Wednesday, December 23, 2020

No. 404: Executive Compensation in the Insurance Industry—2019 Data from the Nebraska Department of Insurance

Background
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 the Forum ended with the December 2013 issue. From time to time since then, I have posted some executive compensation data on my blog. Recent tabulations include No. 335 (October 3, 2019), where I showed 2018 data from my three sources of information: the Securities and Exchange Commission (SEC), the New York State Department of Financial Services (DFS), and the Nebraska Department of Insurance (NDI). In No. 381 (July 13, 2020), I showed 2019 data from the SEC. In No. 385 (August 7, 2020), I showed 2019 data from the DFS. Here I show 2019 data from the NDI.

NDI Data for 2019
NDI data are in a "Supplemental Compensation Exhibit" (Exhibit) filed by each insurance company doing business in Nebraska. Each Exhibit normally shows figures for the ten top company officials. The figure I show for each individual is the "total." Components of the "total" are "salary," "bonus," "stock awards," "option awards," "sign-on payments," "severance payments," and "all other compensation." NDI provides all the Exhibits on a CD to any member of the public for $80.

In the tabulation below, I show data for individuals who received at least $5 million in 2019. Where two or more individuals in a company are shown, they are listed in descending order of compensation.

The Allocation Problem and a Modification
Where companies are members of a holding company group, some companies show the total amount received by each individual from all companies in the holding company group. Some companies, however, allocate each individual's compensation to each company in the holding company group.

For companies that allocate, the difficulty in locating all companies doing business in Nebraska that are part of a holding company group has become increasingly prohibitive. For that reason, I have modified the tabulation shown below from past years in that this year I did not attempt to assemble the group data. I have instead shown the figures for the company with the largest dollar amounts for each group.

For some individuals listed below, because of the modification, the compensation figure shown is smaller, and in some instances probably much smaller, than the individual's total compensation from all members of the holding company group. Also, because of the modification, some companies probably are not listed because no individual had at least $5 million of compensation from a single company in their group.

