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 I ended the Forum with the December 2013 issue. From time to time since then, I have posted some executive compensation data on my blog. The most recent tabulation was in No. 287 (September 24, 2018), which showed data for 2017. Here I show data for 2018.
Sources of Data
Sources of Data
The three sources of data for my tabulations have long been the Securities and Exchange Commission (SEC), the New York State Department of Financial Services (DFS), and the Nebraska Department of Insurance (NDI). In some instances, the figure I show for an individual differs from one of my sources to another. A reason for such occurrences is differing definitions of compensation among the sources.
Chapter 24 of my 2015 book, The Insurance Forum: A Memoir, describes the history of my executive compensation tabulations. It also describes the efforts of the insurance industry and state insurance regulators to prevent access to all or some of the data. Chapter 24 is in the complimentary package offered at the end of this post.
Chapter 24 of my 2015 book, The Insurance Forum: A Memoir, describes the history of my executive compensation tabulations. It also describes the efforts of the insurance industry and state insurance regulators to prevent access to all or some of the data. Chapter 24 is in the complimentary package offered at the end of this post.
During the final seven years of the Forum, I showed data for individuals who received at least $1 million in the year under study. The final tabulation in the Forum, showing data for 2012, is in the complimentary package offered at the end of this post. In the new tabulation in this post, I show data for individuals who received at least $5 million in 2018. Where two or more individuals in a company are shown, they are listed in descending order of compensation.
SEC Data for 2018
SEC data are filed by shareholder-owned public companies. Each figure I show is the "total" in the 2019 Summary Compensation Table (Table). The components of the "total" are "salary," "bonus," "stock awards," "option awards," "non-equity incentive plan compensation," "change in pension value and non-qualified deferred compensation earnings," and "all other compensation."
The Table for most companies is in the proxy statement filed in advance of the company's 2019 annual meeting of shareholders. For a few companies, the Table is in the 10-K annual report for 2018. For the Canadian companies—Manulife and Sun Life—the Table is in the 6-K annual reports for 2018. The documents referred to here are available to the public without charge on the SEC website at https://sec.gov/edgar/searchedgar/companysearch.html.
SEC Data for 2018 |
|
AFLAC Inc | |
Daniel P Amos |
$17,535,398
|
Frederick J Crawford |
7,388,355
|
Eric M Kirsch |
5,043,897
|
Alleghany Corp | |
Weston M Hicks |
8,129,352
|
Joseph P Brandon |
5,594,449
|
Allstate Corp | |
Thomas J Wilson |
18,687,246
|
Steven E Shebik |
7,157,835
|
John E. Dugenske |
6,764,401
|
Glenn T Shapiro |
5,316,299
|
AMBAC Financial Group | |
Claude LeBlanc |
6,203,007
|
American Financial Group | |
Carl H Lindner III |
