule G for health insurance companies shows 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.
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 G sometimes shows 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.
| NYDFS Data for 2020 | |
| Life Insurance Companies | |
| Aetna Life Ins Co | |
| EVP, Integration | $11,129,096 |
| American National Life of NY | |
| James E Pozzi | 6,028,583 |
| Equitable Financial Life Ins Co | |
| Mark Pearson | 6,958,433 |
| First Health Life & Health Ins Co | |
| Karen S Lynch | 10,730,916 |
| Alec R Cunningham | 5,465,563 |
| Globe Life Ins Co of NY | |
| Frank Martin Svoboda | 7,807,475 |
| William M Pressley | 6,746,829 |
| Guardian Life Ins Co of America | |
| Deanna Mulligan | 10,300,764 |
| Eric Dinallo | 5,517,427 |
| Lincoln Life Assur Co of Boston | |
| Dennis R Glass | 20,090,545 |
| Randal J Freitag | 5,878,200 |
| Wilford H Fuller | 5,753,626 |
| Massachusetts Mutual Life Ins Co | |
| Roger Crandall | 21,875,488 |
| Melvin Corbett | 8,489,343 |
| Michael Fanning | 7,700,159 |
| Metropolitan Life Ins Co | |
| Michel Abbas Khalaf | 7,624,215 |
| EVP & Chief Investment Officer | 5,239,381 |
| New York Life Ins Co | |
| Theodore A Mathas | 24,238,639 |
| Matthew M Grove | 10,739,520 |
| Anthony R Malloy | 6,265,631 |
| Yie-Hsin Hung | 5,340,371 |
| Northwestern Mutual Life Ins Co | |
| John E Schlifske | 18,018,703 |
| Principal Life Ins Co | |
| Karl W Nolin | 9,434,249 |
| Daniel Joseph Houston | 6,240,643 |
| Kelly D Rush | 5,696,725 |
| Prudential Ins Co of America | |
| Charles Lowrey | 6,347,293 |
| Robert Michael Falzon | 5,090,249 |
| Stephen Pelletier | 5,051,205 |
| Securian Life Ins Co | |
| Christopher Michael Hilger | 6,479,342 |
| Teachers Ins & Annuity Assn | |
| Roger Ferguson | 6,127,887 |
| Health Insurance Companies | |
| Anthem Ins Companies Inc | |
| Gail A Koziara Boudreaux | $16,306,318 |
| Gloria M McCarthy | 5,096,581 |
| John E Gallina | 5,091,054 |
| Peter David Haytaian | 5,091,054 |
| Delta Dental Ins Co | |
| Michael J Castro | 9,523,333 |
| Hallmark Life Ins Co | |
| Michael F Neidorff | 73,772,977 |
| Jesse N Hunter | 12,046,956 |
| Health Ins Plan of Greater NY | |
| Karen M Ignagni | 5,342,500 |
| Timothy Nolan | 5,074,404 |
| Humana Ins Co of NY | |
| Brian Andrew Kane | 18,738,968 |
| Christopher Howal Hunter | 6,157,542 |
| Timothy Alan Wheatley | 6,072,881 |
| Mutual of Omaha Ins Co | |
| James T Blackledge | 6,648,722 |
| Solstice Health Ins Co | |
| Leonard Weiss DMD | 5,486,569 |
| UnitedHealthcare Ins Co of NY | |
| Peter Marshall Gill | 11,167,181 |
| William John Golden | 8,587,204 |
| WellCare Prescription Ins Inc | |
| Andrew Lynn Asher | 16,259,880 |
| Jeffrey Alan Schwaneke | 15,136,733 |
===================================
Email: jmbelth@gmail.com
Blog: www.josephmbelth.com