The Insurance Forum began with the January 1974 issue. In 1975 I began publishing data on executive compensation in the insurance industry. Chapter 24 of my September 2015 book, The Insurance Forum: A Memoir, describes the history of my executive compensation tabulations and the efforts of the insurance industry to block my access to data.
Most efforts to block access involved two organizations. One was the New York Department of Insurance, which is now the New York Department of Financial Services. The other was the National Association of Insurance Commissioners. Some of the efforts were successful and some were unsuccessful. 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 with the December 2013 issue, I have not posted tabulations of executive compensation, although some readers have been urging me to do so. An exception was No. 39 (posted April 7, 2014), where I provided some data for United Services Automobile Association (USAA) and its subsidiaries. The reason for that blog post was USAA's unsuccessful effort to repeal Nebraska's executive compensation disclosure law. Nebraska was one of the major sources of data for my tabulations.
A New Tabulation
I decided to assemble a new tabulation. During the final seven years of the Forum, I showed data for individuals who received at least $1 million in each year. In the new tabulation I show data, from filings with the SEC, for individuals who received at least $5 million in 2015. Each figure in the tabulation is the "Total" in the "2015 Summary Compensation Table."
The 2015 summary compensation table for most companies is in the definitive proxy statement filed in advance of the company's 2016 annual meeting of shareholders. In a few instances, the table is in a 10-K annual report. For each of the two Canadian companies—Manulife Financial and Sun Life Financial—the table is in a 6-K annual report. Where more than one individual in a company is shown, they are listed in descending order of compensation. The figures for the Canadian companies are in Canadian dollars. The new tabulation is shown below as a part of this blog post.
How to Access the SEC Tables
For readers who want to access the SEC summary compensation tables, go to:
Available Material
To familiarize readers with the structure of summary compensation tables, I am offering a 28-page complimentary PDF containing the tables filed by Aetna, American International Group, Aon, Fidelity National Financial, Genworth Financial, MBIA, MetLife, Prudential Financial, Travelers Companies, and UnitedHealth Group. Email jmbelth@gmail.com and ask for the package of sample summary compensation tables.
Other Available Material
The Insurance Forum: A Memoir and all back issues of the Forum containing executive compensation tabulations are available from us; ordering instructions are on our website at www.theinsuranceforum.com. The memoir is also available from Amazon.
Most efforts to block access involved two organizations. One was the New York Department of Insurance, which is now the New York Department of Financial Services. The other was the National Association of Insurance Commissioners. Some of the efforts were successful and some were unsuccessful. 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 with the December 2013 issue, I have not posted tabulations of executive compensation, although some readers have been urging me to do so. An exception was No. 39 (posted April 7, 2014), where I provided some data for United Services Automobile Association (USAA) and its subsidiaries. The reason for that blog post was USAA's unsuccessful effort to repeal Nebraska's executive compensation disclosure law. Nebraska was one of the major sources of data for my tabulations.
A New Tabulation
I decided to assemble a new tabulation. During the final seven years of the Forum, I showed data for individuals who received at least $1 million in each year. In the new tabulation I show data, from filings with the SEC, for individuals who received at least $5 million in 2015. Each figure in the tabulation is the "Total" in the "2015 Summary Compensation Table."
The 2015 summary compensation table for most companies is in the definitive proxy statement filed in advance of the company's 2016 annual meeting of shareholders. In a few instances, the table is in a 10-K annual report. For each of the two Canadian companies—Manulife Financial and Sun Life Financial—the table is in a 6-K annual report. Where more than one individual in a company is shown, they are listed in descending order of compensation. The figures for the Canadian companies are in Canadian dollars. The new tabulation is shown below as a part of this blog post.
How to Access the SEC Tables
For readers who want to access the SEC summary compensation tables, go to:
http://www.sec.gov/edgar/searchedgar/companysearch.htmlUnder "Fast Search," enter the ticker symbol if you know it. (Examples are AET for Aetna, AIG for American International Group, GNW for Genworth Financial, MET for MetLife, PRU for Prudential Financial, and PRI for Primerica.) If you do not know the ticker symbol, enter the "Company Name." If the name you use is incomplete, a list of companies with similar names may pop up, and you will need to select the one you want. That will take you to a list of documents in reverse chronological order by filing date. Select the most recent "DEF 14A" defnitive proxy statement. The proxy's table of contents may lead you directly to the summary compensation table. If it does not, you will need to search for it, but it is not hard to find.
