Related: CEO Paychecks
Even better this year. Must be the personal touch advertisements.
"Liberty Mutual leader’s pay nears $14 million" by Deirdre Fernandes, Globe Staff February 28, 2015
Liberty Mutual Insurance president David Long’s compensation jumped to nearly $14 million in 2014, almost a 27 percent increase from the previous year, the company reported on Friday.
Long, who has led the country’s third-largest property and casualty insurance company since 2010, earned $1.1 million in salary, $6.7 million in bonuses, and $5.7 million in other incentives.
Long’s pay package also includes the personal use of the company’s corporate plane. He, along with the company’s other top executives, earned other perks such as retirement savings, security services, and travel expenses when their spouses accompany them on business trips. Liberty Mutual eliminated vehicle allowances for executives last year.
“His compensation is tied to the company’s performance,” said John Cusolito, a spokesman for Liberty Mutual.
Last year’s salary was based on the company’s earnings in 2013; profits more than doubled to $1.7 billion from the year before, Cusolito said.
As a mutual insurer, Liberty Mutual is owned by policyholders rather than shareholders. Critics of multimillion dollar pay packages have argued that more of the company’s profits should go back to customers.....
Ha-ha-ha-ha-ha-ha-ha-ha!
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I wonder how they made out at MassMutual this year.
"Massachusetts Mutual Life Insurance Co. made a profit of $799 million in 2014 and posted record sales in both whole insurance and retirement plans for the year. The Springfield company, which reported earnings Thursday, also said it is positioned to do well this year, too. Its bottom line suffered in 2013, with a $113 million loss, due largely to its purchase of The Hartford Retirement Plans business, the company said. Last year, MassMutual expanded its sales force by 6 percent, to 5,500 financial professionals nationwide. Sales of life insurance were up 20 percent, while retirement plan revenue grew by 23 percent."
