Wednesday, July 7, 2021

No. 428: Executive Compensation in the Insurance Industry—Data for 2020 from 2021 Filings with the SEC

The Insurance Forum, the monthly newsletter I published for 40 years, began with the January 1974 issue and ended with the December 2013 issue. In 1975 I began publishing in the Forum data on executive compensation in the insurance industry. After ending the Forum, I began to publish less elaborate tabulations of executive compensation data through blog posts. The most recent posts are No. 381 (July 13, 2020), No. 385 (August 7, 2020), and No. 404 (December 23, 2020), in which I published data for 2019 from my three sources: the Securities and Exchange Commission (SEC), the New York State Department of Financial Services (DFS), and the Nebraska Department of Insurance (NDI).

In my 2015 book entitled The Insurance Forum: A Memoir, in Chapter 24, I described the history of my executive compensation tabulations. Here I show data for 2020 from the SEC. I plan to show data for 2020 from the DFS and the NDI later.

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 below, I show SEC data for individuals who received at least $5 million in 2020. Each figure in the tabulation is the "Total" shown in the SEC's "summary compensation tables" for 2020. The five components of the "Total" are "Salary," "Bonus," "Stock Awards," "Non-Equity Incentive Plan Compensation," and "All Other Compensation." Where more than one individual in a company is shown, they are listed in descending order of compensation.

The summary compensation tables for 2020 for most companies are in proxy statements filed in advance of the 2021 annual meeting of shareholders. For the two Canadian companies, Manulife Financial and Sun Life Financial, the summary compensation tables for 2020 are in 6-K annual reports, and the figures shown are in Canadian dollars. If you want to see any of the summary compensation tables for 2020, go to the EDGAR Search page of the SEC web site and key in the name of the company in which you are interested.