NDI Data for 2019
Acuity, A Mutual Ins Co
Benjamin M Salzmann
$16,347,333
Aetna Life Ins Co
Richard M Jelinek
9,658,380
Karen S Lynch
8,673,924
AFLAC Inc
Daniel P Amos
14,744,603
Frederick J Crawford
5,505,399
Allianz Life Ins North America
Walter R White
6,746,838
Allstate Ins Co
Thomas J Wilson
16,261,339
Steven E Shebik
5,915,393
AMBAC Assurance Corp
Claude LeBlanc
5,289,234
American Family Ins Co
Jack C Salzwedel
11,251,032
American General Life Ins Co
Kevin Hogan
9,411,779
American United Life Ins Co
James S Davison
6,064,438
Amguard Ins Co
Sy Foguel
5,299,791
Assured Guaranty Corp
Dominic Frederico
12,736,290
Assurity Life Ins Co
Thomas E Henning
7,814,132
Athene Annuity & Life Assur Co
James Belardi
5,007,098
Atlantic Specialty Ins
Timothy M Miller
5,036,019
AXA Equitable Life Ins Co
Mark Pearson
6,295,387
BCS Ins Co
Howard F Beacham III
21,435,850
Brighthouse Life Ins Co
Eric T Steigerwalt
8,229,713
Care Improvement Plus of Texas
Janice Clayton Zigler
5,428,024
Chicago Title Ins Co
Raymond Randall Quirk
14,579,836
Roger Scott Jewkes
8,729,398
Michael Joseph Nolan
7,157,620
Anthny John Park
5,344,120
Chubb Indemnity Ins Co
John J Lupica
6,030,000
Paul J Krump
5,003,500
Continental Casualty Co
Dina Robusto
9,135,270
Employers Assurance Co
Douglas Dean Dirks
5,315,872
Essent Guaranty Inc
Mark Casale
7,636,915
Everest Reinsurance Co
Dominic J Addesso
10,759,779
Juan C Andrade
10,481,729
Farmers Ins Exchange
Jeffrey J Dailey
7,853,208
First American Title Ins Co
Dennis Gilmore
8,588,389
GEICO Casualty Co
Olza Minor Nicely
15,452,510
William Evan Roberts
7,789,401
Genworth Life Ins Co
Thomas McInerney
9,115,260
Globe Life & Accident Ins Co
Frank M Svoboda
9,359,904
William M Pressley
6,474,615
Bill E Leavell
5,400,498
Great American Ins Co
Carl H Lindner III
10,284,610
Great-West Life Assur Co (US)
Robert Shaw
7,638,745
Andra S Bolotin
5,902,744
Edmund F Murphy
5,215,422
Guardian Life Ins Co of America
Deanna Mulligan
8,606,700
Tracy L Rich
6,418,359
Hartford Fire Ins Co
Christopher Swift
6,175,641
Health Care Service Corp
Paula Steiner
31,013,500
Eric Feldstein
7,471,886
David Lesar
6,038,111
Horace Mann Ins Co
Marita Zuraitis
7,429,404
Humana Ins Co
Bruce D Broussard
24,635,360
Illinois Ins Co
Steven Menzies
10,657,018
Insurance Co of the West
Kevin Prior
13,694,265
Ernest Rady
5,861,143
Jackson National Life Ins Co
Paul C Myers
7,008,073
John Hancock Life Ins Co USA
Daniel Janis III
6,692,374
Emory Sanders Jr
5,765,776
Christopher Conkey
5,264,701
Liberty Mutual Ins Co
David H Long
12,701,326
Timothy Sweeney
5,341,983
Lincoln National Life Ins Co
Dennis R Glass
28,328,586
Randal J Freitag
7,747,826
Wilford H Fuller
7,332,269
Ellen G Cooper
6,073,150
Lisa M Buckingham
5,169,731
Massachusetts Mutual Life Ins Co
Roger Crandall
17,808,738
Elizabeth Chicares
6,933,041
Michael Fanning
6,420,327
Melvin T Corbett
6,337,670
Metropolitan Life Ins Co
Michel Khalaf
6,505,805
Steven J Goulart
6,338,392
Mortgage Guaranty Ins Corp
Patrick Sinks
7,389,088
National Western Life Ins Co
Ross R Moody
6,831,982
National Life Ins Co
Mehran Assadi
7,788,000
New York Life Ins Co
Theodore A Mathas
24,007,290
Craig L DeSanto
5,452,283
Anthony R Malloy
5,246,200
Northwestern Mutual Life Ins Co
John E Schlifske
13,692,772
Ohio National Life Ins Co
Gary Thomas Huffman
8,955,246
Pacific Life Ins Co
James T Morris
8,290,370
Penn Mutual Life Ins Co
Eileen McDonnell
5,596,160
Philadelphia Indemnity Ins Co
Robert D O'Leary
5,146,147
Principal Life Ins Co
Karl W Nolin
7,113,249
Daniel J Houston
7,000,237
Mustafa Sagun
5,232,118
Protective Life Ins Co
John Johns
11,046,696
Richard Bielen
6,749,265
Prudential Ins Co of America
Mark Brown Grier
7,633,867
Charles F Lowrey
6,854,886
Robert Michael Falzon
5,296,179
Stephen Pelletier
5,220,842
QCC Ins Co
Daniel J Hilferty
5,718,026
Radian Guaranty Inc
Richard Thornberry
9,040,149
Sagicor Life Ins Co
Dodridge Miller
12,468,464
Scor Reinsurance Co
Mark Kociancic
6,918,899
Selective Ins Co of America
Gregory Murphy
5,330,094
Standard Ins Co
John Gregory Ness
9,161,498
Starr Indemnity & Liability Co
Maurice R Greenberg
10,802,945
State Farm Mutual
Michael Leon Tipsord
10,271,892
Teachers Ins & Annuity Assn
Ronald Pressman
8,546,026
Roger Ferguson
6,252,325
Thrivent Financial for Lutherans
Bradford L Hewitt
7,013,638
Transatlantic Reinsurance Co
Michael C Sapnar
6,884,413
Kenneth Apfel
5,607,047
Travelers Casualty Co
Alan D Schnitzer
15,303,458
Willaim H Heyman
6,389,000
Avrohom J Kess
6,067,301
Jay S Benet
5,023,442
United of Omaha Life Ins Co
James T Blackledge
5,093,821
United States Liability Ins Co
Thomas P Nemey
21,417,692
Voya Retirement Ins & Annuity
Charles Patrick Nelson
5,427,368
Western & Southern Life Ins Co
John Barrett
9,499,300

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