Background
The Insurance Forum, my monthly newsletter, began with the January 1974 issue and ended with the December 2013 issue. In 1975 I began publishing data on executive compensation in the insurance industry. Chapter 24 of my 2015 book, The Insurance Forum: A Memoir, describes the history of my executive compensation tabulations and the efforts of the insurance industry and insurance regulators to block my access to the data.
Most of the efforts to block access involved two organizations. One was the New York Department of Insurance, which is now the New York State Department of Financial Services (NYDFS). The other was the National Association of Insurance Commissioners (NAIC). Some of those efforts were successful and some were not. 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, I have from time to time published executive compensation data through blog posts. The most recent post was No. 335 (October 3, 2019), in which I published data for 2018 from my three major sources—SEC, NYDFS, and the Nebraska Department of Insurance (NDOI). Here I show 2019 data from the SEC. I plan to show 2019 data from NYDFS and NDOI later.
The SEC Data
During the final seven years of the Forum, I showed data for individuals who received at least $1 million in the year covered. In the current tabulation, which is at the end of this post, I show data for individuals who received at least $5 million in 2019. Each figure in the tabulation is the "Total" shown in the 2019 "summary compensation table."
The 2019 summary compensation tables for most companies are in the proxy statement filed in advance of the 2020 annual meeting of shareholders. For the two Canadian companies—Manulife Financial and Sun Life Financial—the tables are in 6-K annual reports and the figures shown are in Canadian dollars. Where more than one individual in a company is shown, they are listed in descending order of compensation.
How to Access the SEC Tables
For readers who want to access the SEC summary compensation tables, go to:
In the "Company and Personal Lookup" box, enter the ticker symbol if you know it, and click "Search." Examples of ticker symbols are 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 (or a portion of it) and click "Search." If your search produces a list of companies with similar names, you will need to click on the one you want. When you make your selection, a list of documents in reverse chronological order by filing date will appear. Select the most recent "DEF 14A" definitive proxy statement. The proxy's table of contents may contain a link to the summary compensation table. If it does not, you will need to search for it, but it is usually not hard to find.
A Note on Women
I believe that the above 2019 list includes only twelve women. I checked back in the above mentioned No. 335, and I believe that the 2018 SEC list there included only nine women. I do not know when the top ranks of insurance companies will include a large number of women.
Available Material
The Insurance Forum: A Memoir and back issues of the Forum containing executive compensation tabulations are available for purchase from us. The final tabulation in the Forum was in the July 2013 issue. Ordering instructions are on our website at theinsuranceforum.com.
The Insurance Forum, my monthly newsletter, began with the January 1974 issue and ended with the December 2013 issue. In 1975 I began publishing data on executive compensation in the insurance industry. Chapter 24 of my 2015 book, The Insurance Forum: A Memoir, describes the history of my executive compensation tabulations and the efforts of the insurance industry and insurance regulators to block my access to the data.
Most of the efforts to block access involved two organizations. One was the New York Department of Insurance, which is now the New York State Department of Financial Services (NYDFS). The other was the National Association of Insurance Commissioners (NAIC). Some of those efforts were successful and some were not. 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, I have from time to time published executive compensation data through blog posts. The most recent post was No. 335 (October 3, 2019), in which I published data for 2018 from my three major sources—SEC, NYDFS, and the Nebraska Department of Insurance (NDOI). Here I show 2019 data from the SEC. I plan to show 2019 data from NYDFS and NDOI later.
The SEC Data
During the final seven years of the Forum, I showed data for individuals who received at least $1 million in the year covered. In the current tabulation, which is at the end of this post, I show data for individuals who received at least $5 million in 2019. Each figure in the tabulation is the "Total" shown in the 2019 "summary compensation table."
The 2019 summary compensation tables for most companies are in the proxy statement filed in advance of the 2020 annual meeting of shareholders. For the two Canadian companies—Manulife Financial and Sun Life Financial—the tables are in 6-K annual reports and the figures shown are in Canadian dollars. Where more than one individual in a company is shown, they are listed in descending order of compensation.
How to Access the SEC Tables
For readers who want to access the SEC summary compensation tables, go to:
In the "Company and Personal Lookup" box, enter the ticker symbol if you know it, and click "Search." Examples of ticker symbols are 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 (or a portion of it) and click "Search." If your search produces a list of companies with similar names, you will need to click on the one you want. When you make your selection, a list of documents in reverse chronological order by filing date will appear. Select the most recent "DEF 14A" definitive proxy statement. The proxy's table of contents may contain a link to the summary compensation table. If it does not, you will need to search for it, but it is usually not hard to find.
A Note on Women
I believe that the above 2019 list includes only twelve women. I checked back in the above mentioned No. 335, and I believe that the 2018 SEC list there included only nine women. I do not know when the top ranks of insurance companies will include a large number of women.