SEC Data for 2020
Daniel P Amos
Frederick J Crawford 5,130,661
Alleghany Corp
Weston M Hicks 7,451,772
Allstate Corp
Thomas J Wilson 18,009,544
Don Civgin 5,873,381
Glenn T Shapiro 5,032,673
Ambac Financial Group Inc
Claude LeBlanc 6,011,501
American Financial Group Inc
Carl H Lindner III 9,631,170
S Craig Lindner 9,596,241
American International Group Inc
Peter Zaffino 24,066,986
Brian Duperreault 18,810,374
Mark D Lyons 10,236,456
Douglas A Dachille 8,666,267
Lucy Fato 8,592,190
Ameriprise Financial Inc
James M Cracchiolo 20,794,703
Walter S Berman 9,200,374
William F Truscott 7,333,308
Colin Moore 5,955,390
Anthem Inc
Gail K Boudreaux 17,109,952
Gloria M McCarthy 5,530,661
John E Gallina 5,401,735
Peter D Haytaian 5,387,111
Felicia F Norwood 5,236,403
Aon plc
Gregory C Case 20,294,496
Christa Davies 12,243,943
Eric Andersen 6,674,303
Arch Capital Group Ltd
Marc Grandisson 8,779,832
Arthur J Gallagher & Co
Pat Gallagher 11,177,460
Assurant Inc
Alan B Colberg 11,855,966
Gene E Mergelmeyer 5,649,562
Assured Guaranty Ltd
Dominic J Frederico 10,876,524
AXIS Capital Holdings Ltd
Albert A Benchimol 7,265,614
Berkshire Hathaway Inc
Gregory E Abel 19,014,250
Ajit Jain 19,014,250
Brighthouse Financial Inc
Eric Steigerwalt 8,133,344
Brunswick Corp
David M Foulkes 7,820,863
Centene Corp
Michael F Neidorff 24,956,777
Kenneth A. Burdick 15,042,226
Jeffrey A Schwaneke 8,006,713
Brandy L Burkhalter 7,807,113
Jesse N Hunter 7,679,402
Chubb Ltd
Evan G Greenberg 20,328,167
John W Keogh 8,627,780
John J Lupica 6,722,380
Paul J Krump 6,438,889
Philip V Bancroft 5,012,115
Cigna Corp
David M Cordani 19,929,493
Timothy C Wentworth 10,780,189
Eric P Palmer 6,336,563
Matthew G Manders 6,204,451
CNA Financial Corp
Dino E Robusto 11,469,174
Douglas M Worman 5,157,796
CNO Financial Group Inc
Gary C Bhojwani 8,260,886
CVS Health Corp
Larry J Merlo 23,043,822
Jonathan C Roberts 13,001,212
Karen S Lynch 11,307,916
Eva C Boratto 8,921,153
Alan M Lotvin MD 7,472,175
Equitable Holdings Inc
Mark Pearson 14,874,955
Seth Bernstein 9,402,563
Jeffrey Hurd 5,359,626
Nick Lane 5,225,351
Anders Malmström 5,120,515
Everest Re Group Ltd
Juan C Andrade 8,063,212
Mark Kociancic 5,791,714
Fidelity National Financial Inc
Raymond R Quirk 9,716,868
First American Financial Corp
Dennis J Gilmore 11,173,959
Kenneth D DeGiorgio 5,538,235
Christopher M Leavell 5,528,016
Genworth Financial Inc
Kevin D Schneider 9,087,804
Daniel J Sheehan IV 8,635,193
Thomas J McInerney 7,357,588
Globe Life Inc
Gary L Coleman 9,158,910
Larry M Hutchison 8,443,364
Hartford Financial Services Group Inc
Christopher Swift 11,806,195
Douglas Elliot 7,542,532
Heritage Insurance Holdings Inc
Bruce Lucas 7,787,404
Humana Inc
Bruce D Broussard 16,489,639
Brian A Kane 5,543,558
Kemper Corp
Joseph P Lacher Jr 9,251,315
Lincoln National Corp
Dennis R Glass 14,300,822
Loews Corp
James S Tisch 5,838,853
David B Edelson 5,698,625
Kenneth I Siegel 5,571,515
Jonathan M Tisch 5,066,530
Magellan Health Inc
Kenneth J Fasola 7,516,266
James Murray 7,382,021
Manulife Financial Corp
(Canadian Dollars)
Roy Gori 14,697,088
Marianne Harrison 5,904,563
Anil Wadhwani 5,700,992
Scott Hartz 5,353,629
Phil Witherington 5,171,813
Marsh & McLennan Companies Inc
Daniel S Glaser 19,695,980
John Q Doyle 8,202,312
Mark C McGivney 5,943,911
Peter C Heam 5,734,867
Martine Ferland 5,145,730
MetLife Inc
Michel A Khalaf 15,434,255
Bill Pappas 7,063,257
Steven J Goulart 6,839,384
John D McCallion 6,800,860
Ramy Tadros 5,681,122
MGIC Investment Corp
Timothy Mattke 5,517,169
Molina Healthcare Inc
Joseph M Zubretsky 17,812,327
Marc S Russo 6,189,788
Mr Cooper Group Inc
Jay Bray 9,261,290
Christopher Marshall 5,747,012
Anthony Ebers 5,261,400
Primerica Inc
Glenn J Williams 5,279,867
Principal Financial Group Inc
Daniel J Houston 15,614,418
Timothy M Dunbar 5,414,165
Deanna D Strable-Soethout 5,234,424
Progressive Corp
Susan Patricia Griffith 15,220,523
Protective Life Ins Co
Richard J Bielen 6,467,503
Prudential Financial Inc
Charles F Lowrey 14,990,254
Robert M Falzon 11,986,516
Stephen Pelletier 9,257,246
Scott G Sleyster 7,672,098
Andrew F Sullivan 6,271,772
Kenneth Y Tanji 5,040,380
Radian Group Inc
Richard G Thornberry 7,944,227
Reinsurance Group of America Inc
Anna Manning 9,044,233
RenaissanceRe Holdings Ltd
Kevin J O'Donnell 9,556,635
Sun Life Financial Inc
(Canadian Dollars)
Dean A Connor 10,090,374
Stephen C Peacher 7,152,382
Travelers Companies Inc
Alan D Schnitzer 18,990,270
Avrohom J Kess 6,576,439
Gregory C Toczydlowski 5,446,367
Michael F Klein 5,136,598
Daniel S Frey 5,122,446
UnitedHealth Group Inc
David S Wichmann 17,872,713
Andrew Witty 12,857,176
Dirk C McMahon 12,606,484
John F Rex 12,597,062
Patricia L Lewis 7,190,693
Unum Group
Richard P McKenney 13,258,738
Voya Financial Inc
Rodney O Martin Jr 13,597,008
Christine Hurtsellers 5,414,402
W R Berkley Corp
William R Berkley 10,153,856
W Robert Berkley Jr 9,982,728
White Mountains Ins Group Ltd
G Manning Rountree 7,170,628
Frank R Bazos 5,417,208
Reid T Campbell 5,255,382