10,209,385
|
S Craig Lindner |
10,191,495
|
American International Group | |
Brian Duperreault |
20,854,669
|
Peter Zaffino |
12,620,459
|
Douglas A Dachille |
9,707,396
|
Kevin T Hogan |
9,121,469
|
Siddhartha Sankaran |
6,598,362
|
Ameriprise Financial | |
James M Cracchiolo |
25,742,524
|
Walter S Berman |
10,072,622
|
William F Truscott |
7,515,167
|
Colin Moore |
6,532,179
|
Anthem | |
Gail K Boudreaux |
14,184,276
|
Brian T Griffin |
6,066,160
|
Peter D Haytaian |
5,936,543
|
Gloria M McCarthy |
5,436,787
|
John E Gallina |
5,153,866
|
Aon | |
Gregory C Case |
16,163,875
|
Christa Davies |
12,318,169
|
Arch Capital Group | |
Marc Grandisson |
12,884,187
|
Arthur J Gallagher & Co | |
Pat Gallagher |
8,062,954
|
Assurant | |
Alan B Colberg |
13,616,946
|
Richard S Dziadzio |
5,702,380
|
Assured Guaranty | |
Dominic J Frederico |
12,771,902
|
AXA Equitable Holdings Inc | |
Mark Pearson |
12,138,563
|
Seth Bernstein |
9,084,847
|
Jeffrey Hurd |
5,875,951
|
Anders Malmström |
5,269,624
|
AXIS Capital Holdings | |
Albert A Benchimol |
7,804,796
|
Steve K Arora |
5,923,087
|
Berkshire Hathaway Inc | |
Gregory E Abel |
18,013,750
|
Ajit Jain |
18,013,750
|
Brighthouse Financial Inc | |
Eric Steigerwalt |
15,537,371
|
Peter Carlson |
7,457,356
|
John Rosenthal |
5,123,879
|
Brunswick Corp | |
Mark D Schwabero |
8,243,580
|
Centene | |
Michael F Neidorff |
26,122,414
|
Jeffrey A Schwaneke |
9,960,954
|
Brandy L Burkhalter |
7,573,238
|
Jesse N Hunter |
6,164,144
|
Chubb | |
Evan G Greenberg |
20,357,484
|
John W Keogh |
7,859,298
|
John J Lupica |
6,208,344
|
Paul J Krump |
6,203,320
|
Philip V Bancroft |
5,039,875
|
Cigna | |
David M Cordani |
18,944,045
|
Timothy C Wentworth |
8,875,346
|
Alan M Muney MD |
5,862,659
|
Christopher J Hocevar |
5,352,336
|
CNA Financial | |
Dino E Robusto |
10,109,176
|
D Craig Mense |
8,157,197
|
CNO Financial | |
Gary C Bhojwani |
7,701,334
|
CVS Health (Acquired Aetna) | |
Larry J Merlo |
21,939,098
|
Jonathan C Roberts |
16,066,968
|
Derica W Rice |
12,806,073
|
Thomas M Moriarty |
10,983,856
|
Eva C Borrato |
6,972,421
|
David M Denton |
5,564,551
|
Everest Re | |
Dominic J Addesso |
7,066,735
|
Fidelity National Financial | |
Raymond R Quirk |
9,078,683
|
First American Financial | |
Dennis J Gilmore |
8,402,957
|
Genworth Financial | |
Thomas J McInerney |
9,311,944
|
Globe Life (Formerly Torchmark) | |
Gary L Coleman |
7,831,616
|
Larry M Hutchison |
7,797,408
|
Hartford Financial Services | |
Christopher Swift |
13,883,615
|
Douglas Elliot |
8,999,113
|
Heritage Ins Holdings Inc | |
Bruce Lucas |
8,735,043
|
Humana Group | |
Bruce D Broussard |
16,312,517
|
Brian A Kane |
5,005,025
|
Kemper Corp | |
Joseph P Lacher Jr |
6,905,879
|
Lincoln National | |
Dennis R Glass |
14,422,495
|
Loews | |
James S Tisch |
5,714,569
|
David B Edelson |
5,525,784
|
Kenneth I Siegel |
5,229,566
|
Magellan Health Inc | |
Barry M Smith |
10,162,716
|
Manulife (U.S. Dollars) | |
Roy Gori |
10,087,189
|
Warren Thomson |
5,634,846
|
Marsh & McLennan | |
Daniel S Glaser |
17,281,919
|
John Q Doyle |
7,023,080
|
Julio A Portalatin |
5,983,531
|
Peter C Hearn |
5,071,744
|
