Monday, May 23, 2016

No. 163: Executive Compensation in the Insurance Industry—2015 Data from Filings with the Securities and Exchange Commission

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:
Under "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 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 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
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