Available Material
The Insurance Forum: A Memoir and back issues of the Forum containing executive compensation tabulations are available for purchase from us. The final tabulation in the Forum was in the July 2013 issue. Ordering instructions are on our website at theinsuranceforum.com.
| SEC Data for 2019 | |
| AFLAC Inc | |
| Daniel P Amos |
$14,108,852
|
| Frederick J Crawford |
5,218,692
|
| Alleghany Corp | |
| Weston M Hicks |
13,993,062
|
| John L Sennott Jr |
8,968,661
|
| Joseph P Brandon |
6,035,398
|
| Allstate Corp | |
| Thomas J Wilson |
19,615,696
|
| Steven E Shebik |
6,978,948
|
| AMBAC Financial Group Inc | |
| Claude LeBlanc |
5,588,236
|
| American Financial Group Inc | |
| Carl H Lindner III |
10,464,587
|
| S Craig Lindner |
10,457,420
|
| American International Group Inc | |
| Brian Duperreault |
19,369,637
|
| Peter Zaffino |
18,388,334
|
| Douglas A Dachille |
10,545,619
|
| Kevin T Hogan |
8,294,833
|
| Mark D Lyons |
7,755,130
|
| Ameriprise Financial Inc | |
| James M Cracchiolo |
24,516,930
|
| Walter S Berman |
9,642,581
|
| William F Truscott |
7,726,201
|
| Colin Moore |
6,284,780
|
| Joseph E Sweeney |
5,114,622
|
| Anthem Inc | |
| Gail K Boudreaux |
15,473,139
|
| Felicia F Norwood |
7,922,755
|
| Gloria M McCarthy |
5,247,126
|
| John E Gallina |
5,109,053
|
| Peter D Haytaian |
5,076,966
|
| Aon plc | |
| Gregory C Case |
16,007,843
|
| Christa Davies |
7,739,418
|
| Peter Lieb |
5,642,995
|
| Arch Capital Group Ltd | |
| Marc Grandisson |
9,360,029
|
| Arthur J Gallagher & Co | |
| Pat Gallagher |
8,960,616
|
| Assurant Inc | |
| Alan B Colberg |
10,155,682
|
| Gene E Mergelmeyer |
5,949,189
|
| Assured Guaranty Ltd | |
| Dominic J Frederico |
12,153,470
|
| AXIS Capital Holdings Ltd | |
| Albert A Benchimol |
9,278,330
|
| Berkshire Hathaway Inc | |
| Gregory E Abel |
19,014,000
|
| Ajit Jain |
19,014,000
|
| Brighthouse Financial Inc | |
| Eric Steigerwalt |
8,490,118
|
| Brunswick Corp | |
| David M Foulkes |
5,840,775
|
| Centene Corp | |
| Michael F Neidorff |
26,438,425
|
| Jeffrey A Schwaneke |
9,434,284
|
| Brandy L Burkhalter |
8,637,416
|
| Jesse N Hunter |
6,118,969
|
| Chubb Ltd | |
| Evan G Greenberg |
20,475,070
|
| John W Keogh |
8,105,031
|
| Paul J Krump |
7,638,117
|
| John J Lupica |
6,691,425
|
| Philip V Bancroft |
5,078,019
|
| Cigna Corp | |
| Timothy C Wentworth |
23,544,332
|
| David M Cordani |
19,303,032
|
| Matthew G Manders |
6,199,848
|
| Eric P Palmer |
6,140,264
|
| CNA Financial Corp | |
| Dino E Robusto |
13,054,480
|
| CNO Financial Group Inc | |
| Gary C Bhojwani |
6,792,823
|
| CVS Health Corp (Acquired Aetna) | |
| Larry J Merlo |
36,451,749
|
| Jonathan C Roberts |
15,048,380
|
| Eva C Boratto |
9,564,223
|
| Equitable Holdings Inc | |
| Mark Pearson |
11,254,123
|
| Seth Bernstein |
9,444,889
|
| Jeffrey Hurd |
5,329,638
|
| Nick Lane |
5,310,608
|
| Everest Re Group Ltd | |
| Dominic J Addesso |
7,628,608
|
| Fidelity National Financial Inc | |
| Raymond R Quirk |
9,646,148
|
| Brent B Bickett |
6,080,183
|
| First American Financial Corp | |
| Dennis J Gilmore |
10,367,225
|
| Christopher M Leavell |
5,276,048
|
| Kenneth D DeGiorgio |
5,229,453
|
| Genworth Financial Inc | |
| Thomas J McInerney |
9,102,634
|
| Daniel J Sheehan IV |
5,766,990
|
| Kevin D Schneider |
5,583,956
|
| Globe Life Inc (Formerly Torchmark) | |