MBIA Inc | |
William C Fallon |
13,855,479
|
Anthony McKiernan |
7,085,400
|
Adam T Bergonzi |
6,772,350
|
MetLife Inc | |
Steven A Kandarian |
17,426,745
|
Michel A Khalaf |
10,807,500
|
Martin J Lippert |
7,881,101
|
Steven J Goulart |
6,726,883
|
MGIC Investment | |
Patrick Sinks |
7,971,526
|
Molina Healthcare | |
Joseph M Zubretsky |
15,219,770
|
Mr Cooper Group Inc | |
Jay Bray |
25,119,076
|
Anthony L Ebers |
11,254,213
|
National General Holdings Corp | |
Barry Karfunkel |
5,892,270
|
Robert Karfunkel |
5,288,240
|
NMI Holdings Inc | |
Bradley M Shuster |
6,706,568
|
Primerica Inc | |
Glenn J Williams |
5,145,317
|
Principal Financial | |
Daniel J Houston |
12,227,017
|
James P McCaughan |
8,168,029
|
Progressive | |
Susan Patricia Griffith |
14,172,925
|
John P Sauerland |
7,134,820
|
Protective Life | |
John D Johns |
11,201,101
|
Richard J Bielen |
6,614,845
|
Prudential Financial | |
John R Strangfeld |
26,696,966
|
Stephen Pelletier |
18,525,767
|
Mark B Grier |
15,216,589
|
Charles F Lowrey |
10,357,459
|
Robert M Falzon |
8,110,321
|
Scott G Sleyster |
5,215,867
|
Radian | |
Richard G Thornberry |
9,533,691
|
Reinsurance of America | |
Anna Manning |
6,700,422
|
RenaissanceRe Holdings | |
Kevin J O'Donnell |
10,819,363
|
State Auto Financial Corp | |
Michael E LaRocco |
6,191,934
|
Sun Life Canada (U.S. Dollars) | |
Dean A Connor |
7,500,277
|
Jacques Goulet |
6,144,072
|
Travelers | |
Alan D Schnitzer |
14,648,213
|
William H Heyman |
6,621,541
|
Avrohom J Kess |
6,009,603
|
Jay S Benet |
5,896,441
|
UnitedHealth | |
Andrew P Witty |
21,232,550
|
David S Wichmann |
18,107,356
|
Stephen J Hemsley |
11,352,513
|
Steven H Nelson |
9,763,024
|
John F Rex |
8,587,912
|
Universal Ins Holdings | |
Sean P Downes |
17,923,379
|
Jon W Springer |
7,213,248
|
Unum | |
Richard P McKenney |
9,896,861
|
Voya Financial | |
Rodney O Martin Jr |
11,337,911
|
Christine Hurtsellers |
5,649,873
|
W R Berkley | |
William R Berkley |
12,325,841
|
W Robert Berkley Jr |
11,852,862
|
WellCare Health Plans | |
Kenneth A Burdick |
12,675,372
|
White Mountains | |
G Manning Rountree |
6,247,593
|
DFS Data for 2018
DFS 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" (Schedule), which is in the New York Supplement to the statutory annual statement. I obtained the Schedules through a request pursuant to the New York State Freedom of Information Law. The Life Bureau of DFS sent the Schedules for life insurance companies, and the Health Bureau of DFS sent the Schedules for health insurance companies. Both bureaus provided the Schedules by email without charge. The Schedule for life insurance companies differs significantly from the Schedule for health insurance companies.
The Schedule 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." For life insurance companies that are part of a group of companies, the Schedule may not show the individual's total compensation from all companies in the group. Also, 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 Schedule sometimes redacts the names but shows 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 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.
