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Aviva has disclosed the remuneration package received by its three highest executives in 2016 with group CEO Mark Wilson revealed to have taken a 20% pay cut.
According to the insurance giant, Wilson took home last year a pay packet worth £4.3 million (approximately C$7.1 million), down from £5.4 million (C$8.9 million) in 2015. This included his annual salary of £1 million (C$1.6 million), a £1.78 million (C$2.95 million) annual bonus, a long-term incentive plan of £1.1 million (C$1.8 million) and pension benefits worth £281,000 (C$467,000).
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Meanwhile, Aviva CFO Tom Stoddard received a pay package worth £2.5 million (C$4.15 million) in 2016, slightly lower than his £2.9 million (C$4.8 million) remuneration in the previous year. This included his annual salary of £690,000 (C$1.146 million), annual bonus worth £939,000 (C$1.56 million), long-term incentive plan of £585,000 (C$971,000) and £193,000 in pension benefits (C$320,000).
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The CEO of Aviva’s UK operations, its home market, Andy Briggs, got £1.9 million (C$3.15 million) last year, up from £1.3 million (C$2.15 million) in 2015. The package included his annual salary of £707,000 (C$1.17 million), a £926,000 (C$1.53 million) annual bonus and pension benefits worth £198,000 (C$329,000).
Aviva revealed the remuneration package of the three executives in the company’s 2016 annual report which was released on Tuesday.
The insurer saw operating profits climb 12% to £3 billion with general insurance net written premiums climbing 15% to £8.211 billion. The combined operating ratio rose to 101.1% from 94.6%.
“By any standards 2016 was a year of global uncertainty – with a few political surprises,” Wilson said in the annual report. “Aviva’s results however are simple and clear cut: more operating profit, more capital, more cash, more dividend. And there is more to come.”
