(Bloomberg) -- Hartford Financial Services Group Inc. said that Chief Executive Officer Chris Swift’s pay package nearly doubled to $10 million for last year as stock awards climbed.
The compensation included a $2.45 million bonus and more than $6 million in stock and option awards, up from $2.2 million a year earlier, Hartford said Thursday in a regulatory filing.
Swift took over in July 2014 and said he has worked to shift the insurer to be more “offensive-minded,” a change for the company which had been selling off life insurance units to simplify and focus on property-casualty coverage. Hartford said his pay was tied to improved financial performance, as the company beat the Standard & Poor’s 500 Index and boosted book value per share by 7%, according to the regulatory filing.
The CEO “delivered strong financial performance and exceeded the annual operating plan,” the insurer said. He also “furthered external engagement with investors, government officials, and distribution partners.”
Hartford climbed 4.3% in 2015, compared with a 0.7% drop in the S&P 500. Swift boosted return on equity to 9.2% last year. He struck his first takeover deal as CEO this year, agreeing to buy a Georgia-based commercial insurer.
Swift’s pay is less than what was awarded to his predecessor Liam McGee, who led Hartford from October 2009 through the middle of 2014 and shored up the company’s finances after a taxpayer bailout. McGee’s compensation package was $17.7 million in his last full year as chief. He died last year at 60 after a two-year battle with cancer.
Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