DFS Data for 2018 | |
Life Insurance Companies | |
Aetna Life (Acquired by CVS Health) | |
Mark Bertolini |
$331,776,150
|
Thomas J Sabatino |
24,164,969
|
Margaret McCarthy |
23,030,488
|
Steven B Kelmar |
23,030,147
|
Gary Loveman |
19,053,604
|
Thomas W Weidenkopf |
16,707,671
|
Karen S Lynch |
15,481,922
|
Harold L Paz |
12,138,143
|
Jean LaTorre |
10,018,253
|
EVP Integration |
13,342,088
|
EVP Government Services |
12,470,663
|
SVP Medicare |
11,533,517
|
SVP & Dep Gen Cnsl Aetna |
9,613,347
|
SVP Commercial Business |
6,466,738
|
SVP Products & Services |
6,076,843
|
VP JV Operations |
5,732,175
|
SVP Service Operations |
5,601,306
|
VP Enterprise IT Delivery |
5,297,360
|
VP Chief Mktg Officer |
5,022,928
|
American Progressive | |
Kenneth Alan Burdick |
21,219,890
|
Andrew Lynn Asher |
7,168,174
|
AXA Equitable Life | |
Mark Pearson |
11,836,009
|
Cigna Health & Life | |
David Cordani |
11,859,705
|
First Health Life & Health | |
Karen S Lynch |
18,348,308
|
Richard M Jelinek |
8,357,794
|
Shawn M Guertin |
6,303,937
|
Globe Life of New York | |
Frank Martin Svoboda |
6,714,362
|
Guardian Life of America | |
Deanna Mulligan |
8,536,819
|
Liberty Life Assur of Boston | |
Dennis A Glass |
30,578,194
|
Randal J Freitag |
9,400,216
|
Wilford H Fuller |
7,013,771
|
Ellen G Cooper |
5,072,368
|
Massachusetts Mutual Life | |
Roger Crandall |
16,407,926
|
Melvin Corbett |
5,563,206
|
Metropolitan Life | |
Steven Albert Kandarian |
14,417,969
|
New York Life | |
Theodore A Mathas |
24,483,407
|
John Y Kim |
11,397,963
|
John T Fleurant |
8,066,000
|
Matthew M Grove |
5,710,361
|
Anthony R Malloy |
5,046,000
|
Northwestern Mutual Life | |
John E Schlifske |
13,489,916
|
Gregory C Oberland |
5,450,131
|
Principal Life | |
Daniel Joseph Houston |
9,909,774
|
President Global Asset Mgmt |
7,224,751
|
Karl W Nolin |
5,478,188
|
Prudential Ins Co of America | |
John Robert Strangfeld Jr |
6,713,831
|
Mark Brown Grier |
5,614,191
|
Teachers Ins & Annuity Assn | |
Ronald Pressman |
6,349,193
|
Roger Ferguson |
6,219,093
|
Voya Retirement Ins & Annuity | |
Charles Patrick Nelson |
5,396,999
|
Health Insurance Companies | |
Anthem | |
Gail A Boudreaux |
11,711,001
|
Joseph R Swedish |
7,808,541
|
Peter David Haytaian |
6,323,390
|
Gloria M McCarthy |
5,505,445
|
John E Gallina |
5,320,958
|
Hallmark Life | |
Michael Frederic Neidorff |
23,476,087
|
Jesse Nathan Hunter |
5,539,330
|
Humana of New York | |
Christopher Howal Hunter |
6,762,908
|
Mutual of Omaha | |
James T Blackledge |
7,699,034
|
Sierra Health & Life | |
Forrest Gregory Burke |
6,024,535
|
UnitedHealthcare of New York | |
Peter Marshall Gill |
24,344,532
|
Robert Worth Oberrender |
9,822,538
|
William John Golden |
8,311,207
|
WellCare Prescription Ins | |
Kenneth A Burdick |
21,219,889
|
Andrew L Asher |
7,168,174
|
NDI Data for 2018
NDI data are in a "Supplemental Compensation Exhibit" (Exhibit) filed by all insurance companies doing business in Nebraska. The Exhibit normally shows figures for ten top officials. The figure I show is the "total" for each individual. Components of the "total" are "salary," "bonus," "stock awards," "option awards," "sign-on awards," "severance payments," and "all other compensation." NDI provided the Exhibits on a CD at a cost of $80.
Where companies are members of a company group, some companies show the total amount received by each individual from all companies in the group. Some companies, however, allocate each individual's compensation to each company in the group. Thus, for some individuals, the figure I show may be smaller than the individual's total compensation, for two reasons. First, I may not have found exhibits for all companies in the group. Second, some company groups may include companies that are not licensed in Nebraska and therefore do not file Exhibits.