Available Material
To familiarize readers with the structure of summary compensation tables, I am offering a 28-page complimentary PDF containing the tables filed by Aetna, American International Group, Aon, Fidelity National Financial, Genworth Financial, MBIA, MetLife, Prudential Financial, Travelers Companies, and UnitedHealth Group. Email jmbelth@gmail.com and ask for the package of sample summary compensation tables.
Other Available Material
The Insurance Forum: A Memoir and all back issues of the Forum containing executive compensation tabulations are available from us; ordering instructions are on our website at www.theinsuranceforum.com. The memoir is also available from Amazon.
| Compensation Data for 2015 from the SEC | |
| Aetna Inc | |
| Mark T Bertolini | $17,262,879 |
| Gary W Loveman PhD | 8,005,714 |
| Karen S Lynch | 7,758,788 |
| Shawn M Guertin | 6,414,029 |
| Francis S Soistman Jr | 5,219,831 |
| AFLAC Inc | |
| Daniel P Amos | 11,982,383 |
| Kriss Cloninger III | 6,988,427 |
| Paul S Amos II | 5,452,762 |
| Alleghany Corp | |
| Weston M Hicks | 6,892,685 |
| Allied World Assurance Co Holdings | |
| Scott A Carmalani | 7,600,925 |
| Allstate Corp | |
| Thomas J Wilson | 13,873,693 |
| Matthew E Winter | 5,659,605 |
| American Financial Group Inc | |
| S Craig Lindner | 7,695,853 |
| Carl H Lindner III | 7,642,021 |
| American International Group Inc | |
| Peter D Hancock | 12,497,975 |
| Philip Fasano | 8,397,689 |
| Kevin T Hogan | 7,918,157 |
| William N Dooley | 7,591,563 |
| John Q Doyle | 7,232,376 |
| David L Herzog | 6,683,374 |
| American National Insurance Co | |
| Robert L Moody Sr | 10,215,463 |
| Ameriprise Financial Inc | |
| James M Cracchiolo | 20,670,971 |
| Walter S Berman | 7,265,868 |
| William F Truscott | 6,393,378 |
| Colin Moore | 5,986,836 |
| Amtrust Financial Services Inc | |
| Barry D Zyskind | 13,942,205 |
| Anthem Inc | |
| Joseph R Swedish | 13,604,681 |
| Aon plc | |
| Gregory C Case | 29,735,220 |
| Christa Davies | 14,712,974 |
| Stephen P McGill | 9,275,750 |
| Kristi Savacool | 6,042,943 |
| Arch Capital Group Ltd | |
| Constantine Iordanou | 10,614,241 |
| Aspen Insurance Holdings Ltd | |
| Christopher O'Kane | 5,601,064 |
| Assurant Inc | |
| Alan B Colberg | 8,274,225 |
| Assured Guaranty Ltd | |
| Dominic J Frederico | 12,179,989 |
| AXIS Capital Holdings Ltd | |
| Albert A Benchimol | 8,924,896 |
| Centene Corp | |
| Michael F Neidorff | 20,755,103 |
| William N Scheffel | 6,611,489 |
| Chubb Ltd | |
| Evan G Greenberg | 20,381,147 |
| John W Keogh | 7,518,919 |
| John J Lupica | 5,871,847 |
| Cigna Corp | |
| David M Cordani | 17,307,672 |
| CNA Financial Corp | |
| Thomas F Motamed | 11,686,132 |
| CNO Financial Group Inc | |
| Edward Bonach | 7,226,638 |
| Enstar Group Ltd | |
| Richard J Harris | 5,670,194 |
| Everest Re Group Ltd | |
| Dominic J Addesso | 8,161,716 |
| Fidelity National Financial Inc | |
| William P Foley II | 15,668,113 |
| Raymond R Quirk | 7,099,777 |
| First American Financial Corp | |
| Dennis J Gilmore | 5,726,688 |
| Genworth Financial Inc | |
| Daniel J Sheehan IV | 5,252,026 |
| Hanover Insurance Group Inc | |
| Frederick H Eppinger | 5,220,755 |
| Hartford Financial Services Group Inc | |
