Although executive bonus payments in the insurance industry in 2020 were down compared to the previous two years, they still paid out around target.
CEOs of managed care companies are doing well financially compared to median insurance company employees.
These executives accounted for some of the highest compensation ratios in 2020, according to an S&P Global Market Intelligence analysis. The study examined the largest publicly traded insurers in the United States.
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Michael Neidorff, CEO of Centene Corp., led the way with total adjusted compensation of $25 million. That translates to 362 times more than the median employee annual salary at Centene of $68,987.
UnitedHealth Group CEO David Wichmann, who since has been succeeded by Andrew Witty, received total adjusted compensation of $17.9 million in 2020. That was about 321 times more than the median UnitedHealth employee salary of $55,696. (Neidorff and Wichmann actually took pay cuts for 2020; the median salary at UnitedHealth grew 2.5% last year, while it was essentially the same at Centene compared to the previous year.)
Cigna Corp.'s David Cordani received $19.7 million last year, approximately 304.2 times more than the median employee salary.
Aflac's Daniel Amos received compensation of about $14.1 million in 2020, which was about 355 times the median employee salary. The average Aflac employee salary rose 13.1% year over year in 2020.
Insurers tended not to make compensation adjustments for the effects of the COVID-19 pandemic, according to a Compensation Advisory Partners report. Although bonuses trended slightly down overall, pay levels still fared "reasonably well." Although executive bonus payments in the insurance industry in 2020 were down compared to the previous two years, they still paid out around target.
A majority of property and casualty and life and health insurance companies that Compensation Advisory Partners reviewed used environmental, social and justice or strategic measures in their compensation programs. Two property and casualty companies recently implemented such measures in their long-term performance plans.
American International Group's Brian Duperreault, who now serves as executive chairman, had a salary of $18.6 million in 2020. He made 265 times the median pay at AIG of $70,926. That marked the highest CEO pay ratio among property and casualty insurers in this analysis.
"Insurers have been adept at handling market uncertainty and volatility and have demonstrated responsible pay practices over time," the report concluded. "They tend to lead in good governance practices and social responsibility."
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Alan Goforth
Alan Goforth is a freelance writer in suburban Kansas City. In addition to freelancing for several publications, he has written a dozen books about sports and other topics.