NDI Data for 2018 | |
Acuity, A Mutual Ins Co | |
Benjamin M Salzmann |
$5,174,079
|
AFLAC Inc | |
Daniel P Amos |
16,660,694
|
Frederick J Crawford |
7,640,518
|
Eric M Kirsch |
5,081,432
|
Alleghany Group | |
Michael C Sapnar |
8,748,634
|
Javier E Vijii |
6,043,844
|
AMBAC Financial Group | |
Claude LeBlanc |
6,247,765
|
Allstate Corp | |
Thomas J Wilson |
17,814,076
|
Steven E Shebik |
6,809,317
|
John E Dugenske |
6,686,395
|
Glenn T Shapiro |
5,269,735
|
Dogan Civgin |
5,153,711
|
American Family Ins | |
Jack C Salzwedel |
11,039,858
|
Jonathan Ritz |
5,934,753
|
Fabian John Fondriest |
5,409,028
|
American Financial Group | |
Carl H Lindner III |
9,599,630
|
American International Group | |
Kevin Hogan |
7,178,384
|
Jay S Wintrob |
5,275,962
|
American Pet Ins Co | |
Darryl Rawlings |
18,260,455
|
Ameriprise Financial | |
Steven B Staver |
5,863,464
|
Amtrust Financial Services | |
Jean Bahier |
5,244,502
|
Apollo Global Management | |
James Belardi |
5,011,830
|
Assured Guaranty | |
Dominic Frederico |
14,189,764
|
Atlantic Specialty Ins | |
Timothy M Miller |
18,295,748
|
Automobile Club of Michigan | |
Joseph Richardson Jr |
11,548,127
|
AXA Ins | |
Mark Pearson |
12,248,123
|
Berkshire Hathaway | |
Thomas P Nemey |
22,214,862
|
Olza Minor Nicely |
15,868,178
|
Sidney Ferenc |
6,872,248
|
Steven Menzies |
6,835,309
|
William Evan Roberts |
5,596,235
|
Timothy Kenesey |
5,025,423
|
Brighthouse Holdings | |
Eric T Steigerwalt |
13,927,818
|
Chubb | |
John J Lupica |
5,722,600
|
Cigna Health | |
David Cordani |
11,859,705
|
Cincinnati Financial | |
Steven Justus Johnston |
5,304,710
|
CNA Ins | |
Dino Robusto |
9,593,963
|
D Craig Mense |
8,413,429
|
CVS Health (Acquired Aetna) | |
Karen S Lynch |
18,348,308
|
Richard M Jelinek |
8,357,794
|
Shawn M Guertin |
6,303,937
|
Essent Group | |
Mark Casale |
6,556,015
|
Everest Reinsurance | |
Dominic J Addesso |
5,926,259
|
Factory Mutual Ins | |
Thomas A Lawson |
6,033,927
|
Federated Mutual | |
Jeffrey E Fetters |
5,598,924
|
Fidelity & Guaranty Life | |
Dennis R Vigneau |
5,559,928
|
Fidelity National Financial | |
Raymond Randall Quirk |
8,488,420
|
Roger Scott Jewkes |
7,291,776
|
Erika Meinhardt |
6,868,522
|
First American Title | |
Dennis J Gilmore |
7,579,689
|
Genworth Financial | |
Thomas McInerney |
9,825,404
|
Globe Life (Formerly Torchmark) | |
Frank Martin Svoboda |
6,714,362
|
Guardian Life of America | |
Deanna Mulligan |
9,335,810
|
Hartford Fire & Casualty | |
Douglas G Elliot |
10,047,508
|
Christopher Swift |
5,400,054
|
Health Care Service Corp | |
Paula A Steiner |
15,090,980
|
Colleen Foley Reitan |
5,561,015
|
Humana Group | |
Bruce D Broussard |
26,766,992
|
Christopher Howal Hunter |
6,762,908
|
Insurance Co of the West | |
Kevin Prior |
12,543,879
|
Ernest Rady |
6,797,168
|
Bernard Feldman |
5,236,832
|
Jackson National Life | |
Barry Stowe |
10,022,913
|
Paul C Myers |
6,600,916
|
James R Sopha |
6,487,262
|
John Hancock | |
Daniel Janis III |
6,660,559
|
Liberty Mutual | |
David H Long |