| Gary L Coleman |
8,342,279
|
| Larry M Hutchison |
8,337,263
|
| Hartford Financial Services Group Inc | |
| Christopher Swift |
14,560,748
|
| Douglas Elliot |
9,332,849
|
| Heritage Insurance Holdings Inc | |
| Bruce Lucas |
6,076,316
|
| Humana Inc | |
| Bruce D Broussard |
16,726,455
|
| Brian A Kane |
5,381,124
|
| Kemper Corp | |
| Joseph P Lacher Jr |
8,560,950
|
| Lincoln National Corp | |
| Dennis R Glass |
15,412,217
|
| Loews Corp | |
| James S Tisch |
5,738,615
|
| David B Edelson |
5,326,200
|
| Kenneth I Siegel |
5,166,201
|
| Jonathan M Tisch |
5,018,643
|
| Magellan Health Inc | |
| Barry M Smith |
8,357,548
|
| Manulife Financial Corp | |
| (Canadian Dollars) | |
| Roy Gori |
14,695,549
|
| Rashul Joshi |
6,689,275
|
| Marianne Harrison |
6,347,665
|
| Anil Wadhwani |
5,647,644
|
| Phil Witherington |
5,112,122
|
| Marsh & McLennan Companies Inc | |
| Daniel S Glaser |
20,331,697
|
| John Q Doyle |
7,890,432
|
| Dominic J Burke |
6,935,944
|
| Martine Ferland |
6,461,959
|
| Mark C McGivney |
5,648,555
|
| MetLife Inc | |
| Michel A Khalaf |
14,570,581
|
| Steven A Kandarian |
12,037,102
|
| Steven J Goulart |
7,088,939
|
| John D McCallion |
6,319,358
|
| Martin J Lippert |
5,467,707
|
| MGIC Investment Corp | |
| Patrick Sinks |
7,541,912
|
| Molina Healthcare Inc | |
| Joseph M Zubretsky |
18,025,074
|
| Mr Cooper Group Inc | |
| Christopher Marshall |
9,127,757
|
| Jay Bray |
7,194,496
|
| National General Holdings Corp | |
| Barry Karfunkel |
5,607,270
|
| Robert Karfunkel |
5,037,270
|
| Primerica Inc | |
| Glenn J Williams |
5,279,228
|
| Principal Financial Group Inc | |
| Daniel J Houston |
14,748,051
|
| Timothy M Dunbar |
6,176,552
|
| Patrick G Halter |
5,027,436
|
| Progressive Corp | |
| Susan Patricia Griffith |
14,041,272
|
| Prudential Financial Inc | |
| Mark B Grier |
17,179,235
|
| Charles F Lowrey |
15,132,939
|
| Stephen Pelletier |
14,831,222
|
| Robert M Falzon |
12,082,978
|
| Scott G Sleyster |
7,495,887
|
| Radian Group Inc | |
| Richard G Thornberry |
8,197,874
|
| Reinsurance Group of America Inc | |
| Anna Manning |
8,116,275
|
| RenaissanceRe Holdings Ltd | |
| Kevin J O'Donnell |
10,768,159
|
| State Auto Financial Corp | |
| Michael E LaRocco |
5,042,968
|
| Sun Life Financial Inc | |
| (Canadian Dollars) | |
| Dean A Connor |
9,646,625
|
| Stephen C Peacher |
7,178,598
|
| Travelers Companies Inc | |
| Alan D Schnitzer |
16,778,809
|
| William H Heyman |
6,123,164
|
| Avrohom J Kess |
6,303,440
|
| Gregory C Toczydlowski |
5,257,621
|
| UnitedHealth Group Inc | |
| David S Wichmann |
18,886,989
|
| Andrew P Witty |
16,526,020
|
| Steven H Nelson |
14,059,422
|
| John F Rex |
10,627,085
|
| Dirk C McMahon |
8,966,980
|
| Stephen J Hemsley |
7,389,261
|
| Marianne D Short |
6,963,677
|
| Universal Insurance Holdings Inc | |
| Sean P Downes |
5,406,060
|
| Unum Corp | |
| Richard P McKenney |
9,727,186
|
| Voya Financial Inc | |
| Rodney O Martin Jr |
12,554,291
|
| Christine Hurtsellers |
6,419,295
|
| Michael S Smith |
5,159,992
|
| Charles P Nelson |
5,001,396
|
| W R Berkley Corp | |
| William R Berkley |
11,289,025
|
| W Robert Berkley Jr |
11,017,931
|
| White Mountains Insurance Group Ltd | |
| G Manning Rountree |
6,858,274
|
===================================
Email: jmbelth@gmail.com
Blog:
www.josephmbelth.com