| Christopher Swift | 10,022,419 |
| Douglas Elliot | 7,431,487 |
| Humana Inc | |
| Bruce D Broussard | 10,339,859 |
| Lincoln National Corp | |
| Dennis R Glass | 12,015,334 |
| Loews Corp | |
| James S Tisch | 5,278,399 |
| Manulife Financial Corp | |
| Donald Guloien | 15,613,518 |
| Roy Gori | 11,798,452 |
| Warren Thomson | 9,859,463 |
| Steve Roder | 7,067,444 |
| Paul Rooney | 5,312,979 |
| Marsh & McLennan Companies Inc | |
| Daniel S Glaser | 15,596,718 |
| Peter Zaffino | 7,796,754 |
| Julio A Portalatin | 6,156,802 |
| MetLife Inc | |
| Steven A Kandarian | 15,700,881 |
| John C R Hele | 5,938,372 |
| Martin J Lippert | 5,652,545 |
| William J Wheeler | 5,351,518 |
| MGIC Investment Corp | |
| Patrick Sinks | 6,582,543 |
| Molina Healthcare Inc | |
| J Mario Molina MD | 10,265,657 |
| National Western Life Group Inc | |
| Robert L Moody | 6,317,910 |
| Principal Financial Group Inc | |
| Larry D Zimpleman | 10,271,549 |
| Daniel J Houston | 5,204,526 |
| Progressive Corp | |
| Glenn M Renwick | 10,143,552 |
| John P Sauerland | 5,122,462 |
| Susan Patricia Griffith | 5,121,712 |
| Protective Life Corp | |
| John D Johns | 6,061,661 |
| Prudential Financial Inc | |
| John R Strangfeld | 16,673,171 |
| Mark B Grier | 15,273,166 |
| Charles F Lowrey | 10,957,831 |
| Stephen Pelletier | 9,477,773 |
| Robert M Falzon | 6,507,870 |
| Radian Group Inc | |
| Sanford A Ibrahim | 6,065,537 |
| Reinsurance Group of America Inc | |
| A Greig Woodring | 9,370,979 |
| Anna Manning | 5,528,729 |
| RenaissanceRe Holdings Ltd | |
| Kevin J O'Donnell | 7,853,835 |
| Jeffrey D Kelly | 5,230,622 |
| RLI Corp | |
| Michael J Stone | 5,884,386 |
| Stancorp Financial Group Inc | |
| J Greg Ness | 8,103,406 |
| Sun Life Financial Inc | |
| Dean A Connor | 7,884,879 |
| Torchmark Corp | |
| Gary L Coleman | 5,832,462 |
| Larry M Hutchison | 5,797,620 |
| Travelers Companies Inc | |
| Jay S Fishman | 20,013,433 |
| Brian W MacLean | 8,572,673 |
| William H Heyman | 7,036,063 |
| Alan D Schnitzer | 6,944,951 |
| Jay S Benet | 6,713,982 |
| Doreen Spadorcia | 6,436,539 |
| Triple-S Management Corp | |
| Ramón M Ruiz-Comas | 5,698,957 |
| UnitedHealth Group Inc | |
| Stephen J Hemsley | 14,518,164 |
| Larry C Renfro | 11,589,358 |
| David S Wichmann | 11,581,817 |
| Marianne D Short | 5,682,147 |
| Universal Insurance Holdings Inc | |
| Sean P Downes | 25,032,334 |
| Jon W Springer | 7,905,552 |
| Unum Group | |
| Thomas R Watjen | 8,277,205 |
| Richard P McKenney | 5,731,014 |
| Validus Holdings Ltd | |
| Edward J Noonan | 5,333,313 |
| Voya Financial Inc | |
| Rodney O Martin Jr | 11,244,442 |
| Alain M Karaoglan | 5,901,448 |
| Jeffrey T Becker | 5,044,207 |
| W R Berkley Corp | |
| William R Berkley | 16,139,411 |
| W Robert Berkley Jr | 8,260,165 |
| WellCare Health Plans Inc | |
| Kenneth A Burdick | 7,793,734 |
| White Mountains Insurance Group Ltd | |
| Raymond Barrette | 8,129,080 |
| Allan L Waters | 8,038,448 |
| David T Foy | 5,380,237 |
| Willis Towers Watson plc | |
| Dominic Casserley | 9,013,163 |
| Nicolas Aubert | 5,508,052 |
| XL Group plc | |
| Michael McGavick | 12,712,353 |
| Stephen Catlin | 7,765,883 |
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Email: jmbelth@gmail.com
Blog: www.josephmbelth.com