19,262,058
|
J Paul Condin III |
13,004,010
|
Neeti Bhalla |
7,094,502
|
Timothy Sweeney |
6,950,550
|
Kevin H Kelley |
6,206,424
|
Dennis J Langwell |
6,019,610
|
Christopher L Peirce |
5,789,412
|
Lincoln National | |
Dennis R Glass |
30,578,194
|
Randal J Freitag |
9,400,216
|
Wilford H Fuller |
7,013,771
|
Ellen G Cooper |
5,072,368
|
Main Street America | |
T Van Berkel |
20,053,624
|
E Kuhl |
6,578,115
|
Massachusetts Mutual Life | |
Roger Crandall |
15,637,391
|
Michael Fanning |
6,088,727
|
Elizabeth Chicares |
5,244,457
|
Metropolitan Life | |
Steven A Kandarian |
14,417,969
|
Mortgage Guaranty Ins | |
Patrick Sinks |
7,879,020
|
Mutual of Omaha | |
James T Blackledge |
7,486,811
|
Nationwide Corp | |
Steve Rasmussen |
8,478,253
|
New York Life | |
Theodore A Mathas |
24,483,407
|
John Y Kim |
11,397,963
|
John T Fleurant |
8,066,000
|
Matthew M Grove |
5,710,361
|
Anthony R Malloy |
5,046,000
|
Northwestern Mutual Life | |
John E Schlifske |
13,489,916
|
Gregory C Oberland |
5,450,131
|
Ohio National Life | |
Gary Thomas Huffman |
5,008,187
|
OneAmerica Financial | |
James S Davison |
5,073,760
|
Pacific Life | |
James T Morris |
8,758,573
|
Primerica Inc | |
Glen J Williams |
5,235,159
|
Principal Financial | |
Daniel J Houston |
9,909,774
|
Karl W Nolin |
5,478,188
|
Progressive Corp | |
Susan Patricia Griffin |
7,171,857
|
Protective Life | |
John Johns |
12,771,271
|
Deborah Long |
9,915,492
|
Richard Bielen |
9,887,161
|
John Sawyer |
5,780,110
|
Prudential Ins Co of America | |
John R Strangfeld Jr |
10,194,091
|
Mark Brown Grier |
6,114,285
|
Radian Group | |
Richard Thornberry |
7,090,529
|
RLI Ins | |
Jonathan E Michael |
6,715,194
|
Sammons Enterprises | |
Esfandyar E Dinshaw |
5,274,345
|
Security Benefit Life | |
Michael Patrick Kiley |
6,956,207
|
Selective Ins | |
Gregory E Murphy |
5,235,275
|
Sentry Ins Group | |
Peter McPartland |
8,072,659
|
Standard Ins Co | |
John Gregory Ness |
7,960,535
|
State Farm Mutual | |
Michael Leon Tipsord |
6,646,304
|
Teachers Ins & Annuity Assn | |
Ronald Pressman |
6,349,193
|
Roger Ferguson |
6,219,093
|
Travelers | |
Alan D Schnitzer |
13,940,523
|
Willaim H Heyman |
6,058,513
|
Jay S Benet |
5,771,835
|
Avrohom J Kess |
5,756,549
|
Madelyn Joseph Lankton |
5,262,906
|
UnitedHealth | |
Stevan Dean Garcia |
7,793,300
|
Voya Financial | |
Alain Maurice Karaoglan |
9,002,380
|
Rodney Owen Martin Jr |
8,133,747
|
Western & Southern | |
John Barrett |
9,193,300
|
Available Material
I am offering a complimentary 22-page PDF containing Chapter 24 of The Insurance Forum: A Memoir (12 pages) and the executive compensation tabulation in the July 2013 issue of The Insurance Forum (10 pages). Email jmbelth@gmail.com and ask for the October 2019 package relating to executive compensation.
The 361-page Memoir may be purchased at www.theinsuranceforum.com. If you would like it autographed, please so indicate on your order.
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Email: jmbelth@gmail.com
Blog: www.josephmbelth.com